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Foreclosure Update at 200 West Highland

June 4, 2010 By 2 Comments

West Highland 300x267 Foreclosure Update at 200 West Highland

We just received an e-mail from Lorig Associates in regards to the status of 200 West Highland.  Many of you have read about their recent foreclosure notice.  As you will see below, the e-mail blast seems to want to assure pontential buyers and current owners that the project is stable and has potential to “weather the storm”.   Per the e-mail, Bank of America will take title of the remaining “unsold” inventory on August 6th.

Over the last 38 years, Lorig Associates has had a strong presence in the Seattle real estate community, building market rate housing, renovating historic structures, and consulting with nonprofits and universities on their housing and service facility needs. We are proud of our work, and of the condominiums we have developed – Market Place North, Market Court, The Willis, The Victoria and, most recently, 200 West Highland. In many respects, 200 West Highland is the culmination of all of our knowledge and resulted in the best building, in the best location – brought on line, unfortunately, at the worst possible time. As you may know, on May 5, 2010, Bank of America served us with a foreclosure notice on the remaining unsold homes at 200 West Highland.  Rumors abound.  Here are the facts, as we know them.

  • The building is complete.
  • Since the first of this year, we have closed 7 condominium homes, all owner occupied, and will be closing our 8th on June 25.  We are 32% sold.
  • Bank of America intends to take title to the unsold units on August 6.
  • We have been told by Bank of America that they will NOT be auctioning units, but rather will continue to sell them one by one.
  • We also have been told by Bank of America that they will be holding the current pricing.  There will be no major price reductions.
  • We have been instructed to continue our sales activity.

We believe that this remarkable building will survive the current turmoil and will, over time, be a smart investment and an exceptionally desirable place to live.  We are encouraged that our existing homeowners share this sentiment. If you would like more information about 200 West Highland or would like to schedule a showing, please contact our marketing agents for an appointment. Sincerely, Bruce Lorig

A few quick facts about 200 West Highland:

  • 25 condominium homes
  • 1,500 to just over 2,800 square feet
  • Located across from Kerry Park

Developer:  Lorig Associates
Website:       200 West Highland

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Filed Under: 200 West Highland, All Condos, Home, Queen Anne Tagged With: , , , ,

Cosmopolitan Condos-Still In Chaos or Sexy Once Again?

February 5, 2010 By 1 Comment

rsz cosmo1 Cosmopolitan Condos Still In Chaos or Sexy Once Again?

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!

rsz cosmo2 Cosmopolitan Condos Still In Chaos or Sexy Once Again?rsz cosmo3 Cosmopolitan Condos Still In Chaos or Sexy Once Again?rsz cosmo41 300x143 Cosmopolitan Condos Still In Chaos or Sexy Once Again?

View More Photos Here

[mappress]

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Filed Under: 2200 Westlake, All Condos, Leona Tagged With: , , , , , ,

Last Unit At Leona

January 12, 2010 By 1 Comment

Leona Condos 300x166 Last Unit At Leona

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

[mappress]

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Filed Under: All Condos, Condo Updates, Leona Tagged With: , , ,

The Block

September 9, 2009 By Leave a Comment

Block Queen Anne Exterior The Block

Project: The Block
1707 Dexter Ave N
Seattle, WA 98109

Developer: Bloch Development, LLC
Architect: Stannard-Conway

This urban dwelling is a concrete and steel development with mesmerizing views of Lake Union.

A combination of lofts, this project features a generous mix of 6 units.  4 residential spaces and two commercial units.  The project used concrete, wood panels, metal siding and a braced frame for the exterior and its contemporary design.

The 4 residential spaces range from 2200 square feet to 2450 square feet.  They are 3 levels with 3 bedrooms & 3 ½ bathrooms.  They include a 2 car garage, and each have large private rooftop decks that range from 400sf to 700sf. The interiors have exposed steel columns and wood beams, stylish track lighting, stainless steel kitchens, exposed hvac, and floor to ceiling windows. Bathrooms have heated mosaic tile “Wet Rooms”, and custom cabinets. Bamboo floors and other sustainable materials were used throughout. These units have tankless water heaters that are 98% energy efficient, and variable speed furnaces that are 95% efficient. Each unit has air conditioning.

The Block has a sexy exterior and a thoughtful interior design.  It is not for everyone, but when there is one available, it is definitely worth a look.

 

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Filed Under: All Condos, Home, Lofts, Projects Reviews, Queen Anne, The Block, Westlake Tagged With: , , , , , , ,

Thinking About Buying Green?

August 28, 2008 By

2797204528 5f1b423268 m Thinking About Buying Green?Ever wonder if buying a green home is a sound financial investment?  A recent article in the Seattle Times discusses recent statistics and the benefits of buying a green home.  It cites a study by GreenWorks Realty which reviewed the NWMLS King County condominium sales from September 2007 – May 2008 and included only new construction built in 2007 and after.  The statistics reflect that 18.7% of condominiums bought during this period were environmentally certified.  When priced per square foot, these green condominium homes were 28% more valuable than non-classified homes.  A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.   Check out the article regarding green homes and condominums…Buying Green.

In addition to this article, I thought I would highlight a few environmentally certified new construction projects and those under construction 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

NoMa – Ballard

Florera – Greenlake

Bellevue Towers – Downtown Bellevue

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Filed Under: 1521, 200 West Highland, 5th and Madison, All Condos, Bellevue, Bellevue Towers, Belltown, Brix, Cosmopolitan, Enso, Florera, Greenlake, In the news, South Lake Union, Trace Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Leona – Seattle

July 21, 2007 By Leave a Comment

Leona Condos 300x166 Leona Seattle

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
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Filed Under: All Condos, Amenities, Barrientos, Developers, Elevator, In the news, Leona, Projects Reviews Tagged With: , , , , , , , ,
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