New Wave of Rental Units In Popular Seattle Condo Projects

For Rent Seattle New Wave of Rental Units In Popular Seattle Condo Projects

For those of your looking to rent in 2012, there are a new wave of rentals that just hit the market in Seattle. Unlike traditional “apartment” projects, these rentals are condo owners leasing their units in highly coveted buildings. I’ve included the listings below.  Just click the picture to view more details.

5th and Madison Courtyard e1310090609629 New Wave of Rental Units In Popular Seattle Condo Projects

5th and Madison unit #1704 (learn more about 5th and Madison)

 

Cristalla 1909 View Deck e1315504484679 New Wave of Rental Units In Popular Seattle Condo Projects

Cristalla Unit #1107 (Learn more about Cristalla)

 

Cristalla Rooftop Deck New Wave of Rental Units In Popular Seattle Condo Projects

Cristalla unit #703 (Learn more about Cristalla)

 

Enso New Wave of Rental Units In Popular Seattle Condo Projects

Enso Unit #1608 (Learn more about Enso)

 

Ruby Front New Wave of Rental Units In Popular Seattle Condo Projects

Ruby Condos Unit #213 (Learn more about Ruby)

 

Avenue One Blog New Wave of Rental Units In Popular Seattle Condo Projects

Avenue One Unit #1202 (Learn more about Avenue One)

 

Downtown Rentals:

Capitol Hill Rentals:

Queen Anne Rentals:

Greenlake Rentals:

Eastlake Rentals:

Wallingford Rentals:

Great Rental Unit At The Cosmopolitan

Cosmopolitan 2202 Great Rental Unit At The Cosmopolitan

Just a quick heads up if you are looking for a 2 bedroom rental. A view unit at the Cosmopolitan just hit the market today for $2,500 per month. The “02″ stack is one of my favorite floor plans. It has 2 bedrooms, 2 baths and a den.  It is definitely worth considering.  Your just 2 blocks from Whole Foods, a short walk from Pacific Place and the building is full of amenities (see below). Many of the “02″ and “10″ units rent for much more than this, so in my opinion it looks like a pretty attractive deal.  Especially given the views. If you end up seeing it, report back and share your thoughts.  See pictures of the unit (Click Here)

COSMOPOLITAN INFORMATION UCS PROJECT GRADEGRADEAMENITIES
ADDRESS 819 Virginia StLOCATIONA+24 Hour Concierge
BUILT2007AMENITIES AFitness Facility
BUILDING Concrete and Steel Construction PRICEA-Lounge
NEIGHBORHOOD Denny Triangle/South Lake UnionLUXURY B+Rooftop Deck
UNITS 253BUILDING CONSTRUCTION ASecure parking
DEVELOPER Morteson UNIT DECOR A-Secured building
ARCHITECT Mithun Architects + Designers + PlannersWALKABILITY ARetail

View other downtown units for rent!

1521 Second Avenue-April Sales & Promotion Update

1521.Condos e1272494155280 1521 Second Avenue April Sales & Promotion Update

According to my source at Realogics/Sotheby’s, 1521 second is now 70% sold and occupied.  This includes 4 sales in April and a number of other contracts in negotiation.  They are still running a program that includes a Smart ForTwo car with a purchase before April 30th.  (See here)

Other notes:

To schedule a tour, click here:

Schedule a Tour 1521 Second Avenue April Sales & Promotion Update

Escala Sales Picking Up Steam-FHA Approval Just Weeks Away

photo 2 Escala Sales Picking Up Steam FHA Approval Just Weeks Away

I spoke with Erik Mehr of Team Builder JLS yesterday regarding the progress at Escala Condominiums.  According to Mehr, they have successfully closed 6 sales since taking the project over.  They have over 40 pending sales and for those of you interested, you can follow their pending sales in the MLS.  They made a commitment to adding all their sales to the MLS last month.

In summary, Erik felt that they were making great progress.  He said that the HOA dues approach that reduced the owners monthly payments was very well received.  I inquired about what units were selling well, and as you might have expected the units priced between $450,000 and $550,000 have seen a lot of activity.  Mehr also mentioned that the “F” plans were seeing an abundance of sales as well.  They are the 3 bedroom units, generally priced over $2,000,000 dollars.  Thus far out of 20+ 3 bedroom units, Escala has sold 8 of those floorplans.

In terms of financing, MetLife, the projects preferred lender, is lending conventionally and will continue to do so.  This squashes a lot of the rumors that were suggesting that you had to purchase “all cash”.  I was also surprised to hear that the project is only a few weeks away from FHA approval as well.  This will be a monumental step for the success of the project.  I will confirm when they get their approval.

Overall, the 30-40% in reductions seem to be moving the majority of this inventory.  As the number of “new” units downtown continue to dissapate, Escala will be looked at as a good option for downtown living.

Olive 8 Update

olive8 exterior Olive 8 Update

Periodically, I will update on the progress of some of our local condo projects.  I’ve checked in with the sales team at Olive 8 for a few months and didn’t get much in response.  On that note, they did get back to me tonight with an update. (Thank You!)

It came directly from Megan Hilfer at ParsonsPr (Olive 8‘s PR firm).

Here is an update for you about what’s been going on at Olive 8:

  • We have had 21 sales so far in 2010.
  • Our traffic numbers our competitive with other projects – an average of 65-70 visitors per week.
  • We have a month-long art show with Patricia Cameron Gallery that is kicking off with a party this Thursday, April 15th from 5-7pm.  There will be food and drinks, and a prize drawing.  See Art at Olive 8 evite for more info.

21 sales since the beginning of 2010 is pretty good.  In the next few weeks, I will be sure to see how many they have actually closed.  Which we all know is a very different story.  Either way, their success is important for all of us, so I hope their sales continue.  For additional info on the project, I thought I would add a few links for your review:

Floorplans

Amenities

Photos

Location

Jellybeans and Million Dollar Condos

jellybeans 300x298 Jellybeans and Million Dollar Condos

Everyday is another surprise in the chaotic world of high-rise condominium sales.  I saw something when I came into my office today that struck me as unusual.  A very well known Bellevue condo project had candy delivered in a jar to our office (jellybeans).  The correlation between this jar of candy and selling million dollar condominiums  just didn’t make sense to me.  In a past life when real estate marketing was limited to the newspaper,  presenting at office meetings and bringing cupcakes to the agents, this strategy might have worked.  There are a million other ways this project should be using their marketing budget.  Bottom line is,  agents don’t need jellybeans.  A jellybean will not influence an office of agents to sell your units.  I would re-think your strategy.   Agents want the honest truth about your project.

What I don’t understand yet is how protecting price sheets is helping the situation.  I can understand why projects can’t fill the MLS with all their inventory, but these same projects need to face the facts.  Buyers and their agents are nervous about their projects.  Instead of giving away jellybeans, these developers need to go on a public relations barrage to help us understand their product offering.  It is impossible to expect that a buyer would commit to a project that doesn’t reveal the truth.  As I mentioned in a previous post, I hope that all local developers will answer the following questions in one way or another:

  • 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?
  • How many units have sold?
  • How may units are left?
  • What is the actual number of homes recorded?

I don’t mean to make light of this major problem.  There are some things that a developer can not avoid.  I understand and respect that.  I’m simply asking them to re-think their strategy.  They can save the jellybeans for their lenders when they come by the office and ask the sales team what the hell they are doing to sell out the rest of the project.

P.S.  For any sales agents and developers reading this post; if you are wondering, I do have ideas for you.  All you have to do is ask.

5th & Madison Auction Update

5th and Madison copy 5th & Madison Auction Update

On March 28th at 1pm, Kennedy Wilson, will be facilitating the auction of the 5th and Madison condo units.  There will be 18 units hitting the auction block.  If you have not been to an auction yet, it is quite an experience.  I will be in attendance with a few clients who have been considering a purchase.  In addition, I will be tweeting live from the event and will report back with intimate details.  For now, I have attached (see below) the unit list and starting bids.

Auction # Unit Floor Plan Aprx. Sq. Ft. Bedrooms & Baths Previously Priced Starting Bids
1 1102 2 978 1 Bedroom / 1.5 Baths $550,000 $235,000
2** 1200 0 913 1 Bedroom / 1 Bath $580,000 $235,000
3 1402 2 978 1 Bedroom / 1.5 Baths $499,000 $235,000
4 1702 2 978 1 Bedroom / 1.5 Baths $615,000 $235,000
5 1703 3 978 1 Bedroom / 1.5 Baths + Den $600,000 $235,000
6 1705 5 808 1 Bedroom / 1 Bath $399,000 $195,000
7** 1803 3 978 1 Bedroom / 1.5 Baths + Den $600,000 $235,000
8** 1805 5 808 1 Bedroom / 1 Bath $415,000 $195,000
9 2003 3 978 1 Bedroom / 1.5 Baths + Den $700,000 $275,000
10 2005 5 807 1 Bedroom / 1 Bath $570,000 $225,000
11 2103 3 978 1 Bedroom / 1.5 Baths + Den $720,000 $275,000
12** 2105 5 807 1 Bedroom / 1 Bath $430,000 $225,000
13 2200 0 913 1 Bedroom / 1 Bath $760,000 $290,000
14 2202 2 978 1 Bedroom / 1.5 Baths $700,000 $290,000
15 2203 3 978 1 Bedroom / 1.5 Baths $746,000 $290,000
16* 2301 1 1241 1 Bedroom / 1.5 Baths + Den $899,000 $385,000
17 2305 5 807 1 Bedroom / 1.5 Baths $625,000 $225,000
18 PH 2 PH2 1957 2 Bedrooms / 2.5 Baths $1,995,000 $995,000

Escala Appointment

I contacted the Escala sales team after their e-mail went out on Friday in regards to the new changes to their pricing and amenity space.  I have not heard back yet, but when I do I will report back with some details.  Per their e-mail, as a previously registered client, I took them up on the opportunity to set up an appointment before their March 27 unveiling to the public.  Stay tuned.

What Sold Last Week In Seattle

Sold 300x199 What Sold Last Week In Seattle

I thought it might be interesting for you to see examples of what sold last week in downtown Seattle.  This includes 1 and 2 bedrooms up to $2,000,000 and dating back to Friday February 19th.

This would be an interesting comparison to make week over week. Unfortunately this takes a lot of time to produce.  If you every need more detailed reports from the multiple listing service it can be done quickly.  For now, enjoy the list below.  I find it interesting to difference between what the asking price is and what it actually sells for.  Remember, that this sample set includes developers and re-sale owners.

Marselle: 699 John St Unit#: 201
Ask-$199,990 Sold-$195,000

Marselle What Sold Last Week In Seattle

Marselle:  699 John St Unit#: 217
Ask-$259,990 Sold-$255,000

Masellle.2 What Sold Last Week In Seattle

Marselle:  699 John St Unit#: 215
Ask-$279,990 Sold-$270,000

Marselle3 What Sold Last Week In Seattle

Cosmopolitan: 819 Virginia St Unit#: 2505
Ask-$415,000 Sold-$330,000

Cosmo What Sold Last Week In Seattle

Arbor Place: 121 Vine St Unit#: 2104
Ask-$350,000 Sold-$350,000

Arbor.Place  What Sold Last Week In Seattle

Gallery:  2911 2nd Ave Unit#: 112
Ask-$389,000 Sold-$365,000

Gallery What Sold Last Week In Seattle

Olive 8: 737 Olive Way Unit#: 3001
Ask-$545,000 Sold-$495,000

Olive.8 What Sold Last Week In Seattle

Seattle Heights: 2600 2nd Ave Unit#: 1403
Ask-$499,950 Sold-$498,000
Seattle.heights What Sold Last Week In Seattle

5th and Madison: 909 5th Ave Unit#: 604
Ask-$550,000 Sold-$540,000

5th.Madison What Sold Last Week In Seattle

The Vine: 2607 Western Ave Unit#: 902
Ask: $625,000 Sold: $608,000

The.Vine  What Sold Last Week In Seattle

Enso Condominiums:  820 Blanchard St Unit#: 1505
Ask: $780,000 Sold: $785,000

10 Units Left At Ruby

Ruby3 300x213 10 Units Left At Ruby

Ruby Condominiums now have 10 units left to reach their sellout.  This is often a great thing for owners as they can relax in their new home without the sales process in place.  With that being said, Melissa McMurray on site has done a phenomenal job introducing new owners to the project and expediting the sellout process.

In the new era of Social Media marketing, Ruby had a Facebook page, ran a super effective e-mail marketing campaign and exchanged services with local restaurants and coffee shops that helped new owners get to know their neighborhood.

I think what will be interesting over the next 36 months will be to see what Seattle offers new buyers.  As most of us know, many “affordable” projects were pulled off, converted to apartments or just put on hold during the down turn of the market.

Does anyone have anything in particular that they are looking forward too?

Projects?
Neighborhood Development?

[mappress]

Veer Lofts Update and Open House

Interior e1270849364415 300x158 Veer Lofts Update and Open House

According to Dori from the Veer Loft sales team they are now 75% sold and FHA approved.   The Veer team is also advertising an exclusive public open this weekend to view their 8 ground floor townhomes priced at $349,500 and up (square footage will range from 807-1,073). Located in South Lake Union, both Veer Lofts and Enso condos seem to have picked up steam since Vulcan and Matrix focused on lower prices.

If you are not familiar with the project, read here.

If you have any questions, please feel free to email me at info@urbanimg.com

[mappress]

Marselle Condo Update-Hot Buys & Popular Floor Plans

rsz 11exterior marselle1 300x200 Marselle Condo Update Hot Buys & Popular Floor Plans

I reached out to Amie at Marselle over the weekend to get an update on the project. She shared a few popular floor plans as well as some good buys.

The two “hot buys” according to Marselle are:

  • Unit #204 listed at $389,990.  It is a two bedroom corner unit with 2 parking spaces are a large storage space.
  • and Unit #117 at $249,990.  It is a 1 bedroom+den with 781 square feet.  It includes a parking &  storage.***To date, they have sold 45 homes. (20 in the last 6 weeks)

According to Marselle the most popular floor plan is the 1 bed+den 1.5 bath. They start at $259,990 and the floor plan can be accessed the online at http://marsellecondos.com/downloads/Marselle_FP_flyer_05.pdf

For 2 bedrooms, the following plan, http://marsellecondos.com/downloads/Marselle_FP_flyer_20.pdf which starts at $399,990 on the first floor is popular as well.

Are You in Real Estate? Then Raise The Bar

rooftop.deck  300x204 Are You in Real Estate? Then Raise The Bar

It is time for everyone in the real estate business to raise the bar.  This includes builders, agents, appraisers, subs, inspectors, management companies and many others.  I had four experiences this last week that were embarrassing, disappointing and unacceptable.  Here is a quick synopsis:

1.  The Appraiser Without A Key:


I received a call on Friday night to schedule an appraisal.  It is typically a standard of practice that the appraiser will let themselves into the unit, do their work for 15 minutes and be on their way.  This was a different circumstance.  When I spoke to the appraiser, he asked that I meet him on site.  When I asked why, he told me that he does not currently have a MLS Key to access the property.  When I asked him why, he simply stated that he was “too lazy, to get the new key issued last year”.  The multiple listing service changed their GE key system at the end of last summer.  So instead of getting his key then, he has been inconveniencing people like me for the last 8 months due to his apathy.  Not cool.

2.  I Hit The Wrong Button

A resale certificate review is a fundamental process in the routine of buying a home.  I’m representing a condo owner who received a contract for purchase from the buyer on Saturday morning a few weeks back.  On Monday I called the Management company to prepare the resale cert so that I could deliver that package to the buyer ASAP. They took two days to call me back and then preceded to tell me that they have outsourced their paperwork preparation to an online service. Make a long story short, after I went through the application online, paid the $268 dollars for 2 day mail of the package, I still didn’t have the package 4 business days later.  When I called to inquire and complain, the supervisor told me that one of his employees must have “hit the wrong button”.  It took 3 more business days to process.  I didn’t receive it for over 9 days.  This could have cost my Sellers in the long run.  Especially if the buyer had moved on to a different unit.

3.  No Meeting Minutes?

Another management story that simply disappoints.  Condominium management firms are getting worse, not better.   They were overworked in the real estate boom and now they are understaffed or simply not in business.  In another situation of ordering a re-sale cert, when I received the package it was missing one of the most important sections; the meeting minutes.  Minutes are important because they reveal what a complex has been focused on over the last few months.  This could include, upgrades to the building, repairs or pending legal disputes.  When I called to ask why the minutes were not included, they gave me an excuse in addition to asking for more money to produce them.  When I obliged and paid, I received the minutes that were missing 2 out the required 12 months.  I don’t think the 200 plus owners that are paying management fees would be very happy with their contracted management firm.

4.  Keys……Please!?!

My final gripe and maybe the most disappointing was a key exchange that turned into a complete debacle yesterday.  I represented the buyers in a purchase near Gas Works Park.  Since the start of the negotiations, the listing agent showed signs of insecurity and a lack of collaboration.  I always find it so disappointing when a agent doesn’t do a good job relaying their clients wishes or collaborating towards a common objective with the other party.  Unfortunately, this was a perfect storm.  In addition, I had scheduled a 5pm key exchange with my clients that drove all the way from Yakima to get their new keys and to celebrate the first night in their new condo.  When I went to pick up the keys from the listing agent, she hadn’t left them at her office as previously discussed.  Instead she had spent the day in Tacoma running personal errands.  By the time I finally received the keys, I was over an hour late to meet my clients and they were both disappointed and frustrated.  This then became a direct reflection on me and put a damper on a lot of hard work and focus I had put into my clients experience.

I know this might have read like me complaining and pointing the finger at others, but the reality is, I’m trying to set a call for action.  As stewards in this very important business everyone needs to pick up their game.  It is bad for the industry to have such pathetic performance.  I hope the real estate professionals of the world get better; not worse.  We all deserve better!

Escala Condos; Moving Forward

rsz escala1 Escala Condos; Moving Forward

As reported yesterday by Stroupe, the on-going changes at Escala now include a very different strategy for Club Cielo.  In general, everyone seems to be pretty anxious to see what will occur with their pricing strategy.  I believe that if they do it correctly as Enso has done, that they may revive the project and can expect to see a uptick in demand.

As a realist and with some past experience in development I also realize that with a building that cost $370 million to build that we are not going to see 30% to 40% reductions across the board as some have noted.  It just does not pencil out.  I believe that they will focus on lowering prices for the large one-bedrooms and the least popular floor plans first.  That will obviously allow a lower barrier of entry, but it doesn’t disguise the fact that the project to a certain degree has been “over built”.  Rennie Marketing will have the ultimate task of keeping everyone happy.  For Lexus Companies, one can only assume that this has been nothing short of a very bad dream.  I know of at least 10 owners, and rumored as high as 17 that have filed a lawsuit against the project.  The group of homeowners are working with a very well-know Seattle attorney.  We know how tough it is to lend on a project in litigation.  So were does the project go from here?

If I were in Bob Rennie shoes, this is what I would do:

  • Focus on your current customers and make them HAPPY.  Nothing is more important at this point.
  • Go to the six owners that paid cash and pay for 2 years of their homeowners dues.  Happy homeowners are vital.  Especially when they took the risk in closing on a building that was 98% un-sold.
  • Remove the excessive “luxury” label that the building has.  Promote the quality but remove the stuffy Upper East Manhattan feel.
  • Lower prices and explain the significance.  No one really cares that it was lowered.  What they care about is; what its worth in todays market/dollar (for example…..”this unit costs $xxx,xxx dollars to build; we are willing to sell it at $725,000)
  • Befriend the brokerage community.  SHOW OFF THE PROJECT.  It has been tougher to see than White House over the last few months.  Agents will sell the project if they are treated fairly and if they are give the opportunity to understand the vision, brand, quality etc…
  • Start a public friendly media campaign.  This will help with the perception of the project and what is being offered
  • Do it soon!  Right now you are currently losing good buyers to Enso and Olive 8

Escala has been getting a lot of coverage.  Enjoy some of the other posts produced over the last week:

Matt at Urbnlivn.com

Tim at Seattle Bubble.com

PSBJ

UrbanCondoSpaces.com

As always, feel free to e-mail info@urbanimg.com with any questions!

[mappress]

Capitol Hill Condo Project in BIG Trouble

Capitol.Hill .Broadway 300x219 Capitol Hill Condo Project in BIG Trouble

This post today has me in a bit of a pickle.  There is a condo building on Capitol Hill that is teetering on the edge of disaster.  I’m acutely aware of the situation, but hesitant to throw the project under the bus.  What I do know, is that my client and I decided that it would be best for her to walk away from the purchase due to potential financial short-fall from a major upcoming expense.  An expense that could cost her and the other home owners thousands of dollars in a special assessment. When we reviewed the re-sale certificate last week  it became evident that the project was in trouble. As we reviewed the meeting minutes, we stumbled upon the issue and it became quite clear that the unit was too high risk to purchase.

The project has less reserves than it should, the building needs a new roof, it needs to fix problems with the windows, could have water damage and it may need to file a lawsuit with a developer that is no longer doing business.  This is what most would consider a recipe for disaster.  Situations like these are a constant reminder of how important it is that you review your re-sale certificate.  As I mentioned before, I have made this mistake myself when purchasing my own unit back in 2007.  Read Here

Bottom line is that you MUST do your homework before you purchase.  The last thing anyone needs is assessment of $5,000-$15,000 dollars or more after moving in.  In addition, any project currently in litigation becomes almost impossible to finance.

[mappress]


Windermere Real Estate/East, Inc.
3933 Lake Washington Blvd NE #100 Kirkland Wa 98033
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