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)

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Unit #2601 just hit the market at the Cosmopolitan.  Its is listed at $360,000, and the legal owner is US Bank.  It is a one bedroom, 1 bath plus den, facing North.  It has views of South Lake Union, The Sound, Space Needle, Queen Anne Hill and Capitol Hill.  It was listed back September of 2008 for as much as $579,000.  Some would argue that the “01″ units are the best 1 bedrooms in the building.  They have a nice layout, big views and a den that is perfect for a small office.

Some of you may recall that we sold #2801 in October of 2010 (It was an off-market sale. Sold in 2 days). The sales price was $352,500

I thought I would share a quick update from this weekends foreclosure auction.  There were a number of units that I had been following leading up to Friday morning: A studio at Belltown Court, a 19th floor unit at Cosmopolitan and a penthouse unit at Avenue One in Belltown.

Belltown Court #728:

Unit #728 was on the mls just last year.  It is a 579sf top floor studio with a private view deck.  It last sold in August of 2007 for $292,000.  On Friday the minimum bid for the property was $101,489.  I was told that the final sale price was $110,000.  wow.  Considering that one-bedroom studios can rent for as much as 1,400 per month in Belltown, this could be a pretty sound investment for the new owner.

Cosmopolitan #1907:

Many of the one bedroom units at the Cosmopolitan selling at Foreclosure have been successful. Especially the north facing units.  This particular unit, like many other west facing condos in the building is heavily encumbered by the 1918 office tower next door.  With that being said it is a 800sf unit on the 19th floor.  One would think that an investor at the auction would have paid the $240,000 for it when it became available.  It sold in June of 2007 for $445,000.  Suprisingly, it never received a bid.  It reverted back to the bank and we will likely see it as a REO/Bank Owned listing soon.

Avenue One Penthouse #PH02:

For those of you unfamiliar with Avenue One, it was built in 2005 by Intracorp and is located at the corner of 1st and Clay in Belltown.  I’m always surprised to see penthouse units on the auction block.  This unit was purchased in 2005 for $980,500.  It never received a minimum bid and therefore wasn’t available for sale at auction.  It was postponed by the bank.  I will continue to monitor the situation.

If your looking for a 2 bedroom condo in Seattle, this unit at 2200 Westlake may be worth a look.  It just hit the market today.  Once sold for $750,000 in 2005, the asking price is now $470,000.  As a short sale, the price will be subject to the banks approval, but in this market there are plenty of these short sales that are getting done (you just have to wait for it).  For the price, this unit is below market for a concrete and steel building.  If you recall, a unit we sold just months ago for $499,000 had multiple offers and was on the market for just 4 days.  It was similar in size, layout and view. Dollar for dollar, one could argue that this unit at 2200 Westlake has just as much upside as the unit at the Cosmopolitan did on the 24th Floor.  Just thought I would bring it to your attention.  Happy condo shopping (or renting)!

Here are some pictures of the unit:

JUST SOLD

SOLD IN 4 DAYS WITH MULTIPLE OFFERS

819 Virginia St #2410, Seattle
$499,000
2 bedroom + den & 2 bath

Northwest facing views of the Puget Sound, mountains and more! Spacious layout, hardwood floors, updated kitchen, custom wall bed, air-conditioning, big windows and phenomenal view.   Well-designed luxury highrise.  World-class amenity package including, business center, 24 hour concierge, fitness facility, community room, grand lobby, terrace, sundeck, roof-deck and high-security.

Learn More About the Cosmopolitan Here:  www.condosatcosmopolitan.com

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I just updated my professional page and thought I would include a new picture from a recent photo shoot!

Jeff J Reynolds 206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate?   E-mail us at jreynolds@urbanimg.com!

View the website built specifically for this unit!
Cosmopolitan #2410

Clearly the impact of condos purchased between 2005-2009 is starting to rear its ugly head in Seattle.  As values plummeted, owners started giving their keys back to the bank.  Condo foreclosures are on the rise and in the upcoming weeks you could see foreclosures in some of the best buildings in Seattle and Bellevue.  I’ve included a “short” list of buildings that will have units auctioned in the next 60 days:

If you want to learn about investing at the Foreclosure Auction, contact us.

If you remember from Thursday, I posted about a unit that we were putting on the market at the Cosmopolitan (unit #2410).  We just went on the market and I have included all the pictures for your viewing.  This unit is priced at $379psf.  It is a 2 bed, 2 bath + den.  If you would like to see the custom website I’ve designed for this unit see here (#2410 Web) I’ve attached the neighboring competition below that can be seen by arrows, prices, price-per-foot and location.  Both the 2200 Westlake and Enso are phenomenal projects as well. I believe this is a very good price for this unit.  If you have any questions, or would like to schedule a tour feel free to contact us.

For more details about the Cosmopolitan:

AMENITIES

As you know by now, I have a job outside of writing this blog. I help people buy and sell condos/homes just like many other brokers in our city.

I think I do a pretty good job keeping UCS informative without using it as a platform to consistently plug my own business.  On that note, from time to time, I like to post when I list a new property for my sellers.  I will be posting a “Just Listed” on a special property tomorrow.  I’m meeting my photographer in the morning and will monitor final walk through before we go “Live” tomorrow afternoon. This particular property is in a building very familiar to most of you. The Cosmopolitan.

The unit sits on the 24th floor and has an amazing view through the wall of windows.  It’s just over 1300sf and is in great condition (3 years old).  I won’t share to much more, but I will tell you that it is going to be listed at a very good price.  In order to justify why I think its priced well, I pulled a report tonight with the following parameters:

• Status is ‘Active’
• 2 bedroom
• Between 1200-1450sf
• 2005 or new construction
• Concrete & steel or quality construction

The list was narrowed down to 12 units(see below):

• 4 units at 2200 Westlake
• 4 units at Enso
• 2 units at Olive 8
• 1 unit at Marselle
• 1 unit at The Cosmopolitan

Here is the list of the units:

Now let me make my point.

This 24th floor unit, hitting the market tomorrow, will be almost $100 less per square foot than active inventory shown above.  Also, close to $140,000 less then the average asking price of comparable units (see list above).  In addition, this 24th floor 2 bedroom unit will be a minimum of 9 floors higher than the units pictured below.  So, in a long way of making my point, it should be quite obvious that this unit is going to be a pretty good deal.  In fact, the pictures below were taken from the unit. As you can see, you are looking “down” at the other available units. I’ve highlighted 8 of those units below.  It shows the unit number, price and cost per square foot at the current asking price.

Interested in seeing it?  You have two choices; either pay attention to when it goes live tomorrow, or contact me for more info or to schedule a private showing.

Project: Cosmopolitan
Neighborhood:  Downtown/Denny Triangle

If you are in the rental market, I would encourage checking these out.  The “02″ stack in the Cosmopolitan are phenomenal units.  They have a great layout, a ton of natural light and incredible views.  Within the last week there have been 2 new listings. #1802 and #2002.  You’d be hard pressed to find a better view for this lease rate as well.

#1802 is asking $2,700

and

#2002 is asking $2900

Photo Courtesy of Ashely Hayes

For those of you unfamiliar with the project, check out the property detail page on UCS or the webpage I’ve built for the project:

I know I’m flooding the blog with foreclosure sales over the last 24 hours, but this one is incredible. Unit #2410 at the Cosmopolitan sold for $751,950 in 2007. Now the bank(s) is willing to sell at $396,000 which equates to a $412,610.42 loss!

From a cost per square foot perspective, in 2007 this unit sold for $571psf and now it is selling at $301psf.  I believe this will create a new cost per square foot record at the 2007 building.  I will need to confirm.

UNIT FEATURES:

• Space Needle view
• 1,315sf
• 2bedroom, 2bath

BUILDING FEATURES:

• 24 hour concierge
• Fitness center
• Business center
• Homeowners lounge
• Sauna
• Hot-tub
• Storage
• Rooftop deck

There is a new rental listing at the Cosmopolitan.  It is one of the penthouse units on the 33rd floor.  For those of you unfamiliar with the Cosmopolitan, the “02″ stack is pretty special.  As you can see above, the view is incredible.  It looks directly over South Lake Union from the center of your floor to ceiling windows.  This particular unit features the following:

• Stainless appliances including a Wolf Range, Sub Zero Fridge, Bosch dishwasher and a Miele espresso machine
• Slab granite counter-tops
• Custom lighting & Cabinetry
• Hardwoods throughout
• Custom Walk-in closets
• 5 piece master bath
• Flat-screens in each room

A few quick facts about the Cosmopolitan:

• 34 stories
• 253 units
• Located at 9th & Virginia
• Amenities include, 24 hour concierge, secured parking, business center, spa, fitness center, homeowners lounge, guest suites and rooftop deck
• Built in 2007
• Located in the Denny Triangle

If want to receive new Cosmopolitan listings as soon as they hit the market, sign-up here:

Pictures and listing information courtesy of Ryan Raffetto

JUST SOLD

The Cosmopolitan | Denny Triangle | Downtown Seattle

819 Virgina St, #2801
Seattle, Wa 98101

1 Bedroom | 1 Bath

979 Square Feet

Sold in 2 days without ever going on the market!

Breathtaking views of the Space needle, Lake Union, and Queen Anne hill.  Furnished with cherry wood cabinets, granite counter tops, and top of the line stainless appliances. Building amenities include 24 hour concierge, spa, rooftop deck, outdoor grill, business conference room, owners lounge, fitness center, and a beautiful outdoor patio.

See More Pictures Here:

819 Virginia St #2801, Seattle Wa 98101

The UCS Blog:

www.UrbanCondoSpaces.com

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Windermere Real Estate Yarrow Bay

Jeff J Reynolds 206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate? E-mail us at jreynolds@urbanimg.com!

UrbanCondoSpaces.com and Jeff Reynolds just sold this property in the Denny Triangle/Downtown neighborhood of Seattle. This is something we do for our clients each time we list or sell their home. If you are interested in receiving our “Just Listed” or “Just Sold” e-blasts you can sign up here:

I received a call from a great friend of mine from Portland last week.  She wanted to connect me with some buyers from New York.  They were here for the weekend and nothing more.  My goal was to show them as many good units as possible in less than 48 hours.  We saw a number a great units, but one of them stood out and I’m not quite sure why it is still available.  Is this one of many good deals that have gone un-noticed?

I think by now you are pretty familiar with The Cosmopolitan.  This a steel and concrete building that sits at 8th and Virginia in the Denny Triangle.  It is 34 stories, has a concierge, workout facility, roof-top deck, business, spa and much more.  When doing my research for the couple from NY, I noticed this 2 bedroom on the 27th floor.  As you can see (listing here), the price is set at $464,900.  The unit is bank owned and when I went through it, there were a few walls that needed to be touched up, but overall it was in good condition.  Keep in mind that this building is only 3 years old.

Now, you obviously want to know why I think its a good deal:

1. First and foremost, I think its safe.  (Even with the Cosmo’s storied past, its a steel and concrete building with good upside).
2. The view is amazing.
3. It’s less then $400 per square foot. ( just ran an analysis yesterday for a client wanting a 2 bedroom CMA.  The average cost per square foot for 2 bedrooms were $535psf).  The analysis only included sales in the last 120 days in buildings that were 2005 or newer. That is a big difference.
4. It is bank owned.  I would write an offer at $399,000.  If they say no, they you can determine what they will take. Even at $464,o00, this condo is a good deal.
5. In August of 2008, 2804 which is the neighbor one floor up sold for $715,000. Now, can you convince me that the market reflects a $250,100 drop since 2008 for these units?  No.
6. This unit originally sold for $735,000 in September 7th of 2007.  Does it matter what happened 2-3 years ago?  Not really, but to think that values should be down almost $300,000 dollars for this unit is absurd.

So the real question is…..Why do we think this unit is still on the market?  Your thoughts?

Learn more about the Cosmopolitan:

I work with an investment team that specializes in buying foreclosure properties at a discount.  On a weekly basis they will call me and check in to make sure their investors are purchasing their condos at a price that can be re-sold on the market place.  Just yesterday, I caught word of 2801 at the Cosmo going to auction.  It was purchased today at over half of what it was originally sold for in 2007 (April 26th of 2007 it was sold at $590,950!)

I have been given the opportunity to sell this unit and it should be on the market by the end of next week.  I anticipate it being priced very aggressively!  If you would like some more information in regards to the unit or how to purchase it, feel free to contact us through the website.  As always you can reach me at jreynolds@urbanimg.com

View other units at the Cosmo:

View the exclusive website:

View units for Rent:

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