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:

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

According to a recent media release See Here, Olive 8 is reporting 15 sales since their reset on 1/1/11.  In addition, representatives from the project say they have seen an increase in buyer/broker tours, offers written and an uptick in foreign investment.

According to Dean Jones, Owner of Realogics Sotheby’s Int’l Realty,

“…….We do sense some emerging trends, including a higher percentage of move-down buyers and second home buyers exploring their options.  There’s an increase of interstate and even international inquiries given job transfers, lifestyle and even investment purchases.  A common theme among the newer consumers is they had sidelined their preference to buy for the last 12-24 months as they watched the markets evolve and are just now starting to venture out.”

Olive 8 Quick Facts:

Interested in seeing the Olive 8 Penthouses? See Here

Other Olive 8 Resources:

Olive 8 Walkscore:

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: Olive 8
Neighborhood: Downtown

In the final day of our Olive 8 penthouse series, we are highlighting “penthouse three”.  Read below for more details:

PENTHOUSE THREE

• 2 bedrooms plus den
• 2.5 bathrooms
• 2,835sf (2,317 interior & 518 exterior)
• 39th Floor
• Southeast views.

PRICING

Previous Pricing ($3,050,000)
Current Pricing ($2,450,000)
Percentage Change (19.6)

FLOOR PLAN

PHOTO GALLERY

[Show as slideshow]

In the second day of our Olive 8 penthouse series, we have highlighted “penthouse two”.  Read below for more details and enjoy the pictures!

PENTHOUSE TWO

• 2 bedrooms plus den
• 2.5 bathrooms
• 2,753sf (2,242 interior & 529 exterior)
• 39th Floor
• Northeast views.

PRICING

Previous Pricing ($3,150,000)
Current Pricing ($2,595,000)
Percentage Change (17.6)

FLOOR PLAN

PHOTO GALLERY

[Show as slideshow]

As many of you know, Olive 8 has “reset” its approach for 2011.  They have pro-actively addressed their marketing, pricing and selling. At this point, many of us have already analyzed the new price changes (see here), but I think you will also enjoy viewing the penthouse options if you have not seen them already.  I love touring the penthouse units. They have the best views, the highest level of custom design and allow all of us to dream about what life would be like high above the city lights.  To that end, for the next 3 days, I will highlighting 3 different penthouse options currently available.  As you will see below, I’ve added a photo-gallery that will take you on a tour of these incredible units:

Let’s begin by learning a bit more about the offering:

PENTHOUSE ONE

• 3 bedrooms
• 3.5 bathrooms
• 5,240sf (4,315 interior & 925 exterior)
• 39th Floor
• West, Southwest, Northwest views!

PRICING

Previous Pricing ($6,900,000)
Current Pricing ($5,750,000)
Percentage Change (16.7)

FLOOR PLAN

PHOTO GALLERY

[Show as slideshow]

As you may have seen recently, Olive 8 made some bold moves to re-invegorate their sales process.

First and foremost they gave Realogics/Sotheby’s the exclusive to sell their remaining inventory.  Secondly they have gone on record as of this morning with an 18% price reduction across the board (Press Release).  Lastly, they also released an advertorial this morning in the Seattle Times (Read Here).

I’ve attached their new pricing here:

In a release from Dean Jones at Realogics/Sotheby’s:

Julie McAvoy will lead the sales team today onsite daily from 12pm – 6pm.  The existing model homes have been refreshed with several new model homes under development at this time.  Now that we have a price list from the seller she will be contacting several hundred registrants that have visited the website at www.olive8reset.com and requested additional information. We’ve been very pleased to see a significant volume of inquiries from homebuyers and brokers suggesting that the interest is there.  We anticipate the price reductions will help reboot sales as buyers are encouraged to present offers and new values are established for the remaining homes above the 27^th floor as they close.  It should be noted this elevation marks the point where Olive 8 becomes taller than the several adjacent buildings, which improves the light and views for the homes.  Hence the focus last year to sell substantially all the homes below the 27^th floor in order to achieve the FNMA approvals requiring the building to be 50% sold, which it now is.  To view the sold, pending and available inventory, we have turned on an interactive availability chart here: http://olive8reset.com/availability.php

NWMLS listings should be live this morning based upon the sample price list attached.  Additional homes are available with pricing upon request

SOURCE: Realogics, Inc.

Do you remember just 2-3 years ago when the Seattle skyline was full of  high-rise construction cranes? That’s not the case anymore.  When it comes to condos, we might not see another project built for 4-5 years.  What does that mean for new construction condo inventory?  Statistically it can be proven that inventory is in decline; here is why:

Let’s examine what the downtown Seattle condo market really looks like. Attached is the graphic provided to UCS (courtesy of Realogics Market Research). Realogics maintains detailed information on the sales of each condominium building.  As you will see in the illustration below, the inventory of newly constructed condominiums is decreasing dramatically.

Clearly the biggest impact on inventory has been the transition of 4 major condo projects to apartments.  These include:

• Expo 62 (114 units in 2008)
• MODA (251 units in 2008)
• Equinox (204 units in 2009)
• Rollin Street (208 units in 2009)
  ****A total of 777 units

The wild card is Volta (formerly known as Alex).  The construction has stopped and at best this could come this year either as condos or as apartments.  For now it has be cited as condos because that’s how it was last presented.  What’s amazing about this situation is that even if it came to market today, we would still have less than 450 new condos to choose from.  From the looks of it, it doesn’t appear that they are doing much with it right now.

In terms of availability by building, from the most to the least, it stacks up like this:

1. Escala
2. Olive 8
3. Gallery
4. Fifteen Twenty-One Second Avenue
5. Enso
6. Volta
7. Four Seasons Private Residences
8. 5th & Madison

Interestingly, two-thirds of the available new condos are in Escala (now 30% sold) and Olive 8 (now 50% sold).  Realogics identifies a unit as being sold as a non-refundable earnest money deposit (pending) or closed.

It is important to note that the title reports are notoriously late with real time information and often show fewer homes sold than actual.

So where does this leave us?  The question becomes, is 450 units or less enough inventory for future demand?  I think not.  As the economy improves, many of those units will be purchased.  I’m sure that eventually Rollin Street and others may come back on the market, but for now, as inventory continues to decline, Seattle may be looking at its next wave of new construction starts in 2012/2013.

It is important to understand that as prices continue to fall, many potential buyers have been renting.  Eventually the increase in rent will drive more consumption of Seattle condominium sales. In addition, what is most fascinating to me is the enormity of going through the construction process. From start to finish it can take up to 5 years.  I will be on the lookout for the first project to break ground.  Until then, as consumers we have about 8 projects to choose from.

See below for a press release announcing the newest change at Olive 8.  Realogics/Sotheby’s will be selling the remaining inventory.  A big congratulations to Dean Jones for earning the business.

I’m still in Mexico enjoying time with my family, so I will share more of the details soon.

RSIR Media Release – Olive 8 _December 24, 2010_

Two units purchased at the Olive 8 Auction are now being rented.  Both 2504 and 2604 are on the market for $2,000 (See Here).  Both units are owned by the same individual.  I toured these units and although they are a bit small, the views are incredible from the 25 & 26th floor.  For anyone looking to rent in the city, these are a great opportunity.  Renters have the same access as owners do to all the amenities (pool, gym, concierge, terrace, owners lounge, etc…)

Click the following URL to see the Listings:
http://www.matrix.nwmls.com/DE.asp?ID=1337470574

2504 is a 680sf 1 bed 1bath that sold for $343,000 (504psf)

2604 is the same floor plan.  It sold at $345,000 (507psf).

The list of the auciton results can be found here (Olive 8 Auction Results)

Have you used walkscore yet?

It is a super resourcful technology that allows you to see the neighboring amenities from a particular address.  If you are a boomer looking for walkability or a young professional hoping to be surrounded by the cities best restaurants and nightlife, Walkscore can be a perfect step in the evaluation of your condo purchase. Restaurants, grocery stores, coffee shops and bus stops are just a handful of categories that it can track.

As every major city moves towards more urbanization, analyzing your proximity to neighborhoods businesses is really important. If not for you, it has the possibility of influencing the next round of buyers when you decide to sell. Other considerations, especially in the Seattle market have to be understanding your proximity to the light rail. As the rail system gains more popularity, wouldn’t you want to take advantage by doing your homework ahead of time?

I thought I would share an example of an actual Seattle condo so that you can see the impact of using Walkscore. As you notice in this example it shows you the proximity of schools, restaurants, parks, coffee shops, transit and more.

2200 Westlake

As you may have noticed over the last few days, we have listed a few condos in the 2200 Westlake project (Loft living & W1105).  After dropping off a few items in one of the units yesterday, I decided to walk to the Wells Fargo at 7th and Olive.  It sits across the street from Olive 8 and diagonally from Pacific Place. When I left the bank, I thought it might be fun to time the walk from Olive 8 back to 2200 Westlake.  I started the stop watch on my phone and here are the results .

This is the actual route that I took.  I walked at a normal pace.  I had to wait for one light (crosswalk).

View Walking From Olive 8 to 2200 Westlake in a larger map

JUST SOLD

Olive 8 Condos | Denny Triangle | Downtown Seattle

737 Olive Way, #2601
Seattle, Wa 98101

1 Bedroom | 1 Bath

689 Square Feet

Sold for $161,000 less than the original asking price!

Breathtaking views of Elliot Bay, Downtown, Lake Union and Capitol Hill. Beautiful hardwoods, granite counter tops, and top of the line stainless appliances. Building amenities include 24 hour concierge, spa, saline lap pool, view terrace, outdoor grill, business conference room, owners lounge, fitness center, and hotel services.

See More Pictures Here:

737 Olive Way, #2601, 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 thought I would share some pics from Olive 8.  I attended a final walk-through with a client who closes on their home next week! For those of you that have never done one before, they are kind of fun.  You meet with a representative from the project who gives you a tour of your unit. They highlight how things work, give you a general overview and provide helpful tips on the maintenance of your condo.   In addition, they give you a roll of blue tape.  The tape has a purpose of brining blemishes to the developers attention.  This can be scratches, dents, dings, holes, fixes and anything else that “needs” a fix.  The developer will then fix those issues prior to closing.

Being that we were on the 26th floor, I thought it would be fun to show you what the view looks like!  It was a perfect day for pictures.

Here is an example of the blue tape: