Do you guys remember this penthouse?  We covered it back in February of last year (1521 Penthouse, Yes Please).  It was also featured in a guest piece on Seattleite.com.  Well, it is back on the market and it appears to be priced to sell.  At a cool $3,900,000 it can be yours.  I recommend  at least looking through the photos.  This is un-doubt-ably the best penthouse on the market.

See the listing with more photos here.

Want to Check Out Other Seattle Condos? Search Here

Remember this penthouse at 1521?   Well, its back on the market.  Listed at $4,399,000.  It is hard not to love when you have nearly 2,800 sq. ft on the top floor of one of Seattle’s most luxurious condo towers.

You may recall our post on Seattlite a few months ago featuring this home as well.  Check it out!

Could there really be a new 40 story tower coming to Belltown?

On Thursday May 5th, the Department of Planning and Development granted final design approval for a 400 foot tower located at 2116 4th Ave.  The applicant HAL Real Estate Investments plans to put 365 homes, above 2,743 square feet of retail space. This would also include 329 parking spaces. Seattle’s Weber Thompson Architects designed the building.  This adds to an already impressive resume for the Seattle firm.  Past condo projects include, Cristalla, Madison Tower and 1521 Second.  The entire design proposal can be found here: 2116 4th Ave

Here is a video of the proposed project:

Here is a look at the proposed project looking Southwest.  You can see the Seattle Monorail on 5th to the east of the building.

For those of you curious about how it might change the views of neighboring projects, the biggest impact in my opinion would be on the north facing views of Escala (see above in green).  Keep in mind that there are many variables. We have to assume it will built as they would not be asking Seattle for a conditional approval if they didn’t intend on doing something with the site.  If and when it gets built is an entirely different topic.  As we speak, financing a large condominium high-rise is very tough to come by.  In addition to that, many developers won’t likely take the risk for some time. Time will tell.

See the map here:

View Seattle Condo Map in a larger map

Street view:

View from the Puget Sound:

View from the Space Needle:

Amenity view:

This unit is stunning.  It sits 38 floors above the city at Downtown Seattle’s 1521 Second Ave.  In May of 2009 this unit sold for $4,962,820. Now, listed at $4,499,999, it can be yours.

UNIT FEATURES

• Top floor
• Spacious plan
• Floor to ceiling glass
• 180 degree views (Sound, city and mountains)
• Private roof terrace w/spa, grill & fireplace
• Light Oak, Imported Granite, Limestone & porcelain
• Designed by the acclaimed Susan Marinello
• 3 parking spaces

TAXES, HOA DUES

• Taxes for 2010 were $44,494
• HOA Dues are $1,592

PICTURES

FLOORPLAN

A big thank you to Jade Attar for providing access to these pictures.

I surprised my wife today with a trip to the spa and a few hours down at Pike Place Market.  It was a great reminder of how international Seattle can feel. It always amazes me to see such diversity in just a few city blocks.  It was a really fun experience exploring, drinking coffee and the 2 minutes of my chocolate croissant (unbelievable).  Combine the typical diversity, great weather and the buzz around Valentines day and you have a perfect experience in one of our cities most cherished attractions.

I’ve included some pictures of the market, Post Alley and the Seattle skyline.  To me it is such a fun experience to look back at the city.

Post Alley

Tons of Last Minute Flower Purchases and Other Valentine Gifts

Post Alley

Seattle Skyline

A Look At 1521 From The Market

Another Glimpse of The Super Popular Condo Project That Soars High Above The Market

Market Place North

Each Sunday morning, one of my favorite things to do is look for new listings that came on the market over the weekend.  It was actually a really light weekend for “new” listings (Superbowl?).  The one that did catch my eye was unit #2702 at 1521 in Seattle. For those of you unfamiliar with the project, I’ve included unit details, pictures and project information below. unit #2702.

Unit #2702 is a 2 bed, 2 bath with 1,729sf:

• Exceptional views of city skyline and Elliott Bay.
• Custom cabinetry in the kitchen
• Granite counters
• Top of line appliances (including Wolf, Sub Zero, Miele)
• Walk in pantry
• Business Center | Boardroom
• Fitness area
• Yoga studio
• Sky Lounge
• Wine lockers
• 24 hour concierge

See available units at 1521:

Panoramic virtual tour:  See Here

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.

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

There just something about a really good looking condo building.  I tend to gravitate towards buildings with a lot of glass, steel and concrete. I’ve added my top 5 condo exteriors and I want you to vote!  What is your favorite?

You can vote once on each building (1-5 Stars).  Check back in to see the results!

Bellevue Towers

Bellora

Enso

Mosler

1521

Have any of you seen the new testimonial campaign by 1521 Condominiums. I must admit; I really like it. I think it shows sincerity and transparency. The effort goes a long way. At a time where many developers will not spend a dime on marketing and advertising, I believe that this campaign shows creativity and purpose. If I were a potential buyer, I would consider reading each one. If anything it gives you more perspective on the reasons to live downtown.

I’ve included one of the testimonials below. The picture didn’t show up in the html below, so I have included it above and as the main image of this post. I would love to hear your feedback.

Having trouble viewing this email? Click here to view it in your browser.

Series 2.2 Don Kuzaro Jr., Don & Joe’s Meats Q: How long have you worked in the Pike Place Market? A: I first began working at Don & Joe’s Meats in 1969. Q: What’s the best part of your day operating your business? A: I enjoy the morning because the market is less crowded and all the businesses are also getting ready for a busy day. Q: How would you describe the consumer? Who patronizes your business? A: We have a good mix of people who live and work downtown. Many customers of other areas drive into town on Saturdays. Q: What does the “legacy” of the Pike Place Market mean to you? A: We are a family owned and operated business. My wife and I both started working in the Market for our fathers. Q: Why do you think 10 million people a year visit the Pike Place Market? A: It is a fun and unique place to visit and shop. Q: Describe the sense of community you’ve come to appreciate most about the Pike Place Market? A: Customers and fellow business owners and employees become like an extended family. Q: How do you feel about Fifteen Twenty-One Second Avenue joining the neighborhood? A: I appreciate the way it has upgraded 2nd Avenue and brought more potential customers to the Market. Q: Describe the kinds of relationships you’ve developed with residents in this neighborhood? A: Many of those who come are longtime customers whom we have come to know on a first-name basis. Q: The removal of the Viaduct will change Seattle’s waterfront forever – how do you perceive this will affect the Pike Place Market? A: I’m not sure yet. Q: Any other experiences about your business in the Pike Place Market that you’d like to share? A: I met my future wife in the Market and I have many fond memories of working with my Dad and uncle at Don & Joe’s Meats. Priced from the low $1 millions. Viewings by appointment. 1521 SECOND AVENUE | SEATTLE WA, 98101 FIFTEENTWENTYONE.COM | 206.443.1521

Fifteen Twenty-One Second Avenue just reached 100 closings.  They have updated their website with new testimonials so prospective buyers can get a sense of what living at the building is like.  To their credit, I think it was a nice touch.

They are having an Open House from 12-4pm this weekend.  It is a nice opportunity to see the project.

I’m currently sitting at the Viceroy Hotel in Palm Springs.  My wife and I have been celebrating our 1 year anniversary down here in the desert.  On the way down, I noticed something in the Alaska Airlines magazine that was drastically different then in the years past.  In total, there were only four (4) Seattle condo ads in the entire publication.  In order:

1. Escala
2. Olive 8
3. Bravern
4. Harvard and Highland

This is definitely a change from the past.  While I was working at UrbanCondominiums.com in 2007-2008, there were at least 8 properties, many of our own that were highlighted in the popular airline publication.  It seems obvious to suggest that it is all economy/budget related, but I feel that there is much more to it than that.  I wonder what our market will look like in 24 months.

Out of the major condo projects still selling units in the city the only ones with available inventory should be Escala, Olive 8 and Four Seasons.  I suppose there could be a few left at 1521, but it would surprise me.  So where does that leave us?   What is being built?  Nothing.  There are still plenty of lots with permits ready to go, but by the time you start construction, a project wouldn’t be delivered until 2013-2014 or later.  Could this mean that we are heading towards a shortage of inventory?  Or is demand still too weak, even 2-3 years from now?

Downtown Seattle just received a nice shot in arm.  The Seattle Times is reporting that Target Corp, the big box retailer has aquired a fantastic three story space in the Downtown Seattle corridor.  Considered by many as the West Edge, this 2nd and Pike location is a phenomenal space for the large retailer.   It will be at the base of the Newmark Condominium tower.

It is reported that Target paid $15.5 million for the property, according to King county records. The purchase also includes a 250-stall underground garage. While it may be close to two years before the store is built this is a tremendous upgrade for many condominium owners.  As the City of Seattle continues the urbanization of its downtown core, many condo owners will benefit.

A few projects within blocks of the new store include:

1521

Newmark

Four Seasons

Escala

Cristalla

Market Place Tower

98 Union

Madison Tower

Millenium Tower

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

According to my source at Realogics/Sotheby’s, 1521 second is now 70% sold and occupied.  This includes 4 sales in April and a number of other contracts in negotiation.  They are still running a program that includes a Smart ForTwo car with a purchase before April 30th.  (See here)

Other notes:

• All remaining homes start at $1.1 million.
• New website  www.1521second.com
• New Vimeo webpage with 1521 building tour
• Photo galleries
• Building Features
• Floor plans

To schedule a tour, click here: