For anyone considering the Cosmopolitan in Seattle, they must re-visit its past.  As most of you know the Cosmo had an epic rise and fall all within 2 years. Read the italiasized text from a previous post of mine as a reminder and then follow along below to participate in a discussion about where the Cosmopolitan Condos stand today:                                  View Pictures Here

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.

Obviously the project has had its fair share of bad press. It also has experienced quickly declining values and a social stigma amongst Seattle buyers; but how do we all feel about the project now?  The Cosmo could benefit from little to no new Seattle activity.  It shouldn’t surprise anyone if we don’t see a new project completed in the next 3 years. Does that actually benefit a buyer at the Cosmo?  Does a seller now in the “04″ stack (NE facing) have a new appreciation for the future of their unit?  Once Enso and Olive 8 sell out, the Cosmo will remain a 34 story luxury tower within close proximity of a growing South Lake Union neighborhood.  It begs the question:

Would you purchase now at the Cosmo?  If so, why?  If not; is it a matter of time or do you feel that the project is forever plagued due to its new 36 story neighbor?   I’m anxious to hear your thoughts!

View More Photos Here

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I was just notified that Leona on Queen Anne has one final unit for sale.  This isn’t “breaking news” by any means, but it is worth noting that although the listing began at 1,495,000, it is now listed at $850,000.

Its open on Thursday from 1-4pm if anyone wants to take a look.  See the PDF below for a view at the flyer.

Leona Unit

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Situated between the charming boutiques of Upper Queen Anne, and the vibrant nightlife of Lower Queen Anne, lies a historic landmark undergoing renovation. The Leona, located on the corner of Ward St and Queen Ave N (with the quaint address of 1 Ward St), offers its residents the chance to walk to either, depending on their mood. Originally built in 1909, the timeless brick exterior of the structure remains intact. The interior however, is undergoing a complete transformation –  infusing a fresh, contemporary vibe.

During the Preview Event, interested visitors were witness to a simple and fun ploy to help them visualize the layouts. No walls existed – so kitchens, bedrooms and living areas were all defined in orange spray paint. What was evident was the potential views, especially from the upper floors. For units on the western side, a natural view corridor down Queen Anne Ave runs all the way to Elliott Bay.

Developed by Barrientos LLC, there are 18 units in the Leona. 13 are standard condo flats, with the smallest managing to still clock in at over 800 finished sq ft (>1,000 when including a below-height office space). The largest 2-bedrooms tip the scales at 1,425 sq ft.  The other five units are brand-new structures. Two 2-story penthouses sit atop the building. Each are 2br+den/2.5ba residences just shy of 2,100 sq ft. The three townhomes are between 2250-2900 sq ft, extremely spacious for Queen Anne. No unit in Leona prices out over $2,000,000, and units start at $375,000.

Leona’s luxurious finishes mesh well with Queen Anne’s sophisticated vibe. Stainless Sub-Zero fridges, Viking ranges and Bosch dishwashers are all standard, as are stone slab counters and stone tile bathroom floors. Wool carpets are in bedrooms with hardwoods throughout living areas. Rare in a smaller restored building, an elevator will be put in and the developer is creating a private parking garage.

Sales are currently underway, with a third of the building under contract.

Quick Facts:

1. Location: 1 Ward St
2. # Units: 18
3. Website: www.leonaliving.com
4. Pricing
   1. 1 bedrooms: $425k – $515k
   2. 1 bedroom + den: $640k-$695k
   3. 2 bedroom + den: $775k
   4. Townhomes: $1.295 -$1.895
   5. Penthouses: $1.895 – $1.995
5. Estimated Completion: Dec. ’07 / Jan. ’08
6. Structure: Brick