Congrats to Bellevue Towers on reaching 50% Sold. With 13 sales so far this year, they are off to races. A recovering real estate market is good for all of us. Lets hope all our Seattle and Bellevue projects continue to sell their inventory, while providing great homes for new buyers throughout the year. For more information on this sales milestone, I’ve included their press release below:

Bellevue Towers Reaches 50 Percent Sold

Momentum Continues With 13 New Sales in January 

BELLEVUE, WASH. (February 1, 2012) - Bellevue Towers, the region’s largest urban condominium project, has sold 13 new homes in January, bringing the project to 50 percent sold and putting it on track to meet its record setting sales of 2011. With last year’s sales totaling 144 units and $88,940,000 – double the volume of the closest, comparable project in the market – the January 2012 sales of 13 new homes for $11,100,000 confirm Bellevue Towers as the most attractive condominium value currently offered to buyers in the market.

“Our ability to offer limited release prices in early January on select homes had a direct impact on our impressive January sales,” said Patrick Clark, principal with Realty Trust, the brokerage company marketing and selling the project, who also noted that these sales included three $2 million+ homes. “With the support of the Seller, prioritizing sales velocity and value for our buyers has proven to be the right course.” Bellevue Towers sold 13 new units in the month of January at an average cost per square foot of $486 based on the average sold unit size of 1,526 square feet.

Bellevue Towers remaining homes include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million. These homes range from 807 square feet to 6,398 square feet and represent some of the most generous-sized condominiums in the market, offering the best value on a per square foot basis. Original prices have been reduced on average by 30 percent, with a limited release of new homes reduced by as much as 40 percent from original pricing to generate strong momentum going into the new year.

“The opportunity to purchase a home for 40 percent or more off the peak continues be attractive to many buyers,” said Clark. “Prospective buyers recognize that we are meeting the market in terms of pricing and values, and that has resulted in strong January sales.”

Bellevue Towers consists of a 42-story North Tower and a 43-story South Tower with 539 total homes. Each tower offers its own lobby with dedicated concierge service, while sharing an array of other amenities. Residents of Bellevue Towers have access to a 24,000-square-foot urban garden nestled between the two towers, a private screening room, large dining room with terrace and chef’s kitchen, fitness center, spa and sun deck, and a great room that opens to an expansive outdoor terrace with fireplace and barbecue grill.

The project also features more than 300 original pieces from Northwest artists including Lucinda Parker, Julie Speidel and George Batho. Standard finishes in all Bellevue Towers homes include Viking or Wolf cook tops and ranges, Sub-Zero refrigerators, Bosch dishwashers, full-height granite kitchen-counter backsplashes and master bathrooms finished in marble or travertine.

New pricing information and tours are available Wednesday through Friday from 11 am to 6 pm and on Saturday and Sunday from Noon to 5 pm at 500 106th Avenue NE in downtown Bellevue. Prospective buyers may make arrangements by calling 425.454.9922 or visiting www.bellevuetowers.com.

The success from 2011 has carried over into January for the sales team at Bellevue Towers.  According to my source at the project, they have sold 7 units this month and are negotiating contracts with a number of other buyers. This comes on the heels of their newly released pricing promotion.

Limited Release Pricing is offered for select homes. These condos feature prices reduced by as much as 40% from original list prices. Homes now available for sale include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million. Bellevue Towers‘ homes range from 809 square feet to 6,398 square feet.

Some examples of the new pricing includes the following:

What did Bellevue Towers accomplish in 2011?

Bellevue Towers the best-selling condo project in 2011 with 144 homes closed and sold since January 1, 2011. They reported sales of $89 million – double the volume of the closest comparable project in the market. The luxury, downtown Bellevue project has now sold a total of 268 units with more than 400 residents calling Bellevue Towers home.

Search Bellevue Condos:

With two more buyers purchasing units at One Main Street last week, their inventory is down now to just ten homes.

The remaining homes at the boutique 57 unit project are a variety of one-bedrooms. The smallest and least expensive home is a 662 sq. ft. priced at $299,900. It features a nook separated from the main living space by sliding doors. Other features include – garage parking, air conditioning, German-engineered cabinetry, natural slab stone countertops and hardwoods throughout the main living area.

The largest of the remaining homes are approximately 880 sq. ft. with a spacious layouts.  The units include large master bedrooms with private ensuite bathrooms and floor to ceiling glass. The units also feature a large deck and a powder room.

One Main offers a quiet upscale alternative to the high rise options of downtown Bellevue. It’s located on Main Street in “Old Bellevue” just 2 blocks from the Downtown Bellevue park, Bellevue Square and Lincoln Square. Homes are approved for 3.5% down FHA financing.

One Main Street is open Saturday through Wednesday 12 to 5 p.m. at 10000 Main Street, Bellevue.  www.onemainstreet.com.

Search Bellevue Condos

Um…..Yeah.

The list of incredible view units just grew by one. Check out this west facing view unit at One Lincoln Tower in Bellevue.  Originally bought in shell condition, it was creatively developed and is now listed for sale. How much – $4,500,000 (MLS #311189).  Its $4.5 million dollar price point puts the 3,000sf unit in exclusive company. There are only 12 units for sale priced above $4,000,000.

It was purchased in August of 2006 for $2,475,000.  Thoughts?

Take a look at the listing:

[pictures c/0 Perrault)

I have to be honest.  I was a bit surprised, when I saw this.  There is a rental at One Lincoln Tower in Bellevue that just hit the market for $12,500 per month! Apparently, it is not available until February of 2012. It has 3,000 sq ft, with 3 bedrooms and 4 total baths. Features include, granite counters, high-end appliances, built-in espresso, updated baths with heated floors and a work out room.

Just in case you are wondering, this is now the most expensive rental unit* on the market.  The second place finisher goes unit #4103 at One Lincoln Tower. (priced at $8,800 per month). The third highest rent goes to unit #2401 at Escala (priced at $7,500 per month).  I’ve included all three of them below:

1. One Lincoln Tower $12,500

2. One Lincoln Tower $8,800

3. Escala $7,500

*Only includes condos in the downtown Bellevue and Seattle market

Do you guys remember this post from September?  Then, we wrote about the 4.5 million dollar bank owned penthouse at One Lincoln Tower.  It appears that the owner,  East West Bank, may have found their buyer (thanks to a reader for passing along the information).  I’ve tracked this property for well over a year as it went through the foreclosure process.  I’m really looking forward to finding out what the new owner paid for the unit.

It doesn’t get much better than this. Imagine being 41 stories above the ground with views that almost reach West Seattle. 4102 is massive. Originally purchased for $5,300,000 in 2005, the 41st story unit is 4,058 sq ft with 2 bedrooms, 2.5 bathrooms, 2 fireplaces, 20 foot ceilings and floor to ceiling windows that feature some of the best views in Seattle/Bellevue market.

 #4102 is amazing.  Check out the pictures below.

See the listing details here:

Yesterday afternoon I attended an invite-only event at Bellevue Towers.  It was designed as a thank you to all the real estate agents that have contributed to their success. The event was held in unit #2501 (big views).  I would guess that there were about 20 brokers in attendance.  We had a nice lunch, listened to a re-cap of their sales progress and learned a bit more about the future direction of the project.  They reminded us of their new website,  gave us a tour of their updated models and talked about their projected sales numbers for calendar year 2011.  The sales team hopes to reach a 50% sellout by year end. In just 9 months of this year, they have sold 127 units.  Pretty impressive.

For anyone thinking about a high-rise condo, I can honestly say that you should make it a priority to check out their inventory. The building has great amenities, spacious floorplans and a good location. In addition, Bellevue seems to be hitting its post-recession stride. There are several new restaurants, a new grocery store and an abundance of new retailers joining an already impressive list.

Looking for a condo in Bellevue?

Once I think I have seen it all in this market something surprises me.  The penthouse at One Lincoln Tower just hit the market in Bellevue.  The catch is, its bank owned.  The legal owner East West Bank, just listed the property on Thursday.  I tracked this property through foreclosure, but I didn’t realize it would be on the market so quick.  #4102 is amazing. Originally purchased for $5,300,000 in 2005, this 41st story unit is 4,058 sq ft with 2 bedrooms, 2.5 bathrooms, 2 fireplaces, 20 foot ceilings and floor to ceiling windows that feature some of the best views in Seattle/Bellevue market.

See the listing details here:

Ok, remember this unit?  It hit the market back in January for $1,500,000.  Just 3 days later it sold for $1,565,000.  Now its on the market for lease. For $8,800, you can live on the top floor, in one of the most coveted condo towers in Bellevue (One Lincoln Tower).  This unit is so cool.  I love the 2 story windows, the built in library and the massive kitchen.  Every window features a killer view.  I want it.  Bad.

Check out more pictures here: #4103 Lincoln Tower

Quick Facts | One Lincoln Tower:

• Hotel Services
• Full size pool
• Fitness studio
• High-speed elevators
• Concierge
• Valet

A big congratulations to our friends at Bellevue Towers as they just announced the launch of their new website.  I was privledged to get a look at the site during its final stages of development.  In my humble opinion, I think they nailed both the design and the functionality.  I enjoyed seeing the pictures, floor plans and reading the testimonials of a few of their owners.  I like the vertical and the horizontal element as well.

Having a great website is extremely important for a condo project like Bellevue Towers.  Thus far, they have had buyers from all over the world and having an online presence just adds to the visibility of the potential buying pool. I think its a great design and perfect timing as they continue their sales momentum into the fall season.

Click the picture below if you want to check it out!

I just noticed this bank owned condo that came on the market yesterday.  It is on the 7th floor at Washington Square. In January of 2008 it was purchased for $420,000.  It’s now listed at $274,900.  That is a 35% reduction since the last market sale.  The unit is 640sf.  For more info, check out the listing below.

If you are wondering why there are so many bank owned properties in this building, there is a simple explanation.  It is a combination of market pricing when they originally sold and that the developer placed very little exclusions or limitations on investor financing.  You see this in the Seattle condo market as well (Cosmopolitan, 2200 Westlake etc….)

Here is a look at the listing:

For any of you in the rental market, you may want to check out this 2 bedroom (505) condo in Bellevue.  It is a brand new unit that has never been lived in.  It has 2 bedrooms, 2 baths, 2 decks and is over 900sf.  Its located on the 5th floor and has SE facing views.  The project is One Main Street.  It is a steel and concrete structure built in 2010. For those of you unfamiliar with the neighborhood, “Old Town” or Main Street is one of my favorite pockets of Downtown Bellevue.  It is just a 5 minute walk from Meydenbauer Beach Park, it has an abundance of restaurants (Bis, 520 Grill, Gilmans, Cantinetta) and is only 3 blocks from Bellevue Square/Lincoln Square.

I think this would be the perfect fit for someone that would like to give “urban living” a try.  It is a great building in a vibrant neighborhood within walking distance from everything in downtown Bellevue.

If you want more information, see the listing here.

Bellevue Towers just announced that they have reached 200 closed homes.  This is quite an accomplishment considering that 100 of those homes have closed in the first 7 months of this year.  As a part of their announcement, Bellevue Towers preferred lender MetLife Home Loans is offering preferred jumbo financing for loan amounts up to 2 million.  Congratulations to both the sales team and all of the Towers residents!

There is a healthy debate right now on the impact of bank owned properties in the Seattle and Bellevue condo market. I personally believe they are presenting a pretty compelling buying opportunity.  Some of them are priced well below market.  In this week alone, 3 bank owned 1 bedroom condos hit the market at Washington Square. Keep in mind that not all bank owned properties are a good deal.  It is critical that you do your homework both on the building and the unit itself before making a purchase.

Here is a look at the listings if you’re interested:

Unit #621 (we posted about this unit just a few days ago. It is now under contract.  Sold in less then 5 days)

Unit #1623 (This just hit the market yesterday)

Unit #1503 (Hit the market on Friday)

BUILDING INFORMATION & UCS PROJECT GRADE

This condo at Washington Square sold for $649,000 in May of 2008.  Now banked owned (Fannie Mae), it just hit the market for $280,500. By my calculations, that is a 56% reduction since its last market price.  Not bad.  If you want to check it out, click here