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:

Quick Update on Olive 8:

According to a contact at the Olive 8 sales team, they have had six closings since April.  In addition, they have many more contracts being negotiated. In total, Olive 8 has 229 units on 22 floors.

UCS EXCLUSIVE WEBSITE
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www.olive8condos.com

UCS PROJECT GRADE
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WALKSCORE
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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

Just in:

The City of Seattle approved the design for 2030 Eighth Avenue.  As see before on UrbanCondoSpaces (New Highrise), this 350 unit project faced stiff opposition from the Cosmopolitan Condos citing that their views would greatly inhibited by the 38 story tower.  Apparently that wasn’t enough as the design was given a stamp of approval from the city of Seattle.  See here for a video produced by Weber Thompson.  Also read below for excerpts from my previous post.  More details to come soon.

Click here to view the embedded video.

From UrbanCondoSpaces (May 17th):

2030 8th Avenue introduces 350 residential units to the Denny Triangle
neighborhood of downtown Seattle. The project includes 350 parking stalls,
more than half of which will be below grade. For the residents, a large common
area rooftop terrace and amenities will provide additional living space, and a way
to meet and socialize with neighbors and friends.

The building will also provide two ground-floor retail spaces, including a potential restaurant location on the
highly visible corner where 8th Avenue meets Lenora Street and
Westlake Avenue.From a minimal 120’ x 128’ site a 400’ tower will rise. A sleek, contemporary,
curtain wall system unbroken by external decks will drape an interior concrete
frame giving shape to urban sculpture. Mechanical and other building systems
will be concealed with a sculpted top rising an additional 40’ from the rooftop.

With such a small footprint, attention to base sculpting will be critical to
connecting the tower to the ground without creating a tower that simply sits
atop a podium. Likewise, the base massing and architecture should improve the
pedestrian experience, and respond to the Lenora green street.
Residents of 2030 8th Avenue will support the City’s goals for more residential
density downtown, which in turn provides support for local small shops and
services. With the emerging South Lake Union / Denny Triangle employment
center within walking distance, and the streetcar connection to the bus tunnel /
light rail, this project is truly pedestrian and transit friendly which will be one of
several strategies employed to achieve LEED Silver Certification.

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.

At this time it is unknown if the project will be condos/apartments

Is Seattle getting a new high rise?

An application made with the City of Seattle for the corner of 8th and Lenora is catching some attention (Ariel Photo).  I received the tip from a source of mine at the Cosmopolitan.  It seams to have stirred up a frenzy among the Cosmo owners.  If the 2030 8th Avenue Project is approved the Cosmopolitan will lose it’s view of the Seattle Space Needle and surrounding views.  The proposal includes a 38 story tower with 348 units and 3,134 feet of retail space.  In my opinion, this story is much bigger than just the Cosmo.

I’ve included the design material for your review (See here).  If this design is positioned to be condominiums, they are the most opportunistic/bullish plans for development since the inception of Escala.  As you will see on page (3) and (6)  of the design documents, the project has a sleek exterior with dynamite views to the North & Northwest including Lake Union, the Space Needle and Elliot Bay (not to exclude city views as well):

I’ve included the mission statement if you don’t want to read through all 62 pages like I have:

2030 8th Avenue introduces 350 residential units to the Denny Triangle
neighborhood of downtown Seattle. The project includes 350 parking stalls,
more than half of which will be below grade. For the residents, a large common
area rooftop terrace and amenities will provide additional living space, and a way
to meet and socialize with neighbors and friends.

The building will also provide two ground-floor retail spaces, including a potential restaurant location on the
highly visible corner where 8th Avenue meets Lenora Street and
Westlake Avenue.From a minimal 120’ x 128’ site a 400’ tower will rise. A sleek, contemporary,
curtain wall system unbroken by external decks will drape an interior concrete
frame giving shape to urban sculpture. Mechanical and other building systems
will be concealed with a sculpted top rising an additional 40’ from the rooftop.

With such a small footprint, attention to base sculpting will be critical to
connecting the tower to the ground without creating a tower that simply sits
atop a podium. Likewise, the base massing and architecture should improve the
pedestrian experience, and respond to the Lenora green street.
Residents of 2030 8th Avenue will support the City’s goals for more residential
density downtown, which in turn provides support for local small shops and
services. With the emerging South Lake Union / Denny Triangle employment
center within walking distance, and the streetcar connection to the bus tunnel /
light rail, this project is truly pedestrian and transit friendly which will be one of
several strategies employed to achieve LEED Silver Certification.

So, circling back to the Cosmopolitan.  I’ve included a  letter that was sent amongst the owners in regards to the impact of this proposed project.  Clearly it could make an impact on the Cosmo in more ways then one:

ATTENTION: Owners interested in engaging in discussions and working together toward a common goal regarding the Proposed Land Use Action Project #3010926 Requiring Permits (2030 8th Avenue At Lenora) and additional building permits that may be requested and issued within blocks of the Cosmopolitan and surrounding areas are invited to participate in discussions with other Cosmopolitan Owners on Sunday, May 16, 2010 in the Cosmopolitan’s Owners Lounge on the 9th floor at 7 pm.

Note: This meeting is not an HOA Board Event. Independent Owners are inviting neighbors to discuss the proposed project and future land development plans in “Downtown Seattle”.

2030 8th Avenue Project Detail: http://www.seattle.gov/dpd/AppDocs/GroupMeetings/DRProposal3010926AgendaID2876.pdf

Current Seattle inventory adding up to a large supply of vacancies with little or no demand in the condominium market in “Downtown Seattle”: ENSO, Escala, Olive 8, The Olivian, Aspira, 2200 Rollin Street (originally planned for condominiums, currently rentals with plans to convert to condominiums in a few years), The Gallery and additional condos in Belltown, new condos almost complete near Seattle Center…

If the 2030 8th Avenue Project is approved the Cosmopolitan will loose it’s view of the Seattle Space Needle and surrounding views from as high up as the 35th floor rooftop deck. Our views being diminished may not concern the City, but perhaps the City wants to consider the impact of increasing supply while demand is as low as it is in Seattle and say, “No,” to approving additional building permits.

Attached is additional detail with contact information to submit comments by the May 19, 2010 deadline. Additionally, you are most welcome to engage in discussions on Sunday, May 16, 2010 at 7 pm in the Cosmopolitan’s Owners Lounge on the 9th floor.

So, where does this project go from here?  First, the design has to be approved, then they will begin the permit process.  Starting with demolition. So will it be approved you ask?  Frankly, I’m not sure.  If you look at the players involved it seems inevitable.  However, we won’t know for weeks.

What do you guys think?

• Does the city of Seattle need another high rise?
• Is this smart building?
• Is the developer planning for a shortage of inventory by the time the project is done?

What’s your opinion.  I will share mine later after you have had a chance to digest this post.

[mappress]

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:

I just got off the phone with Javila Schelhorn at Enso Condominiums and they are moving units at a pretty incredible pace.  In fact their latest closing has them under 50 condos left to sell.  As we move towards the expiration of the tax credit and more market confidence, I would venture to say that Enso’s sales team will have the project sold out before we know it.  Remember that they took a pro-active pricing approach to “meet the market”.  It pays off!  I made sure to inquire about any upcoming events and at this time they do not have anything scheduled.

Their website has plenty of information to sift through and they are open daily from 11am-6pm.

If you have any questions or would like to schedule a showing click here.