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Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

April 6, 2012 By Leave a Comment

Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

Check out this Seattle condo on the Alki waterfront. Close to 4 years ago it was listed for sale at $1,450,000!  It just closed this week for $799,500. Talk about a major discount in price. This unit was likely built at $600-$650 per square foot . The new buyer only paid $437 psf.  It is just another example of the value out there in the market right now.  This is not your typical 2 bedroom, 2.5 bath.

Unit #3100 offers 1,830sf with floor to ceiling glass, high quality finishes and views that feature the Puget Sound, the Olympics Mountains and the Downtown Seattle cityscape. Hardwood floors, limestone counters, high-end appliances and a finish panel-wrapped gas fireplace are some of the highlights in the 10 unit building. Concrete exterior, extensive use of glass and steel and a great location.

Not a bad view, huh?

Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

Waiting 4 Years for An Alki Condo Delivers a $700,000 Discount

 

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Filed Under: 1226 Alki Ave, All Condos, Home Tagged With: , , , , , , , ,

One Lincoln Tower Penthouse Sells For $2.3 Million, Last Purchased at $5.3 Million. Seriously.

April 3, 2012 By Leave a Comment

One Lincoln Penthouse Sale 4102 One Lincoln Tower Penthouse Sells For $2.3 Million, Last Purchased at $5.3 Million. Seriously.

The 2012 list of incredible condo sales just grew by one. When I say incredible, trust me. Penthouse #4102 at One Lincoln Tower was one of the best penthouse units in the Seattle/Bellevue market. What’s remarkable, it that it was sold by a bank – not an owner. We posted about unit #4102 before. Once the bank took possession through foreclosure, they listed the property back in September of 2011 for $4,950,000.  It was reduced to $4,500,000, $3,988,888 and finally $3,500,000. Just a short 90 days later the property now belongs a lucky buyer who paid $2,300,000! I couldn’t believe my eyes when I saw that price. $2.3 million for unit #4102 is INCREDIBLE. Think of it this way – regardless of the fact the price was reduced to $3.5 from the $5.3 million that it was originally purchased for, the bank gave the buyer a $1.2 million dollar discount from the asking price. Seriously?!?

The views include Mt Rainier, Lake Washington, The Olympics, Downtown Seattle and they almost reach West Seattle. The condo itself is massive. The 41st story unit is 4,058 sq ft with 2 bedrooms, 2.5 bathrooms, 2 fireplaces, 20 foot ceilings and floor to ceiling windows that feature some of the best views in Seattle and Bellevue condo market.  There must be something in the water. Just a few days ago we posted on the million dollar category in Seattle and it appears that just in the last 6 months, buyers are really pulling out their checkbook for penthouse units.

Luxury is back – IN A BIG WAY. (see more pictures)

Bank Owned Sale One Lincoln Tower One Lincoln Tower Penthouse Sells For $2.3 Million, Last Purchased at $5.3 Million. Seriously.

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Filed Under: All Condos, Bellevue, Home, One Lincoln Tower Tagged With: , , , , ,

Bellevue Towers, 46 Sales Year to Date (Corrected)

April 3, 2012 By 1 Comment

 

Bellevue Towers Re size Bellevue Towers, 46 Sales Year to Date (Corrected)

Quick update on Bellevue Towers. They are at 46 sales year to date – totaling $20.2 million in sales for 2012. Last year they sold 144 units totaling $89 million. With over 260 units sold, watch the Towers continue to have success.

Other Bellevue Projects 

Ext shot crop 031710 300x289 Bellevue Towers, 46 Sales Year to Date (Corrected)

One Main Street Condos
One Main Street is down to just 5 units for sale. They should be wrapped up by the end of summer.

rsz washington square 300x224 Bellevue Towers, 46 Sales Year to Date (Corrected)

Washington Square Condominiums
Washington Square has sold 240 units leaving a total of 136 units left for sale.

Have questions?  We’ve got answers!  Feel free to contact us.

 

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Filed Under: All Condos, Bellevue, Bellevue Towers, Home, One Main Street, Washington Square Tagged With: , , , , ,

Waterfront Deal of the Year…..So Far

April 2, 2012 By Leave a Comment

Waterfront Deal of the Year.....So Far

One of our favorite readers brought this home to our attention a few months ago. It is insanely cool. Check it out.

This home is 4,949 sq feet located on Fox Island (50 mins from Seattle). It has 3 bedrooms and 3.75 baths. It has over 100 feet of waterfront, a shared deep-water dock and spectacular views from its perched location. The builder used re-claimed materials with the help of superior craftsman from a number of locations and found a way to blend casual, modern and luxury at the same time.  I was blown away when the property was listed as a short sale. Before I knew it – it had sold.

The final sales price – $1,500,000.  That is $303 per square foot!

Talk about an incredible buy on the water.  I’m not suggesting that there were a lot of buyers that could afford this, but I what I am telling you is that this is one INCREDIBLE value for the price. Kudos to the new buyer!  Maybe they will invite us to a summer BBQ?!?

Waterfront Deal of the Year.....So Far

Waterfront Deal of the Year.....So Far

Waterfront Deal of the Year.....So Far

Waterfront Deal of the Year.....So Far

Waterfront Deal of the Year.....So Far

pictures c/o Kimberly Gartland

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Filed Under: Home, Market News/Trends

Just 19 Condos For Sale Under $300,000 In Downtown Seattle

March 31, 2012 By Leave a Comment

GetMedia 5 e1333216002432 Just 19 Condos For Sale Under $300,000 In Downtown Seattle

There are just 19 condos for sale under $300,000 in downtown Seattle. As new inventory hits the market in this price point, we will continue to see increased activity and multiple offers. The Seattle condo market as a whole tells a pretty interesting story when you look at the February numbers year over year.  As you’ll see below, the months supply of inventory is down (60%) from the same time last year.  I’m expecting big sale numbers for the month of March.  Thus decreasing the number of active listings even further.

February Market Stats Condos 1 e1333215823919 Just 19 Condos For Sale Under $300,000 In Downtown Seattle

 

Search Downtown Seattle Condos

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Filed Under: Home, In the news, Market News/Trends Tagged With: , , , , , , ,

Are Million Dollar Condos Selling In Seattle?

March 26, 2012 By Leave a Comment

 

1521.Condos Are Million Dollar Condos Selling In Seattle?

YES.

Over the last 120 days, million dollar condos in Seattle are selling at a record pace. Nearly 4 units per month. In addition to the 14 sales,  6 other units are pending (under contract) as we speak.

We’ll focus on sold data.  Out of the 14 sales, the average square footage was 2,064. The lowest priced unit sold for $1,062,500 and the most expensive unit was $4,250,000. The average sale price was $1,742,816 ($815 per sq. ft.) All 14 sales were in buildings that were 2006 or newer. Clearly new construction or “like new” condition was a trend. The average time on market before these units sold was 215 days and sellers received 89% of their asking price (average).

I’ve included the project, price and square footage information below

Million Dollar Condo Sales In Downtown Seattle

BUILDING STATUSSQUARE FOOTAGE SALE DATEPRICE
1521 SecondSold 3,60003/14/12$4,250,000
1521 SecondSold2,65812/19/11$3,045,000
Olive 8Sold2,22403/07/12$2,250,000
1521 SecondSold1,89003/12/12$1,796,930
1521 SecondSold1,96802/02/12$1,700,000
1521 SecondSold1,64403/16/12$1,550,000
Escala Sold2,44212/29/11$1,525,000
1521 SecondSold1,96803/20/12$1,400,000
Olive 8Sold1,53412/31/11$1,250,000
1521 SecondSold1,96803/20/12$1,200,000
Madison TowerSold1,76912/23/11$1,200,000
Olive 8Sold1,53412/01/11$1,150,000
1521 SecondSold1,96801/05/12$1,100,000
1521 SecondSold1,72901/09/12$1,062,500

Here is a list of the pending sales (million dollar units under contract)

Million Dollar Condo PENDING sales In Downtown Seattle

BUILDING STATUSSQUARE FOOTAGE DAYS ON MARKET PRICE
Madison Tower Pending Inspection 2,850696$4,495,000
1521 SecondPending 2,658195$3,950,000
Olive 8Pending Inspection 2,22427$2,595,000
1521 SecondPending1,890303$1,695,000
1521 SecondPending 1,968122$1,649,000
1521 SecondPending1,644263$1,175,000

SEARCH DOWNTOWN CONDOS

photo c/o Realogics

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Filed Under: Home, Market News/Trends, Uncategorized Tagged With: , , , , , , , , ,

Breaking News – Insignia Towers Rumored To Start Construction This Year

March 21, 2012 By Leave a Comment

Insignia Towers Breaking News Insignia Towers Rumored To Start Construction This Year

photo c/o insignia.com

JUST IN- We are hearing from one of our sources that Insignia Towers will be breaking ground with their condo project as early as this spring. If so, the development of the first condo tower since Escala and Olive 8 would be exciting news for the Seattle condo scene. Details are limited, but we were told that Embassy Development plans to start construction in May. The developer will not need typical construction financing as they plan to fully self-finance and build on speculation alone. The developer is bullish on idea of being the first project out of the ground in Seattle since the recession. This comes at a time where less then 200 new construction units remain. The recent news of Amazon’s purchase of the Clise Property, improving market conditions and the health of Seattle’s economy has jump-started the much discussed project.

LOCATION

Located at the Northeast corner of Belltown at Bell and Battery, Insignia is a short walk to South Lake Union, Seattle Center, Downtown, Belltown and Elliott Bay. In a prime location, Insignia will take the the entire block that was once the site of Seattle’s Teatro Zinzanni.


View Insignia Towers – PROPOSED SITE in a larger map

PROJECT INFO

The proposed development is a massive project. There are 2 towers encompassing 41 stories and up to 643 units. We are hearing that Embassy will start with 1 tower and focus on larger floor plans that average 1,200sf. The development team believes that Seattle needs more quality floor plans and less of the small one bedroom and studios units. According to the towers website, which is still live:

Insignia raises the bar on all aspects of Seattle living. Comparable to living in a five star resort, Insignia turns leisure into luxury with an expansive array of amenities that cater to every modern indulgence.

It is likely that the project could feature some ground floor retail as well.

AMENITIES

Maybe the most talked about element of the project is the proposed amenities. Insignia plans to offer an indoor pool, a spa, screening room, lounge areas and a 7th floor courtyard garden. On the 8th level of the project, the amenities include a loft-like setting with a mezzanine area, fitness center, wine-tasting room, library and more. Maybe the most exciting feature would be the top floor sky lounges. Insignia plans to feature four outdoor decks, game rooms, wet bars, and full sized kitchens with conversation bars, enclosed by floor to ceiling windows.  The roof top lounges would feature panoramic views of the Puget Sound, Elliott Bay, Lake Union, Queen Anne Hill, Capitol Hill and the surrounding mountain ranges.

DEVELOPER

If you are not familiar with Embassy Development – Bosa Development, they are Canandian firm that focuses on projects throughout Canada and the US. They have developed a significant amount of real estate in South California and have developed well known BC projects including Legacy and Renaissance.

 

I’d like to be the first one to welcome Embassy back to Seattle and wish them the best of luck with Insignia. I hope Seattle residents and condo lovers are excited as I am to have new construction back in Downtown. Although not officially confirmed, I trust that we will hear much more out of Embassy and the City of Seattle soon.

 
Disclaimer – We have not officially confirmed with the developer

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Filed Under: All Condos, Home Tagged With: , , , , , ,

Buying A Seattle Penthouse Back En Vouge

March 15, 2012 By Leave a Comment

turnure 18973 copy Buying A Seattle Penthouse Back En Vouge

So apparently buying a Seattle penthouse is back en vouge.  Check out these 2 condos that closed this week.

Penthouse 1 | 1521 Second Ave

You remember this unit from a few days ago?  We posted about the significance of this particular sale and how there have only been 3 other units above $4,500,000 to sell since 2010.  Penthouse 1 at 1521 is one of the most luxurious units I’ve seen. It has 3,600sf with a 601sf private rooftop deck.  Big views through the floor to ceiling glass and enormous kitchen and state of the art upgrades. Lets be honest – its really cool.

Penthouse 2 | Olive 8

We have written about this unit in the past. It has 2 bedrooms, 2.5 bathrooms, a den and has 2,753sf of living space (2,242 interior and 529 exterior). It sits atop the brand new Olive 8 condominiums and has a pretty dynamite view overlooking Capitol Hill, South Lake Union and the Seattle skyline.

It was once listed as high as $3,150,000 – recently selling for $2,250,000.  See the floor plan below:

 

 

Penthouse Two Olive 8 Buying A Seattle Penthouse Back En Vouge

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Filed Under: 1521, All Condos, Denny Triangle, Home, Olive 8, West Edge Tagged With: , , , , , ,

South Lake Union and Amazon’s Urban Campus

March 14, 2012 By Leave a Comment

South Lake Union South Lake Union and Amazons Urban Campus

In my daily reading today, I came across a post from the folks at South Lake Union on Facebook.  I was thrilled to have taken the time to read it. Kaid Benfield of The Atlantic wrote an incredible piece on Amazon’s Urban Campus located in the South Lake Union neighborhood of Seattle. It talks about how Amazon, Vulcan and South Lake Union designed a thoughtful, walkable and attractive campus right in the heart of the city.

I was blown away at how quickly and effectively Benfield described the neighborhood and the benefits behind a well designed corporate/urban model. He touched on Apple’s campus in Cupertino and how it simply falls short when comparing its campus to Amazon’s new design. I particularly like his emphasis on transit and the pedestrian friendly footprint.

As many of you know, I’ve been a big fan of South Lake Union and the impact its having on Seattle. As it continues to develop, the residents of our city stand to benefit the most. From a Seattle condo perspective, I would love to see more opportunities to own in new buildings. Unfortunately, I just don’t see that happening – at least for 2-3 years.

For now, I would encourage anyone interested in living in South Lake Union to check re-sale opportunities (2200 Westlake, Enso, Veer), rental units or find something that is close enough to walk or use transit (Eastlake, Westlake, Downtown, Capitol Hill etc…).

Interested in learning more about how to invest in SLU – Feel free to contact us.

SouthLUT South Lake Union and Amazons Urban Campus

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Filed Under: City of Seattle, Home, Market News/Trends Tagged With: , , , , , , ,

Penthouse At 1521 Goes Under Contract, List Price $4,995,000 (Updated)

March 12, 2012 By Leave a Comment

327493 4 1 Penthouse At 1521 Goes Under Contract, List Price $4,995,000 (Updated)

 

 

 

 

 

 

 

 

 

 

UPDATED – This unit sold in 8 days once under contract for a purchase price of $4,250,000

A quick note to congratulate a few colleagues of mine that put together a buyer and seller on a monster sale at 1521 Second Avenue. Referred to as Penthouse 1, this 3,600sf Seattle condo features 2 bedrooms and 2.5 baths. The unit stretches from the NW corner to the East corner of the building with incredible views of Elliott Bay, The Olympic Mountains, Queen Anne, The Cascades and South Lake Union (pretty much covers it all).

Best of all, it has a 601sf private rooftop terrace. The listing price was $4,995,000, but it may take weeks to find out what it actually sold for. In the last 3 years, there were only 3 condos that sold for more (2 units at Four Seasons and a 5,170sf penthouse at Escala)

Largest condo sales sales dating back to 2010

 99 Union St #2000 (Four Seasons)  99 Union St #1902 (Four Seasons  1920 4th Ave #3001 (Escala)
 $7,198,100  $6,300,000  $5,950,000
 Four Seasons Private Residences 150x150 Penthouse At 1521 Goes Under Contract, List Price $4,995,000 (Updated)  Four Seasons Pool 150x150 Penthouse At 1521 Goes Under Contract, List Price $4,995,000 (Updated)  Escala Lobby 150x150 Penthouse At 1521 Goes Under Contract, List Price $4,995,000 (Updated)


Here is a collection of pictures of Penthouse 1 at 1521 Second 

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Filed Under: 1521, All Condos, Escala, Four Seasons, Home, Retail Core Tagged With: , , , , , , , ,

Olive 8 Adds New Listings, How Do The Asking Prices Compare To Downtown Seattle Inventory?

March 10, 2012 By Leave a Comment

Downtown Condo Comparison final Olive 8 Adds New Listings, How Do The Asking Prices Compare To Downtown Seattle Inventory?

Did any of you notice the increase in “listed” inventory at Olive 8?  I was going through the last couple days of newly listed condominiums in downtown and found that Olive 8 just added 12 new listings to the market. They range in size from 808 to 1,586 sq ft. The lowest priced unit is $490,000 and the highest is $895,000 at an average cost per square foot of $626. That made me wonder how their listed price per square foot compared to the sold inventory of other condos on a cost per square foot basis.

The average cost per square foot of sold units in the same category was $452psf. To make sure it was accurate, I pulled a sample set of projects that are 2007 or newer.  I’m letting you come up with your own conclusions on value.  For the last 6 months, Olive 8′s SOLD cost per square foot average was $644. Here is a list of a few other projects and how they compared:

PROJECT Escala Enso 1521 Second Ave
SOLD COST PSF $479$521$760

Olive 8 Listed Inventory – Click here to review.

Olive 8 New Listings 1024x461 Olive 8 Adds New Listings, How Do The Asking Prices Compare To Downtown Seattle Inventory?

 

Sample of sold units – Click to review

Downtown Sold Properties psf 1024x439 Olive 8 Adds New Listings, How Do The Asking Prices Compare To Downtown Seattle Inventory?

 

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Filed Under: All Condos, Cosmopolitan, Denny Triangle, Escala, Home, Olive 8, Retail Core Tagged With: , , , , , , , ,

Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

March 9, 2012 By 1 Comment

Bellora 1001 e1320255592744 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

Wow. You don’t see this very often. If I were only in the market for a penthouse right now!

One of the Bellora Penthouse units is headed to foreclosure today (public auction).  This Seattle condo located in Belltown was last purchased for $1,495,000 in 2005. As of 9am this morning it has has a minimum bid of $800,000. It is a 2 bedroom, 3 bath unit plus den. It has floor to ceiling windows with big views of Elliott Bay and the Olympic Mountains. It features bamboo flooring, granite countertops and high-end appliances and at 2003 sq. ft, the asking price of $800,000 puts the cost per square footage at $399!

At $400 per square foot for a Seattle penthouse, I’d say thats a pretty incredible deal. Take a look at the penthouse for sale at the Concord.  These buildings were built just 3 years apart and many would argue that they very much alike in their offering and quality of construction. With that said, one is for sale at $1,795,000 (Concord) and the other mentioned above is 300 sf more and priced by the bank at $800,000 for today’s auction (Bellora).

2929 1st Ave Penhouse #2

2929 1st Ave PH2 Seattle 1 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

Bellora Sun Terrace e1331321125448 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

BELLORA SUN DECK

Bellora Gym e1331321208446 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

BELLORA GYM

 

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Filed Under: All Condos, Auction Foreclosures, Bellora, Belltown, Concord, Home Tagged With: , , , , , , , ,

A New Construction Townhome Project, Lake Boren, Celebrates Grand Opening On March 10th

March 7, 2012 By Leave a Comment

 

 

DSC 0973 1024x682 A New Construction Townhome Project, Lake Boren, Celebrates Grand Opening On March 10th

I attended an exclusive preview event on Tuesday for the newest townhome project on the eastside – Lake Boren townhomes in Newcastle.

It is a really cool concept and it comes at time when buyers are getting frustrated with the lack of quality inventory on the market. Lake Boren, which is 5 minutes from I-405 is now home to 14 newly completed townhomes with plans of 56 total homes. What is so unique about the property is that it has direct access to the waterfront at an affordable price point. The developer, Continental Properties (Cosmopolitan Condos, Kirkland Central Condos) known for both high-rise development and townhome projects, utilized the waterfront by building a massive outdoor patio with BBQ’s, picnic tables, firepits and kayak access so the owners can enjoy waterfront living.

The 2-3 bedroom homes range from 1,200 t0 1,600 sf.  They have an attached garage, large decks, spacious floor plans and quality contemporary finishes.  Here is a list of the available floor plans:

Residence G (3 bedroom, 3 bath – 1,391 square feet)
Residence G-1 (3 bedroom, 3 bath – 1,440 square feet)
Residence E-1 (3 bedroom, 2 bath – 1,901 square feet)
Residence E-2 (3 bedroom, 2 bath – 1,337 square feet)
Residence A-1 (2 bedroom, 2 bath – 1,208 square feet)
Residence C-1 (2 bedroom, 2 bath – 1,255 square feet)

 

I thought the units were great and its a prefect option for someone looking to move to Bellevue/Eastside, but wanting to avoid 520 and the toll.

Thus far, they have sold 3 units. I’ve included some pictures of the project below.

SimpleViewer requires JavaScript and the Flash Player. Get Flash.

 

 

 

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Filed Under: All Condos, All Townhomes, Home, Lake Boren, Newcastle, Townhome Posts, Vertical Living Tagged With: , , ,

Foreclosure Auction Update, 2 Seattle Condos Sold

March 3, 2012 By Leave a Comment

 

Condo Foreclosures Foreclosure Auction Update, 2 Seattle Condos Sold

I thought I would post a quick update from Friday’s foreclosure auction.  There were 2 Seattle condos that I was watching in particular.

GetMedia.ashx e1330641269989 150x150 Foreclosure Auction Update, 2 Seattle Condos Sold

Avenue One Condos (2721 1st Ave #601, Seattle)  Minium bid was $133,350.  It sold for $1 dollar over minimum bid $133,351. (We wrote about this unit yesterday)

GetMedia 3.ashx e1330787699388 150x150 Foreclosure Auction Update, 2 Seattle Condos Sold

IV West Condos (530 4th Ave West #503). Minimum bid was $171,714. It sold of $202,200.

Enjoy the weekend!

 

 

 

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Filed Under: All Condos, Avenue One, Belltown, Home, Queen Anne Tagged With: , , , , ,

How Amazon’s New Development Could Impact Seattle Condo Views

March 1, 2012 By Leave a Comment

How Amazons New Development Could Impact Condo Views How Amazons New Development Could Impact Seattle Condo Views

I heard from a client of ours last week who was inquiring about how the new Amazon development could change the views at 2200 Westlake. I decided to do some research and as you can see, I was able to diagram some of the potential changes below.

In my opinion, the biggest impact would be on the Southwest side of 2200 Westlake (photo 1), The South side of Enso (photo 2) and the Northwest corner of the Cosmopolitan (photo 3).  With that said, I don’t think Seattle condo owners should worry.  Although views change a bit, the economic impact, including the rise in property value will outweigh any and all of the negatives associated with the change of view (IMO).  More people = more organic stimulus. Denny Triangle, South Lake Union, and all of Downtown will benefit immensely as the Amazon property is developed.  Look for more retail shops, restaurants, better transportation and a boost to the hotel industry. Have I told you yet that I REALLY believe in the direction of South Lake Union?  (just checking).

 

2200 Westlake (Impact to the West)

2200 Westlake Views Amazon Project 1 How Amazons New Development Could Impact Seattle Condo Views

Enso Condominiums (Impact to the Southwest)

How Amazon May Change The Enso View How Amazons New Development Could Impact Seattle Condo Views

The Cosmopolitan (Impact to the North/Northwest)

View From Cosmo Amazon How Amazons New Development Could Impact Seattle Condo Views

 

How Amazon’s New Development Could Change Seattle Condo Views


View How Amazon’s New Development Could Impact Condo Views in a larger map

Seattle Condo Map (UrbanCondoSpaces)


View Seattle Condo Map in a larger map

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Filed Under: 2200 Westlake, All Condos, Cosmopolitan, Denny Triangle, Enso, Home, South Lake Union Tagged With: , , , , , , , , , ,
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