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:

A few minutes after our post this afternoon (Fannie Mae and Seattle Condos) a bank owned 1 bedroom+ den at 5th and Madison hit the market.  It’s priced at $434,900 which is about a 10% reduction from its original sale price in 2007.  It has been listed both for rent and for sale multiple times in the last 4 years.

Project: 5th and Madison
Neighborhood: Downtown

For those of you looking for a rental, the penthouse at 5th and Madison just hit the market (see here).  It is 2,043sf with big views and substantial upgrades.  Referred to as penthouse 3, this unit has a formal entry, 12.5 ft ceilings, fireplace, deck, audio/visual system, automated blinds and customized closets. It has an island kitchen, granite tops, Sub-Zero refrigerator and Wolf range. The rent includes 2 parking stalls. Building amenities include 24/7 concierge, gym, guest suite, club room and terrace. For those of you unfamiliar with the building, I’ve included our rating system and additional info below

picture courtesy Julie Barber

Project: 5th and Madison
Neighborhood: Downtown

Remember the auction at 5th and Madison?  Not all of the 18 units sold to buyers who attended and a few other units were still developer owned.  These 3 units are back on the the market as of this morning.

Unit #2300:  In June of 2009  the asking price was $699,000.  Now they are asking $499,000.  You can view the details here.

Unit #2304:  In April of 2008 the asking price was 940,000.  Now they are asking $649,900.  See here

Unit #2402 (Penthouse):  In June of last year this was listed at $1,695,000.  Now they are asking $1,399,900.  See here

Quick Facts About 5th and Madison:

• Built by Turner Construction (Also built 2200 Westlake)
• 126 units
• 24 floors

Amenities Include:

• 24 hour concierge
• Fitness
• Lounge
• Terrace
• Pet Area

Map:

View Seattle Condo Map in a larger map

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.

We just received a request for a downtown Seattle short term rental.  If any of you owners are gone for the winter or know of anyone that would accomodate a short term lease, please contact us. Here is the wish list:

• Rental term of December-Feb
• Preferably in the Retail District (see the light gray area below)

Is there anyone at 5th and Madison maybe?  Please let us know!

View Seattle Neigborhoods in a larger map

A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.

I thought I would highlight a few environmentally certified new construction projects and those still 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

Florera – Greenlake

Bellevue Towers – Downtown Bellevue

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

On March 28th at 1pm, Kennedy Wilson, will be facilitating the auction of the 5th and Madison condo units.  There will be 18 units hitting the auction block.  If you have not been to an auction yet, it is quite an experience.  I will be in attendance with a few clients who have been considering a purchase.  In addition, I will be tweeting live from the event and will report back with intimate details.  For now, I have attached (see below) the unit list and starting bids.

Courtesy of Matt and an Urbnlivn.com reader, 5th & Madison has plans to auction off their 18 remaining units on March 28th, 2010.

Read more below:

Dear 5th and Madison Owners:

On Friday afternoon, Rick Drottz of 5th and Madison, LLC informed the Board of Directors of the upcoming sale of the remaining Developer owned condos. Mr. Drottz also requested we communicate his message to the ownership. See below:

During the last three years, we have conducted a very successful sales program at Fifth and Madison which has resulted in the closing of 103 out of 126 units.

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

Information about this sale will be available in the on site Auction Information Office in unit 2301 beginning the week of March 1, 2010.

Sincerely,

Richard Drottz
Vice President
Fifth and Madison, LLC

5th and Madison is a LEED certified project just a few blocks south of Seattle’s Retail district.  The aesthetically gifted tower boasts a built green lifestyle and has delivered on its promise.  Designed by architects Ruffcorn Mott Hinthorne Stine the sleek luminous tower includes many amenities for its residents such as a garden terrace and lounge, library, fitness center and studio, guest rooms, pet exercise area, controlled access parking and 24 hour concierge.  In addition to its amenities its located in the heart of Seattle’s financial district offering plenty of shopping, entertainment, great walk-ability and a close proximity to the major thoroughfares.

5th and Madison is unique in that all of the units, except the three penthouses, are one-bedroom or one-bedroom + den layouts, ranging in size from 808 to 1,244 square feet. The two-and three-bedroom penthouses range from 1,957 to 2,164 square feet in size.

Touted as one of the top 10 green built buildings in America, Turner Construction turned 5th and Madison into a lean and mean environmental marvel. Green features included close to 30% less energy and water usage.  This high-rise is one of the first in the country to obtain a Gold Standard LEED certification for it’s leadership in environmental design.  5th and Madison has done a lot of things right.  Its remarkable transparent exterior, amenity package, gorgeous interiors and environmental conscious design, has put it on the Seattle map for many buyers to consider.

UCS EXCLUSIVE WEBSITE
____________________________________________________

www.5thandMadisonConods.com

UCS PROJECT GRADE
__________________________________________________________________

WALKSCORE
___________________________________________________________

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