For those of your looking to rent in 2012, there are a new wave of rentals that just hit the market in Seattle. Unlike traditional “apartment” projects, these rentals are condo owners leasing their units in highly coveted buildings. I’ve included the listings below.  Just click the picture to view more details.

5th and Madison unit #1704 (learn more about 5th and Madison)

Cristalla Unit #1107 (Learn more about Cristalla)

Cristalla unit #703 (Learn more about Cristalla)

Enso Unit #1608 (Learn more about Enso)

Ruby Condos Unit #213 (Learn more about Ruby)

Avenue One Unit #1202 (Learn more about Avenue One)

Downtown Rentals:

Capitol Hill Rentals:

Queen Anne Rentals:

Greenlake Rentals:

Eastlake Rentals:

Wallingford Rentals:

I just caught word from one of my sources that The Enclave, a new construction development near the shores of Lake Union is ramping up their efforts to build.  According to my source, the Enclave development team has been monitoring the market trends closely and feels they are positioned to align with rising demand for relocating home-buyers. Especially those that recently sold or plan to sell their waterfront property.   Their research also states that waterfront home sales have experienced a significant increase in recent quarters and is on track to eclipse the 2007 peak volumes in 2011.

See the press release here:  Release – Enclave

According to Mike Yukevich, Investment Manager and Partner to the Developer of The Enclave At Lake Union:

“This new plan provides us the flexibility to build what the market wants while further differentiating our product from anything else available,”…..“We’ve been patiently waiting for the market fundamentals to improve allowing construction to begin.  We see an emerging opportunity to target those accustomed to the waterfront lifestyle but preferring to simplify their domestic responsibilities……”

The homes at Enclave will include two bedroom units ranging in size from 2,500 to 3,000 square feet (priced from $1.3 million).   There is also a combined residence offering, 5,200+ square foot.  Its a three bedroom priced from $2.995 million in “vanilla shell” condition or it is available turnkey at $3.395 million. See the floor plan here

For those of you unfamiliar with the location:

Here are the projected views from the rooftop decks:

As well as some interior rederings:

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.

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.

JUST LISTED

Eastlake Condos & Lofts| Eastlake Neighborhood | Near Downtown Seattle

Asking Price $424,000

125 E Lynn St #101
Seattle, Wa 98102

1 Bed + Den | 2 Bath

1025 Square Feet

This price is $100,000 less then the last recorded sale!

Urban loft with 16 foot ceilings, concrete floors, steel finishes and an incredible oversized balcony.  Chef’s kitchen and master suite.  Views of Downtown & Lake Union.  Great investment potential in converting den into a second bedroom.  On direct bus line to UW & Downtown. Great neighborhood restaurants and phenomenal access to freeways.

See More Pictures Here:

125 East Lynn St, #101, Seattle Wa 98102

The UCS Blog:

www.UrbanCondoSpaces.com

View this property profile: Eastlake Condos and Lofts

or follow us on Facebook!

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 listed this property in the Eastlake 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:

Congratulations to all of the new Ruby Condominium owners!   Ruby is officially sold out!

This is an incredible accomplishment for all involved.  Kudos to the following:

Barrientos
Matrix
Seattle Bank

To stay on top of any activity at Ruby, sign up for updates on UCS or our exclusive Ruby Condominium website.

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

Ruby condominiums is now down to just 4 units.

Ruby is a 4 story, 52 unit project of one bedroom units on the Northend of Eastlake (MAP IT).  The majority of the units are West facing and have expansive views from Downtown Seattle to Wallingford.

Developer:  Barrientos
Management: CWD

The remaining units and floor plans are included below:

Unit #101 — $304,500: — 790 SF one-bedroom (currently the sales center)
Unit #107 — $289,500: — 801 SF open one-bedroom (Just Sold)
Unit #110 — $289,500: — 801 SF open one-bedroom
Unit #112 — $289,500: — 817 SF open one-bedroom
Unit #209 — $289,500 — 801 SF open one-bedroom

Building Features:

• Secure parking
• Ample storage
• Private landscaped courtyard
• Gas BBQ for outdoor parties
• Built Smart™, energy efficient construction
• Elevator service
  
  

Interior Features:

• Hardwoods and Carpet
• Hand laid bathroom tile floors and tub surrounds
• Granite slab kitchen and bath countertops
• Stainless steel Whirlpool™ appliances
• 9 foot ceilings with expansive windows
• Premium plumbing fixtures
• Private balconies or terraces on most homes
• A/C ready
• Carpeted bedrooms

[mappress]

Ruby Condominiums now have 10 units left to reach their sellout.  This is often a great thing for owners as they can relax in their new home without the sales process in place.  With that being said, Melissa McMurray on site has done a phenomenal job introducing new owners to the project and expediting the sellout process.

In the new era of Social Media marketing, Ruby had a Facebook page, ran a super effective e-mail marketing campaign and exchanged services with local restaurants and coffee shops that helped new owners get to know their neighborhood.

I think what will be interesting over the next 36 months will be to see what Seattle offers new buyers.  As most of us know, many “affordable” projects were pulled off, converted to apartments or just put on hold during the down turn of the market.

Does anyone have anything in particular that they are looking forward too?

Projects?
Neighborhood Development?

[mappress]

Just a quick sales update for Ruby and Marselle:

Ruby only has 16 units remaining, citing 2 more sales over the weekend.   All remaining units are priced below $300,000.   I would recommend for anyone interested to consider the remaining top floor units.

Marselle has had 16 sales in the last 28 days including three that occurred over the weekend.   Marselle has the following amenities:

• Community Recreation Area with Lounge and Game Room
• Fitness Center with State-of-the-Art Precor Equipment Rooftop Garden with Pet Friendly Area
• Controlled-Access Parking
• Yoga Studio
• Billiards Room
• Skyline Views
• Private Storage

For any questions, feel free to e-mail me at info@urbanimg.com

The Eastlake condos can be found on the north-end of Eastlake Avenue right before you reach the University Bridge.  Built in 2004, The Eastlake was welcomed with high anticipation.  Then, in 2004, there had not been much condominium inventory.  The project delivered 36 units and 4 stories. Even with its limitations, the Eastlake has pretty outstanding views from all areas of the building.

If you find yourself interested in the project, be forewarned that noise can be an issue.  The project was built under a stretch of I-5′s express lanes.  For years the city of Seattle has discussed a noise reduction plan for the under-carrage of the freeway, but nothing has occurred thus far.  For more information, you could always inquire at the City of Seattle.  Melissa McMurray at Ruby Condominiums has provided information on the proposed plans as well.

Overall, the project has a good location, nice build-out and less than average amenities.  It was built just 6 years ago and I believe The Eastlake will remain a good project with an affordable price.

I just traded text messages with Melissa McMurray at Ruby Condominiums.  As of today Ruby is 65% sold and all remaining units are under $300,000.

I expect reasonably priced projects like Ruby and Marselle to do quite well after the first of year as the activity from the Home Buyers Tax credit continues to simulate.

[mappress]

Eastlake Lofts, was built in 2007 in the heart of Eastlake at Eastlake Ave and Lynn.

This project is built solid with construction of concrete, steel and brick.  Many of the units include views of Lake Union and all units on the ground floor have large patio/decks with exposed steel overhangs.  Unit features over-sized windows, soaring ceilings, private balconies or terraces, kitchens with slab granite counter-tops, stainless appliance package with Viking gas ranges, Whirlpool washers and dryers, and gas fireplaces.  The exposed concrete floors and roughed out finishes give the unit an urban loft feeling.

The building has controlled access, a secure garage and storage for each owner.  A coffee shop sits at the ground floor and a bus line in-front of the building.  With all things considered, this building is a great for those looking for loft living.  It won’t suit everyone, and it probably shouldn’t.  Those looking for a loft are looking for something unique.  You can find that unique unit at Eastlake Lofts.  For pricing information or too view available units, feel free to get in touch with me jreynolds@urbanimg.com

UCS EXCLUSIVE WEBSITE
_____________________________________________________________________________
www.eastlakecondosandlofts.com

UCS PROJECT GRADE
_____________________________________________________________________________

WALKSCORE
_____________________________________________________________________________

If you are unfamiliar with the project; Ruby is a 5 story, 52 unit project of one bedroom units on the Northend of Eastlake (MAP IT) .The majority of the units are West facing and have expansive views from Downtown Seattle to Wallingford.  They have high end finishes and a charm about them for the low cost per square foot.

Their position in the market has obviously improved since the Rollin Street Flats and Equinox move to Apartments.  With that being said they offer a good product at a very fair price.  On top of that, they are located in a very attractive area for young owners, college students and city dwellers looking for instant access to everything.

In terms of their progress I had an opportunity to meet with a contact of mine at Ruby last week.  They have had a surge of sales including 8 sales in the last two weeks, with mutiple offers in counter.  They are 51% sold and are looking to sell out by year end.

Their financing has been incredible.  A partnership with a local mortgage broker (Seattle Mortgage) has allowed a %4.00 30yr fixed rate.  It will be difficult to find that type of financing anywhere else.

In terms of their available inventory, they still have great units left to sell.  Let’s keep an eye on them throughout the rest of the year.

[mappress]

Equinox condominiums are located in of one of Seattle’s most eclectic boroughs. Eastlake is a perfect transition between often rowdy U-District and bustling South Lake Union. The neighborhood offers its residents the chance to travel downtown in 5 minutes, but has enough amenities to provide for a fun night all its own. Bars, restaurants and boutiques line Eastlake Ave, the main thoroughfare for the east side of Lake Union. Legendary haunts, like The Zoo Tavern, meld seamlessly with contemporary hotspots like Sitka & Spruce.  Many homes and condos in the area have views that take advantage of the neighborhood’s natural slope toward Lake Union. The layout of the units at the Equinox do their best to maximize a peek at the lake.

Construction at Equinox is currently underway. The 204-unit, steel-framed building should be ready for its new residents in early 2009. Units in the complex range from studios (smallest: under 500 sq ft, priced in the mid-$200′s) to 2-bedroom lofts (over 1300 sq ft, approx. $1M).

Equinox is bringing Belltown-quality amenities (concierge, fitness center, communal great room with kitchen made for entertaining) to Eastlake. A monstrous 8600 sq ft courtyard lets residents commune around a centralized fire pit. The rooftop deck affords a fabulous view not only of the lake, but of the rapidly ascending Seattle skyline and on across to Queen Anne as well. Finish packages continue the high-end, urban flair. The design team of Weber + Thompson have selected Fischer & Paykel and Bosch stainless appliances, not to mention custom cabinetry, to adorn the interiors.

There are myriad floorplans to choose from, most focusing on maximizing space with very open layouts. Expect modern, European-feeling units. Some kitchen islands are even mobile, allowing the owner to create a kitchen that functions most efficiently for him/her. Many units are naturally south- or southwest-facing with huge windows to capture sunlight. The units facing east are the most affordable, and many have large decks or patios. Homeowners dues will be between 50 and 60 cents per square foot.

The Sales Center is located at 1500 Eastlake Ave E (Eastlake & Galer). Open 11-6 daily, the Sales Center has a scale model of the finished product, a full-size sample kitchen and the opportunity to view floorplans. Nearly 60 units were under contract by mid-July.

Quick Facts:

1. Location: 1530 Eastlake Ave E
2. # of Units: 204
3. Website: www.equinoxcondos.com
4. Est. Completion Date:  Early 2009
5. Flooring:
   1. Kitchens:  Hardwood
   2. Living Room/Bedrooms:  Carpet
   3. Bathrooms:  Ceramic Tile
6. Sales Center:  1500 Eastlake Ave E, 2nd Floor
7. Pricing:  $200,000-<$1,000,000
8. Floorplans/Finishes:  Available Online
9. Ceiling Height:  8’8″ – 9’8″
10. Options:  A/C, Eurosliders, Media Systems, Elec. Shades.
11. Structure: Steel & Concrete
12. Insulation/Sound Transmission Prevention
    1. Common Wall-to-Common Wall:
       1. 4 ^{3/4″ _{Acoustical Insulation}}
       2. _{^{2 Layers 5/8″ Drywall, Each Wall}}
       3. _{^{1″ Acoustic Gap}}
    2. Floor-to-Floor:
       1. 1 ^1/2” Gypsum
       2. 10″ Metal Joists
       3. Acoustic Insulation
       4. 1/2″ Resilient Channel (Sound Gap)
       5. 2 Layers 5/8″ Drywall