Bellevue Towers

February 28, 2011 By admin 7 Comments

BELLEVUE TOWERS

Developer: Gerdling Elden
Architects: GBD Architects & MulvannyG2

Bellevue Towers stands alone with 43 stories of concrete, steel and glass. It’s structure is among the tallest residential buildings in the greater Seattle area. Located at the corner of 4th and 106th in Downtown Bellevue, Bellevue Towers is just blocks away from the Bellevue Square Mall, The Downtown Bellevue Park, and Interstate 405 connecting Bellevue to Seattle via 2 floating bridges (I-90 and 520). The towers is just 5 minutes from the Bellevue Club, 10 minutes from the Microsoft‘s main campus and is only 15 minutes from Downtown Seattle. As Downtown continues to develop, Bellevue Towers will become a center-piece of luxury living in Bellevue; Washington’s 5th largest city.

BUILDING

The two towers that make up 539 units were built by combining sustainable design and urban luxury. As a the largest LEED (Leadership in Energy and Evinornmental Design) Gold residential structure in the Pacific Northwest, Bellevue Towers aspired to be a leader in eco-friendly high rise design. It has been said that the towers architects GBD and MulvannyG2 traveled the world to assemble ideas for iconic Bellevue structure.

INTERIORS

The interiors at Bellevue Towers combine NW contemporary with traditional elements that Bellevue residents are accustom too. Slab granite & marble counters, local cabinetry, solid wood doors, top of the line appliances (Wolf, Viking & Subzero), hardwood floors, stainless fixtures, stylish lighting and high efficiency air and heating systems are just some of the interior features assembled at Bellevue Towers.

AMENITIES

Amenities are a staple in every major condo project worldwide. Bellevue Towers does not disappoint. It features a community great room, fireside terrace, multi-purpose room, dining room, kitchen, dining terrace, Whirlpool spa, sauna, steam room, cold dip, spa terrace, screening room, cardio training room, weight training room, men’s locker room, women’s locker room, and high speed elevators.

URBAN GARDEN

According to Bellevue Towers, the eco-landscaped urban garden built between the two towers is close to a city block in length. It features, a large lawn, water feature, walking paths, outdoor fireplace, wood deck promenade, pet area and a view terraces with glimpses of the Downtown Seattle skyline.

The towers include 539 studios, one-bedrooms, one+den, two-bedrooms, two+den and penthouse homes. Pricing starts from the mid-$300,000 for studios to $2,000,000 + for penthouses.

UCS PROJECT GRADE:

Address: 500 106th Ave NE, Bellevue, 98004

Year Built: 2008

Bedrooms: Studio, 1, 1+d, 2, 2+d and Penthouse

Bathrooms: 1–2

Floors: 43

Total Units: 539

Unit Size: Spacious

My Grade:

Location: A

Amenities: A+

Price: B

Luxury: A

Walk-ability: A

Unit Decor: A

BELLEVUE TOWERS WALKSCORE

What’s Your Walk Score?

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Filed Under: All Condos, Amenities, Architects, Bellevue, Bellevue Towers, Business Center, Club House, Concierge, Courtyard, Dog Park, Elevator, Exercise Room, Game Room, GBD, Guest Suites, Home, Hot Tub, LEED Certification, Lobby Entrance, MulvannyG2 Architects, Professional Landscaping, Rec Room, Retail, Sauna, Secure Parking, Storage, Terrace Tagged With: Bellevue, Bellevue Towers, Condo, Condos, Downtown Bellevue, towers

Bellevue Towers Short Sale Listed At $345 Per Foot

February 26, 2011 By admin 1 Comment

Project: Bellevue Towers
Neighborhood: Downtown Bellevue

Even as Bellevue Towers is enjoying a surge of new sales since the start of the year, there are still signs of a struggling market. In fact, this morning as I was pouring over the new listings that hit the market this week. I noticed for the first time a short sale at Bellevue Towers. It is unit #809 in the North Tower. It just hit the market yesterday. See the listing HERE. I would definitely take notice at the fact that it is listed at just $345 per square foot. Far below the average for this quality of construction.

QUICK FACTS:

UNIT FEATURES BUILDING FACTS AMENITIES

809sf 43 Floors Concierge, View terrace, spa

studio bed, 1 bath 539 units Movie Theatre

Private Deck Concrete and Steel Fitness Studio

Viking Range, Sub Zero, Bosch 95 on Walkscore High Speed Elevators

FLOOR PLAN

BEllEVUE TOWERS WALKSCORE

What’s Your Walk Score?

SEARCH OTHER BELLEVUE CONDOS

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Filed Under: All Condos, Bellevue, Bellevue Towers, City of Bellevue, Distressed Sales, Downtown Bellevue (MLS Area 520), Home, Market News/Trends Tagged With: 106th, Bellevue, Bellevue Towers, Concierge, Condo, Condos, Deck, Fitness Center, Homeowners Lounge, spa

18 Sales & 11 New Offers In 30 Days At Bellevue Towers

February 9, 2011 By admin 1 Comment

According to our sources at Bellevue Towers, they have been averaging 40 visitors per day, with sales activity seeing significant increases. Since the ownership transition and new pricing were announced in January they are reporting 18 pending sales and 11 additional new offers in less than 30 days.

I’ve attached a recent announcement from project highlighting the change made to ownership, the impact its made, and the new pricing. You may also notice the news clip that featured UrbanCondoSpaces.com just after the announcement:

Bellevue Towers – New Direction, Pricing and Recent Sales Success

As many of you have already heard, a transaction was recently completed that consolidated the ownership of Bellevue Towers, a luxury condominium development in downtown Bellevue, to position the project for a successful sell out. Please click here to watch a news clip about the transition and click here for an ownership transition Q&A.

This transition is a positive turning point for the development, its homeowners and the real estate community for a number of important reasons:

Clear and stable ownership moving forward

No plans to rent or auction

Fully funded HOA reserves

An adjustment in price of an average cumulative discount of 30% to further establish Bellevue Towers as the best luxury highrise value in the region

The new pricing at Bellevue Towers reflects an average cumulative discount of 30% from original list prices. Please click here for our current price list. A sample list of prices for our five main unit types are as follows:

Studios from $310,000 to $400,000

1 bedrooms from $418,000 to $454,000

1 bedrooms w/study or den from $400,000 to $560,000

2 bedrooms w/study or den from $560,000 to $1,260,000

Penthouses starting at $2,300,000

BELLEVUE TOWERS WALKSCORE

What’s Your Walk Score?

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: Activity, Bellevue, Bellevue Towers, Condo, Condos, Sales

New Pricing At Bellevue Towers

January 5, 2011 By admin Leave a Comment

For all of you that have requested new pricing for Bellevue Towers, I have an update that is hot of the press. Click here, or you can click the picture below as well.

If any of you have any questions on specific units, please feel free to ask. Also, if you missed our interview with King 5, I have included the link below.

KING 5 Interview

Click here for updated pricing!

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: Bellevue Towers, Condo, Condos, Pricing, Sales, updated

UrbanCondoSpaces On King 5 News | Bellevue Towers Interview

January 4, 2011 By admin 3 Comments

I was pleasantly surprised yesterday when I received a phone call from Joe Fryer at King 5 News. They were doing a piece on Bellevue Towers and the recent change to their ownership structure. Given the opportunity to share our thoughts and contribute to the story, we met King 5 in Bellevue yesterday afternoon. Here is the video: King 5 Interview

The changes at Bellevue Towers will make a significant impact on the future of the project. To avoid foreclosure, Morgan Stanley and their Co-lenders have re-organized the ownership structure. By doing so, it will allow for much needed price-reductions. What was once an over-priced luxury high-rise now becomes a more affordable option for buyser looking to live in Downtown Bellevue.

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Here is a copy of the interview found on king5.com

BELLEVUE, Wash. — The developer of Bellevue Towers, the largest condo project on the Eastside, has turned over total control to the original lenders.

The 540-unit condo complex has struggled, thanks to the bad economy and housing market. Only about 120 units are occupied, owners said.

But Bellevue Towers Condominiums, LLC, the group of five banks that now owns and operates the project, hopes to turn things around.

“We avoided foreclosure, we avoided litigation, we avoided bankruptcy on the part of the original equity developers,” said Ira K. Glasser, who represents the group.

Over the weekend, Bellevue Towers dropped its prices. On average, units are now 30 percent less than their original prices, Glasser said.

Jeff Reynolds, a real estate broker and condo specialist, said prices at Bellevue Towers were too high for many potential buyers. He expects sales to pick up after the price drop.

“Now I think it it provides a pretty compelling reason for people to buy,” Reynolds said.

About a dozen closings are on the horizon, Glasser said. And about 50 more possible sales are in the works.

“In order to get prices where they should be, they had to reinvest, remove some of the parties that were involved, so they can kind-of meet the market with the consumer,” Reynolds said.

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: Bellevue, Condo, Condos, interview, King 5, news

Bellevue Towers Is Currently 16% Of All Active Bellevue Condos

November 19, 2010 By admin Leave a Comment

Check this out! I’ve added all the active Downtown Bellevue condo inventory into a chart. You’ll notice that the pie chart cooresponds with the table to the left. As you will notice Bellevue Towers has 16% of the total inventory! The horizontal chart below really puts it into perspective.

The “other condos” category is all the condos that didn’t have multiple units in a particular building. Overall there are 193 units on the market.

If you want to download this analysis , just click the link below and print.

Bellevue Condo Analysis

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Filed Under: All Condos, Astoria, Belle Arts, Bellevue, Bellevue Towers, Bravern, Home, One Lincoln Tower, One Main Street, The Continental, Washington Square Tagged With: 101 Meydenbauer, 150 Meydenbauer, Abella, Ashely House, Astoria, Belle Arts, Bellevue, Bellevue Pacific Tower, Bellevue Towers, Bellfield Park, Brookside, Condo, Condos, Continental, Inventory, Lincoln Tower, Mckee, Mercer park, Meydenbauer House, One Main, Regents Park, Song Estate, The Carlye, The Ridge, Townsquare condos, Washington Square

Top 5 Condo Exteriors

November 8, 2010 By admin 1 Comment

There just something about a really good looking condo building. I tend to gravitate towards buildings with a lot of glass, steel and concrete. I’ve added my top 5 condo exteriors and I want you to vote! What is your favorite?

You can vote once on each building (1-5 Stars). Check back in to see the results!

Bellevue Towers

Bellora

Enso

Mosler

1521

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Filed Under: 1521, All Condos, Bellevue, Bellevue Towers, Bellora, Belltown, Enso, Home, Mosler Lofts, South Lake Union, West Edge Tagged With: 1521, Bellevue, Bellevue Towers, Bellora, condo exteriors, Condos, Mosler Lofts, Seattle, vote

Drinking The Bellevue Towers Kool-Aid?

October 31, 2010 By admin 1 Comment

Did anyone see the recent newsletter from Bellevue Towers? If not, I thought I would summarize it for you.

In a nutshell:

They centered the attention on the recent change at the Bravern (my post, Seattle Times and The Press Release)

With the Bravern converting their north tower to apartments, it is their estimation that the Bellevue market inventory has been reduced by a third (1/3).

They made a point to show confidence in their position in the Bellevue condo market.

They feel that Bellevue Towers has the “best value” luxury homes in the region.

They acknowledged that while many projects are renting a portion of their inventory, Bellevue Towers will “continue” their commitment to sales.

For the last 12-18 months, in regards to market confidence, most of us would agree that the condo market (“the inventory”) sends one message and the buyers/readers (“the demand”) believes a little something different. So my question for you is this; what do you believe?

Do you feel that Bellevue Towers has a product offering that is second to none? Is it better than Washington Square, One Main Street or any of the other Bellevue re-sales? Do you believe with less than a 20% of their inventory officially closed that Bellevue Towers will continue “only” selling their condo inventory for the next 3-4 years?

THE BRAVERN

Other Bellevue (new construction) Condo Projects:

WASHINGTON SQUARE

ONE MAIN STREET

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Filed Under: All Condos, Bellevue, Bellevue Towers, City of Bellevue, Downtown Bellevue (MLS Area 520), Home, Market News/Trends Tagged With: Bellevue, Bellevue Towers, Condo, Condominiums, Condos, One Main, Rental, Rentals, Washington Square

Bellevue Towers 2 Bedroom Pricing

October 19, 2010 By admin Leave a Comment

With all the news this week about the Bravern converting their north tower to apartments, I can’t help but to believe that Bellevue Towers will benefit. In my own personal situation, I had a client ask me today to identify a few options for he and his wife at the towers. Their requirement was pretty simple. They wanted 1,400sf or more and they needed a balcony.

So, I called the Bellevue Towers sales team this afternoon to narrow down their available options. I thought I would share the information received so that you could learn about their pricing and inventory as well. As you will see below, I’ve uploaded a selection of their 2 bedroom inventory for sale. You’ll notice that they represent a group of units under a million as well as a selection of units over a million as well. Give me a call if you have any questions.

2 bedrooms under a million:

page 2

2 bedrooms over a million

page 2

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: Bellevue, Bellevue Towers, Bravern, Condo, Condos

Which Bellevue Condo Project Catches Your Eye?

August 11, 2010 By admin 5 Comments

Driving through Bellevue on Wednesday made me think of fun, brief survey for our UCS readers.

Ascetically, which is your favorite condo project in Bellevue? It can be the architecture, the design, the coloring, the glass etc…. Here are the big six to get your visual juices flowing. Just submit your vote or comment below and enjoy what others have to say!

BELLEVUE TOWERS

WASHINGTON SQUARE

THE BRAVERN

ONE LINCOLN SQUARE

ONE MAIN STREET

BELLEVUE PACIFIC TOWER

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Filed Under: All Condos, Bellevue, Bellevue Towers, Bravern, Home, One Lincoln Tower, One Main Street, Washington Square Tagged With: Bellevue, Bellevue Condos, Bellevue Pacific Tower, Bellevue Towers, Condo projects, One Lincoln Square, One Main Street, The Bravern, Washington Square

Are You Looking for a Green Condo?

July 7, 2010 By admin 1 Comment

A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.

I thought I would highlight a few environmentally certified new construction projects and those still seeking some form of green building classification:

Trace North/Trace Lofts – Capitol Hill

Brix – Capitol Hill

Rollin Street – South Lake Union

Enso– South Lake Union

Veer Lofts – South Lake Union

Parc – Belltown

Mosler Lofts – Belltown

Cosmopolitan – Downtown Seattle

Olive 8 – Downtown Seattle

1521 – Downtown Seattle

5th & Madison – Downtown Seattle

220 West Highland – Queen Anne

Hjarta – Ballard

Florera – Greenlake

Bellevue Towers – Downtown Bellevue

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Filed Under: 200 West Highland, 5th and Madison, All Condos, Ballard, Bellevue, Bellevue Towers, Belltown, Brix, Capitol Hill, Cosmopolitan, Denny Triangle, Enso, Florera, Greenlake, Hjärta Condos, Home, Mosler Lofts, Olive 8, Queen Anne, Retail Core, Rollin Street, South Lake Union, The Parc, Trace, Veer Lofts Tagged With: Ballard Condos, Bellevue Condo, Built Green, Condo, Condos, Seattle Condo

Exciting New Additions To UrbanCondoSpaces.com

June 15, 2010 By admin Leave a Comment

This is a fun post for me to write. I have been so excited to share with you some recent updates to the blog. As you will see in the picture below, we have added a category of links titled “UCS Exclusive Sites”. I think this is an incredible addition to the site.

For the last 2 months, I have been working tirelessly on building individual sites for the major condominiums projects in Bellevue and Seattle. The objective was to bring each project to you! This hyper-local approach, delivers “building” specific information. Each website is loaded with great info. You can search units for sale, units that have sold and within a few weeks you’ll be able to search for rentals as well! In addition, you will find the following:

Neighborhood information

Amenities

Walkscore and much much more.

Each site is fairly interactive as well. For example, if you want UCS to send you listings in your favorite building, just fill out the email notifications form and you will receive new listings immediately when they hit the market. As an owner you will also be able to keep tabs on the units that are for sale in your building. We will be adding new features to the site as time goes on. For now, my hope is that you enjoy what has been created. Please spread the word! I’m very excited to get your feedback. See below for a list of all the websites offered at this time:

Here is an example of the website for the Vine!

These are where the website links are located in UrbanCondoSpaces (see the picture below):

Eastside/Bellevue Condos:

Bravern Condos
Bellevue Towers
One Lincoln Square
One Main Street Condos
Astoria Condos
Washington Square
Kirkland Central

Seattle Condos:

Trace Condos and Lofts
Brix Condos
Eastlake Condos and Lofts
Enso Condominiums
Veer Lofts
2200 Westlake
The Cosmopolitan
5th and Madison
Escala Condos
1521 Condominiums
Cristalla Condos
Bellora Condos
Concord Condos
The Vine
The Parc
Mosler Lofts
Madison Lofts
Gallery

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Filed Under: 1521, 5th and Madison, All Condos, Astoria, Avenue One, Bellevue, Bellevue Towers, Bellora, Belltown, Bravern, Brix, Capitol Hill, Concord, Cosmopolitan, Cristalla, Denny Triangle, Eastlake, Eastlake Lofts, Enso, Escala, Gallery, Home, Kirkland, Kirkland Central, Madison Lofts, Madison Park, Mosler Lofts, One Lincoln Tower, One Main Street, Retail Core, South Lake Union, The Parc, The Vine, Trace, Veer Lofts, Washington Square, West Edge Tagged With: 1521, 2200, 5th and Madison, Astoria, Bellevue Towers, Bellora, Bravern, Brix, Concord, Cosmopolitan, Cristalla, Eastlake condos and lofts, Enso, Gallery, Madison Lofts, Mosler Lofts, One Lincoln Square, One Main, The Parc, The Vine, Trace, UCS Exclusive, Veer, Washington Square, websites

Just In: Bellevue Towers Now FHA Approved

April 1, 2010 By jeff 1 Comment

Just in; I just received an e-mail from Bellevue Towers and they have announced that they are FHA approved. This is great news for a local condo project that has a large number of units to sell. Good for them. I hope this gives them some momentum as we head into spring. As I have said before, our Seattle/Bellevue market is much better off if we all succeed. See below for the details of the e-mail:

If you have any questions or want to schedule a tour, e-mail me at info@urbanimg.com

—-

Sales at Bellevue Towers are already off to a strong start in 2010 with 15 new offers in March alone and nearly 20 sales over the course of the past three months. Now with flexible FHA financing, buying a new home at Bellevue Towers is more attractive than ever:

Loan amounts up to $567,500

Down-payments as low as 3.5%

30-year-fixed and ARM rates

Qualification with a family member as co-signer

Our FHA approval arrives just in time to allow you to take advantage of federal tax credits and historically low interest rates.

Tax Credits: To qualify for the $8,000 federal tax credit for first-time homebuyers (or $6,500 for repeat homebuyers), you must purchase your new home at Bellevue Towers by April 30th and close by the end of June.

Interest Rates: With the Federal Reserve having stopped its purchase of mortgage-backed securities, interest rates are expected to start rising again from their current historic lows.

Now is a great time to take advantage of FHA financing to purchase a home at Bellevue Towers.

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Filed Under: All Condos, Amenities, Architects, Bellevue, Bellevue Towers, Builders, Concierge, Exercise Room, GBD, Hoffman Construction, Home, Lobby Entrance, MulvannyG2 Architects, Owners Lounge, Retail, Sauna, Spa, Storage, Terrace, Theater Tagged With: "featured", Bellevue, Bellevue Towers, Condo, FHA

Bellevue Towers-What’s On The Inside?

February 15, 2010 By jeff 1 Comment

One might argue that Bellevue Towers is one of the sexiest looking buildings in the maturing Bellevue skyline. The glass, steel and concrete look timeless and architecturally it rivals most of its neighbors. However, if you are familiar with the project, the inside of the building is much more controversial. As mentioned in a previous post “The Night Lights At Bellevue Towers“, I think it is incredibly fascinating when you drive by the project and see just a few lights on at night. It just doesn’t make sense. They need more owners to fill up their beautiful project.

I don’t mean to down play the condo debacle during our real estate recession, but something has to give. I have made my point clear in previous posts ( Lower Prices and Bellevue Debacle). The time is now to shift the momentum to collaboration between lenders, developers, real estate teams and buyers. Swift action towards market rate pricing that aligns with expectations is necessary. The last situation we need is “new construction” inventory that lasts for the next 10 years.

What do you guys think?

[mappress]

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: "featured", Bellevue Condos, Bellevue Skyline, Bellevue Towers

The Night Lights At Bellevue Towers

February 3, 2010 By jeff 1 Comment

My wife and I grabbed dinner a few weeks back at Barrio in Bellevue. It sits at the base of Bellevue Towers next to Purple restaurant and bar. Dinner was great and it was a reminder of how much Bellevue has matured over the last 5-10 years. It has grown into a very sexy destination for entertainment, restaurants and overall urban living. To that end, what surprised me the most that evening was our drive home and seeing the few scattered lights on in the two monstrous condo towers. It brings up a very serious issue that many local developers are facing; no one wants to move into a empty building.

I’m not suggesting that this is just a Bellevue Towers problem. There are 4-5 other buildings between Bellevue and Seattle that are in this same predicament. Buyers have to stomach the idea of moving into a tower with less than 90% occupancy or in some cases even more. I spoke with a buyer the other day about how that problem leads to other questions that just don’t have a simple answer. For instance:

Will the price of my unit go down after I move in?

What happens to the amenities in the building? Are they maintained?

If the project is exploring others options (leases, assisted living, foreclosure) how can this affect my purchase?

When does the builder turn the project over to the association?

When does the developer stop paying the HOA dues?

The questions this particular buyer was asking were very familiar to me. Many of you have those same questions and are not getting the answers. I mentioned it to 3 or 4 of the local site agents and thought it might behoove them to understand what the public is worried about. With the news about Escala and other local projects considering huge price reductions or internal changes to their sales teams I would expect that we will see much more transparency moving forward. As I suggested in my post last week, now is the time for local developers to face the music and make a change. Until then, we will all wonder what it feels like to be one of those 12-15 lights on at 9pm at night.

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home Tagged With: "featured", Bellevue, Bellevue Condos, Bellevue Towers, Escala, Seattle

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