According to an advertorial posted in the Seattle Times this weekend, Olive 8 is two-thirds sold.  If those numbers are correct they would have sold approximately 150 units thus far.  There are a total of 229 units in the building.  Olive 8 and Escala make up nearly 80% of the new construction inventory left in the downtown Seattle condo market.  Take a look at a post we featured in late August. We asked our readers to predict where the next “new” wave of condo inventory will come from.

Here is a look at the article:

Live/work units don’t hit the market very often.  They come in all shapes and sizes and are typically scattered all over the city.  Check out this unit at 2200 Westlake.  It’s a 2 story, 1,380sf unit right in the heart of South Lake Union.  The ground floor work space is still in an unfinished shell, but the upstairs is pretty cool.  It has hardwoods floors an island kitchen, a lofty bedroom space and nice views of the city.  For anyone looking to combine work and life at home, you may want to check this unit out.  The asking price is $499,000.  Here is a look at the listing

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)

View other downtown units for rent!

Remember these two units going to auction last Friday?  I wanted to share the results.

Unit #1204 at 2200 Westlake:  Sold for $1 over minimum bid.  For those of your unfamiliar with the auctions.  That means that only one investor was bidding on the unit and acquired it for just $1 more then what the bank was asking.  What a win.  It sold for $265,501.  That is a 58% reduction from its last market sale in 2007! That is just $274 per square foot for concrete and steel construction.

Unit #508 at The Concord:  This unit had a very different result.  The sale was postponed.  This can happen if the unit owner files bankruptcy, talks the bank into a delay of sale, successfully sells the unit as a short sale, or when the bank decides to delay the proceeding.  At any rate, it did not sell and we’ll keep it on our radar in the coming months.

There are 2 great condos that are going to auction tomorrow (9/23/11) and I would buy both of them in a heartbeat.  The first and the most attractive in my mind is W1204 at 2200 Westlake.  It has North facing views that overlook the courtyard, Lake Union and extend all the way to Gas Works Park.  It was originally purchased in April of 2007 for $628,000.  At one point in 2008 it was listed for as much as $650,000.  Now just 3 years later, this 1 bedroom, 1 bath has a minimum bid of $265,500!

The other unit is located on the 5th floor of the coveted Concord in Belltown.  I love this building.  In my opinion, it ranks in the top 15 condo buildings in Seattle. The unit is not a home run, but it is a great value and an opportunity to buy low in a class “A” project. Unit #508 was last purchased for $500,000 in 2007.  It is 754 sf with big views of the Sound.  It was last listed in March of this year for $439,950.  The minimum bid at tomorrows foreclosure auction is just $236,072.08.

It is not very often that 2 great units go to auction on the same day.  I try to keep my eye on the auctions each week.  These 2 condos combined with the Cristalla unit from last week have to make the last 2 weeks the best I have seen in well over 6 months.  I think they make excellent buys for investors looking to buy and flip and even better buys for someone looking to do a long term buy, hold and rent strategy.  If any of you want to discuss options like these in greater detail, contact me through our contact us.

Unit #1204 at 2200 Westlake:

Unit #508 at The Concord:

If your interested in learning how to buy a foreclosure these, feel free to contact us.

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

Do you recognize this unit? It’s in the South (ARTE) building at 2200 Westlake on the 10th floor.

It was on the market in 2009 for $395,000, then again just two months ago for $315,000.  As of this morning it is back on the market at $262,000 as a short sale.  It was originally purchased in March of 2007 for $474,950.  Given its price now, that is a 45% reduction from its 2007 purchase price.  If your looking for a short sale in a concrete and steel building, this might be worth your time.  Especially if you consider the fact its right in the heart of South Lake Union.  I have been know to share my opinion in the past about SLU.

Here is a look at the listing. Click for more information:

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.

A new bank owned one bedroom just hit the market at 2200 Westlake.  The last time it sold was in 2007 for $410,000.  Now it is listed at $249,900 ($355psf).  It is located on the 3rd floor in the Arte or south building of the South Lake Union project.

See the listing here: #S304

2200 Westlake	INFORMATION	UCS PROJECT GRADE	GRADE	AMENITIES
ADDRESS	900 Lenora St, Seattle	LOCATION	A+	24 Hour Concierge
DEVELOPER	Vulcan	AMENITIES	A	Fitness Facility
ARCHITECT	Collins Woerman	PRICE	A	Spa
BUILT	2006	LUXURY	B	Game room
STORIES	Arte (15), Azur (12) & Aria (18)	BUILDING CONSTRUCTION	B+	Theatre Room
UNITS	Arte (126), Azur (102), Aria (33)	UNIT DECOR	B	Guest Suites
TOWERS	Arte, Azur & Aria	RETAIL	A	Amazing Ground Floor Retail

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:

Project:  Olive 8
Neighborhood:  Downtown

Check out this new rental listing on the 18th floor at Olive 8. It is on the NW corner of the building with pretty incredible views.  The asking is $4,295 per month.

Unit features include:

• 2 bed, 2 bath with gas fireplace
• 1,600sf
• Floor to ceiling glass
• Stainless steel gas range and appliances
• Slab granite counters
• Custom lighting
• Stunning views
• Polished hardwood flooring
• Custom walk-in closets
• Master suite
• Marbled bathrooms w/5 piece bath

I actually like this floor plan quite a bit.  Love the kitchen, the open layout taking advantage of the views and can’t beat the large deck overlooking the city.

CONDOS FOR SALE | DOWNTOWN SEATTLE

JUST SOLD

900 Lenora St, w1105, Seattle
$286,500
1 bedroom | 1 bath
South Lake Union

we assisted both buyer and seller in this transaction

West facing views of the city, Puget Sound, mountains and more!  Custom finishes, hardwood floors, big windows and phenomenal views. 2200 Westlake is part of Vulcan Real Estate’s master vision of a complete in-city urban village. Amenity package includes, business center, 24 hour concierge, fitness facility, community room, grand lobby, game-room, terrace, sun-deck and high-security.

Learn More About 2200 Westlake:  Project Details

View this property on Facebook: 2200 Westlake

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Jeff J Reynolds 206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate?

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

View this property on Facebook: The Cosmopolitan

or follow us on Facebook!

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

NEIGHBORHOOD: South Lake Union

Enso is quietly selling out their remaining inventory.

For those of you with your eyes on Enso, don’t blink. According to our sources, they have just 18 units remaining until they are completely sold out.  This does not surprise me.  As I mentioned before, Seattle new construction inventory is slowly decreasing.  Enso has always been one of my favorites and the with the growth of South Lake Union, it makes a perfect home for many different types of buyers.  Out of their remaining inventory there is quality mix of units, from 1 bedroom to Penthouse.

MAP

For those of you that are unfamiliar with Enso, it sits on the corner of Blanchard and Westlake:

View Larger Map

Enso is a steel and concrete structure, completed in 2009.  It sits directly across 2200 Westlake, which is home to Whole Foods, Starbucks, Seastar, Tutta Bella, Bank of America, Pan Pacific Seattle and Vida Spa.

Quick Facts

WALKSCORE

OTHER CONDOS SELLING IN SOUTH LAKE UNION/DENNY TRIANGLE

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.