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

There are number of different strategies you can use when buying your condo.  I think the most important would be to really evaluate why you are purchasing the unit in the first place.  Is it for the view, the amenities, the location or the design?  Regardless of what drives you to purchase, it is important to understand that when you remove emotion and add strategy you are securing a investment that will give you returns for the life of your ownership.  Take a step back and evaluate the conditions.  Let me provide an example.

When clients ask me about view properties, I get to the issue right away.  Your view will never be protected without the developers purchase of “air rights”.  The best Seattle example is the purchase of air rights for Cristalla.  Murray Franklin and Williams Marketing negotiated the purchase of air rights to protect all the west facing views.  In doing so, it added value to the project and led to a very successful sellout.

When air rights are not purchased, this is what happens (see Cosmopolitan).  You will see clearly that the building built wider and taller than the Cosmopolitan completely dwarfed the residential condos and blocked all west facing views.

My advice to buyers in regards to view is to “pick the right window”.  Here are the five steps to make sure you avoid making a mistake with view units:

1.  What floor are you on?

The floor can help you understand how you might be impacted in the future.  Meaning that if you purchased on the 18 floor and a 22 story building pops up directly in your view line, the 23-30th floors would have been a better option.  Assuming you follow step 2.

2.  Talk to the city and find out what the plans are for all surrounding parcels of land.

One of the biggest mistakes we make as homeowners is that we do not do our research.  The city planning office is a great resource.  Take a an hour out of your day and schedule the 15 minutes necessary to meet with the planner.  Ask questions!

3.  Pick a street view.

This one may seem simple.  It is.  When a condo project is built on a corner and has access to street views, you will have multiple units to choose from.  You can alleviate any future frustration of your views being blocked and overpaying for your unit.

4.  Could a view of the city be just as enjoyable as a water-view?

In Seattle, the most attractive views are west facing towards the water.  I can understand why.  However, if you unit was significantly less and you still get a city view, it might be well worth it.  For one, the city views at night are spectacular.  Two, if the surrounding environment is already developed, you can count on your views staying the same for years to come.

5.  Ask your professional.  Read a blog.

In the world of do-it-yourselfers, I think buying real estate is too important to not have a professional that is assisting you.  You can read a previous post of mine that gives my opinion in great detail (buyers agent?).  Condo blogs are a great resource.  I’d like to think that if you read enough of them, your condo IQ will grow immensely.

Resources:

Cristalla Condos
Cosmopolitan Condos

Seattle Condo Blogs:

The Seattle Condo Blog
UrbnLivn.com
Stroupe

I hope you found this post helpful.  Please feel free to contact us with any questions.

As I drove back into the City last night from a run around Greenlake, I notice the well known yellow band off in the distance as I gazed at the city lights.  For anyone that is not aware of what I’m referring too;  it is the symbolic and creative lighting at the top of the Cristalla Condominiums. As if it were not enough to be known as one of the best condo projects in town, the building has a bright yellow brand of lighting that stands alone in the dynamic Seattle Skyline.  Almost as if it symbolized a crown.  It begs the question….”Is Cristalla still the king of condos”. For most if not all of the last four years, I was told that Cristalla “stands alone” in the luxury condominium market.  I even posted just a month ago validating that fact UCS on Cristalla. Every developer in Seattle wanted to bottle up the success of Cristalla and make it their own.  It has high recognition and an endless praise from the broker community (realtor, Stroupe, Wendy, Ben). I don’t think I’m drinking the Kool-Aid anymore.  As this is written there are currently 8 units available for sale.  There have been plenty that have come on and then had to be taken off the market due to the inability to sell at the price offered.   Out of the 8 listed, 3 are bank owned.  The average price-per-square foot is $650.  Although some may praise that the prices have been so stable, I would have a tendency to disagree.  I think that artificially holding the prices up will ultimately lead to more short sales and foreclosures in the building.  The global tidal wave of price declines hit everything and everyone.  Cristalla prices will ultimately come down in price.  Making it that much better in terms of owning a great unit at market rate. As something holds it value, it is always considered a good thing.  I wouldn’t disagree in most cases, but this is different.  Even though there are units transacting, the overwhelming majority needs to “wake up” and smell the proverbial coffee.  A lot of other buildings, units and owners have done this.  I’m still waiting to see how much longer the “former” King of Condos will take. I am also interested to hear what you think?   Is Cristalla still the king? [mappress]

Some projects stand alone in the Seattle/Bellevue condo scene.  Cristalla would rank second to none on this list.  Built in 2005, this unique Belltown project has been a staple of downtown condominium living.  Its attractive facade and multiple amenities attract buyers of all walks of life.

Developed by Murray Franklyn and designed by architects Weber + Thompson, the base of the building is a terra cotta façade of an Italian Renaissance building built in 1906, the Crytal Pool. The grand lobby includes an elegant staircase and a 2-story water feature.  All homes feature hardwood flooring with carpeted bedrooms, creative spaces and most have captivating views. Studios, 1-bedrooms, 2-bedrooms and penthouses range from 420 to 2800 square feet.  Cristalla continues to be one of Seattle’s favorite high-rise condominiums.

Project Amenities:

24 hour concierge
On-site managment
Pool
Sauna, wet and dry
Owners Lounge
Screening Room
Mutiple View Decks
Workout facility