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

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.

This is something you don’t see everyday. There is a condo on the 27th floor at the Cosmopolitan that will go auction at $385,000. That is a $490,000 reduction from the current listed price for this unit see here: Unit 2704. This is a remarkable opportunity to purchase, that will be over at about 11:30am when the auction at King County is complete. Let me explain how it came to be.

The owners of this unit purchased it on 9/07/2007 for $735,000. Like many other owners today, they may have experienced financial hardship. Prior to going to auction, most owners will try to sell a home as a “short sale”. If you read my post from a few days ago, you can see how many options there are in working with the bank to save your home from the foreclosure process. In this case, the owners were either denied home preservation or they simply didn’t try. So once a bank determines that the owner is incapable of keeping the home they start the process of foreclosure. This is a diagram of how the timeline works as an owner heads towards an auction date:

As sad as this story is, it is a reality of todays market. Some new buyer will own this incredible unit on the 27th floor for a very good price.

See a few more pictures of the unit here:

The Cosmopolitan built in 2007 has much to offer.

This 100 million plus project was built with much anticipation.  I consider their sell-out in 2005 to be one of the last projects to really benefit from the reservation frenzy.  The developer Morteson Construction worked with Miller Condominium Marketing to elicit full price sales, upgraded unit packages and an incredible amount of demand for the 253 available units.

The first 8 floors of the 34 story building is home to retail and parking for the residents.  There are a total of 270 spaces.  At the time of sale, additional parking was being sold between $25,000 t0 $35,000.  The 253 condominium units start on the tenth floor one level above the 9th floor amenities.  Those 9th floor amenities include a business center, owners lounge, spa and exercise facilities.  The projects design was a combination of Mithun Architects + Designers + Planners and structural engineers Cary Kopczynski and Company.

Everything about the Cosmopolitan would seem to fit Seattle perfectly.  However, the construction of a commercial project just west of the building has put a damper on the once perfect luxurious tower.  A very controversial topic for well over a year amongst owners, the city planning office and the private sector led to a period of silence as Schnitzer Northwest proceeded with their development of a 36 story commercial tower (1918 eighth).  Not only did it disrupt remarkable west facing views for the highly sought after wing of the building, but it has cast a pricing spell on the rest of the units for sale.  Many owners trying to sell their units at the Cosmo, dealt withan incredible amount of uncertainty in pricing and had to fight the aftermath of their project sticking out like a sore thumb.

If any of you were to consider the Cosmopolitan as your next home, it would be foolish not to consider the damage that has been done.  However, it has much to offer when considering the location, amenity package and the allure of high rise luxury living.  Without much construction over the next few years, I anticipate that demand will increase once again for this special building.

UCS EXCLUSIVE WEBSITE
______________________________________________________

www.condosatcosmopolitan.com

UCS PROJECT GRADE
______________________________________________________

Ever wonder if buying a green home is a sound financial investment?  A recent article in the Seattle Times discusses recent statistics and the benefits of buying a green home.  It cites a study by GreenWorks Realty which reviewed the NWMLS King County condominium sales from September 2007 – May 2008 and included only new construction built in 2007 and after.  The statistics reflect that 18.7% of condominiums bought during this period were environmentally certified.  When priced per square foot, these green condominium homes were 28% more valuable than non-classified homes.  A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.   Check out the article regarding green homes and condominums…Buying Green.

In addition to this article, I thought I would highlight a few environmentally certified new construction projects and those under construction 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

NoMa – Ballard

Florera – Greenlake

Bellevue Towers – Downtown Bellevue