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Seattle & Bellevue Urban Living
Had a question from a reader this week about how often condos are selling for full price or above the asking price. I pulled the last 30 days of sales in the downtown Seattle market and this is what I came up with.
In the $500,000 price point ($500,000 or less):
There were 23 sales of 1 bedroom units – of those 23 recorded sales 13 or %50 of them were sold at full price or above asking price.
Unit #1901 at the Cosmo just hit the market for first time since it sold back in 2007. In March of 2007 it sold for $585,000. 6 years later, it’s now listed at $575,000 – $586.73 per square foot. This had my wheels turning about the difference in price per foot when comparing high-rise to low/mid rise.
I pulled a sample set of Seattle condo sales for 1 bedoom units in the last 60 days. There have been 28 – 1 bedroom sales since February 5th. They range in price from $222,000 (Mosler Lofts) to $2,500,000 (Four Seasons). I pulled similar square footage and (like kind buildings) for each comparison and this is what we came up with:
(Olive 8) | (Enso) | ||||||
(Escala) | (Vine) | ||||||
(Cosmopolitan) | (Ellington) | ||||||
(Madison Tower) | (Gallery) | ||||||
The number of active condo listings in Downtown Seattle is now down to 80 – that is 80 listings total. Prices of available inventory vary from $129,900 to $8,000,000.
In the last 30 days, there were 45 sales in Downtown Seattle. That is a 50% increase from what sold between Feb 1st and March 1st.
Search the Downtown Condo Inventory
Condos located in buildings that are facing lawsuits are still selling – how you ask?
The contracts are ALL CASH.
As we’ve mentioned in the past, most major lenders will not touch projects facing lawsuits. With that said, nothing holds an investor back from paying all cash and bypassing a loan. In fact, in the last week alone, there have been 2 sales in buildings with current lawsuits and another 3-4 units that went pending. I’ve added a list of all pending condos planning to close despite the active lawsuits *
| PROJECT | ADDRESS | ORIGINAL PRICE | LISTING PRICE | SALE PRICE | PROFILE | TIMELINE | DOCUMENTS AVAILABLE | FINANCING AVAILABLE |
|---|---|---|---|---|---|---|---|---|
| The Parc | 81 Clay St #627 | $354,900 | $289,000 | $284,000 | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
| Gallery | 2911 2nd Ave | $295,000 | $265,000 | $262,000 | Click Here - The Gallery | Active Lawsuit | Upon Request | Cash Buyers |
| Mosler Lofts | 2720 3rd Ave #907 | $199,000 | $199,000 | PENDING | Click Here -Mosler Lofts | Active Lawsuit | Upon Request | Cash Buyers |
| The Parc | 2716 Western Ave #523 | $235,000 | $235,000 | PENDING | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
| Mosler Lofts | 2720 3rd Ave #1109 | $524,000 | $482,000 | PENDING | Click Here -Mosler Lofts | Active Lawsuit | Upon Request | Cash Buyers |
| Mosler Lofts | 2720 3rd Ave #606 | $229,000 | $229,000 | PENDING | Click Here -Mosler Lofts | Active Lawsuit | Upon Request | Cash Buyers |
| The Parc | 76 Cedar St #1201 | $245,000 | $245,000 | PENDING | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
| The Parc | 76 Cedar ST #1209 | $396,000 | $396,000 | PENDING | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
| The Parc | 2716 Western Ave #103 | $253,000 | $253,000 | PENDING | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
*Keep in mind that some of these Seattle condos may not close. If the brokers don’t do their homework, they will try to close without realizing they cannot be financed – they might not have known about the lawsuits prior to listing the units. This happens often with bank assigned real estate agents that don’t know our market.
Are you a frustrated condo buyer or seller?
Well, it could have to do with the amount of quality Seattle condo projects currently involved in lawsuits or arbitration. The core of the issue is the Washington Condominium Act. It is very difficult to summarize, but in a nutshell there are provisions of the act that require certain warranties that a developer must comply with within 4 years of the “safe date”. To explain further, Seattle attorneys are contacting home owners associations prior to this 4 year period. They attend board meetings, target board members and rely on the trust of the condo associations. Once they are hired by the associations, they retain specialists that test for any and all construction defects with the building envelope. The legal process begins to take shape.
Before lawsuits take place, the associations legal team will set up a series of mediation appointments with the developers legal and insurance teams. The complaints are discussed, negotiated and then researched prior to the next mediation. If a developer and the condo association can’t come to terms on a settlement, then lawsuits tend to occur. As most of you know this is very problematic for homeowners and prospective buyers.
Major lending institutions stay away from condos with lawsuits. They simply will not lend. That leaves homeowners in a tough position – they can’t sell if they can’t open their units up to buyers who want to finance. Ultimately, they have to find a buyer that is “all cash” or they are left holding on to their condo until the litigation is lifted.
On the other side of the coin, buyers are already limited with the shortage of active inventory. So when they are ready, willing, and able to buy, they are often troubled by the lack of quality units to choose from. This is the story of today’s market. UrbanCondoSpaces.com decided to take this issue head on. As you’ll see below, we’ve developed a map that shows condos currently dealing with this issue. We recognize that there are projects that we may have missed. If so, feel free to comment or contact us directly with tips and updates. We often rely on our readers to be our eyes and ears on the ground.
SEATTLE CONDOS CURRENTLY IN LAWSUITS, ARBITRATION OR SETTLEMENT MEDIATION
View Seattle Condos – Litigation, Arbitration and More in a larger map
| PROJECT | ADDRESS | NEIGHBORHOOD | PROFILE | TIMELINE | DOCUMENTS AVAILABLE | FINANCING AVAILABLE |
|---|---|---|---|---|---|---|
| 5th & Madison | 909 5th Ave, Seattle | Retail District | Click Here - 5th and Madison | Believed to be in arbitration | Researching | Limited |
| The Parc | 76 Cedar and 81 Clay | Belltown | Click Here - The Parc | Active Lawsuit | Upon Request | Cash Buyers |
| Mosler Lofts | 2720 3rd Ave | Belltown | Click Here -Mosler Lofts | Active Lawsuit | Upon Request | Cash Buyers |
| Gallery | 2911 2nd Ave | Belltown | Click Here - The Gallery | Active Lawsuit | Researching | Cash Buyers |
| Veer Lofts | 401 9th Ave N | South Lake Union | Click Here - Veer Lofts | Active Lawsuit | Upon Request | Cash Buyers |
| Cosmopolitan | 819 Virginia St | Denny Triangle | Click Here - The Cosmopolitan | Mediation | N/A | May be limited |
| Trio | 3104 Western Ave | Belltown | Link Coming Soon | Active Lawsuit | Upon request | Cash Buyers |
| Eastlake Lofts | 125 E Lynn St | Eastlake | Click Here - Eastlake Lofts | Active Lawsuit | Researching | Cash Buyers |
We are constantly striving to provide our readers/clients with the best information on Seattle Condos that the city has offer. Although we always try to present our information accurately, we make mistakes. This is an attempt to provide current information on Seattle’s active lawsuits. We make no representations or warranties in regards to this information.
Are you thinking about selling your Downtown Seattle condo? Do it.
Let me explain why.
The market has been favorable to sellers. In the last 60 days there have been 72 sales. They range from a 1 bedroom unit in Belltown selling for $128,000 to a luxurious 2 bedroom in Madison Tower at $1,850,000.
More important than the sales numbers or types of units sold is the list price to sales price ratio. On average, of all the sales in the last 60 days, those condos sold for 97.95% of what they were asking. That is phenomenal. Meaning that if you list your 2 bedroom condo at $500,000, on average you would have received $489,750 – not bad huh? That number goes up to 99% if you take out the highest 15 percent of sales (million dollar condo sales). That same $500,000 condo would have sold for $495,000.
Adding to the list to sales ratio is the average days on market (DOM). The average DOM was just 79 days. For properties priced below $500,000 the average DOM was just 37 days! This is a positive trend for sellers and a negative for buyers. As inventory continues to shrink, buyers will have to step up, often in multiple offer situations. This will inevitably drive prices up.
In summary, don’t listen to your co-worker and their “expertise” on the Seattle real estate market. In this type of market, the follow statements are just plain false:
“The Seattle real estate market is ALWAYS seasonal”
“You’ll never sell your unit around the holidays”
“Its a buyers market in November, December”
“Wait until the spring”
“Prices are continuing to fall”
All in all, we couldn’t ask for a better market. Good luck selling and happy condo hunting!
For those of you looking to rent a condo in Downtown Seattle, I thought I would provide a quick update. At this moment there are just 20 units available for rent (on the MLS). Of those 20, 12 of them are priced below $3,000 and the remaining range from $3,200 to $9,500 per month.
See the link here or you can use our map below
1) Millennium Tower Unit 2001 – Downtown Seattle - Asking Price $8,000,000
Size: 9,876 | Price per square foot: $810.04
Bedroom: unlimited | unlisted
See more photos
Number 1 on our list is the penthouse at the coveted Millennium Tower. Built in 2000, Millennium Tower has been home to coffee mogul Howard Schultz and many other Seattle elite. The building offers just 19 units. Unit #2001 takes up the entire top floor. Still in shell form, the unit is ready for a custom design and will likely need a massive budget – it has nearly 10,000 sq ft of living space! Unit #2001 has 360 degree views and is located right in the heart of downtown. Enjoy the rooftop all to yourself – it belongs to just this unit. Oh, and bring your car collection as well – the unit includes 6 parkings spaces. Back in 2007, unit #2001 was priced at a cool $10,000,000.
2) Four Seasons Private Residences Unit 1801 - Downtown Seattle – Asking Price $7,155,000
Size: 4,488 | Price per square foot: $1,594.25
Bedroom: 2 | Bathroom: 2.5
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Built in 2008, Four Seasons Private Residences set record breaking figures for price per square footage. Located near the Seattle waterfront many units feature unbelievable west facing views and all residents enjoy the 5 star amenities shared with the Hotel. Unit #1801 features high ceilings, top of the line finishes and floor to ceiling windows showcasing Seattle’s famous waterfront. Have you seen the new ferris wheel? Unit #1801 looks right down at it. 
3) Four Seasons Private Residences Unit #1501 – Downtown Seattle – Asking Price $6,300,000
Size: 4,131 | Price per square foot: $1,524.05
Bedroom: 2 | Bathroom: 2.5
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Unit 1501, the second Four Seasons residence to make the list is pretty spectacular. It has west-facing views of the waterfront, ferris wheel, stadiums, ferries and the Olympics Mountains. This 2 bedroom unit offers high-end finishes and a flexible floorplan. 15 floors above 1st Avenue and a timeless design. Not a bad view huh? You can even waive at your grandkids as they make their way around the ferris wheel.
4) Four Seasons Private Residences Unit #1101 – Downtown Seattle – Asking Price $6,120,000
Size: 4,132 | Price per square foot: $1,481.05
Bedroom: 2 | Bathroom: 2.5
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Yep, another Four Seasons unit in the top 5. Unit #1101, is a corner plan featuring views to the west and the north. With 2 bedrooms and 2.5 baths, this unit has never been lived in.Wall of windows, dynamite views and double exposure at an asking price of just over $6,000,000. Amenities in the building include, 24 hour staff, restaurant and spa, infinity-edge pool, outdoor fireplace and a start of the art fitness center. Room service!
5) 111 West Highland Drive Unit #6W – Queen Anne – Asking price $4,950,000
Size: 2,592 | Pricer per square foot: $1,909.72
Bedroom: 2 | Bathroom: 1.75
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Built in 1974, this south slope Queen Anne condo is a studs-out remodel. It features parquet floors, marbled bathrooms and a superb kitchen. It’s price busting “IT” factor is clearly the view (and being on Highland Drive). Perched up on Queen Anne Hill, you’ll enjoy views of Downtown, Mt. Rainier, the Olympics Mountains, the Puget Sound and sunrise to sunset. Ready to move in? Bring your checkbook. 
6) Four Seasons Private Residences Unit #1103 – Downtown Seattle – Asking Price $3,695,000
Size: 2,399 | Price per square foot: $1,540.23
Bedroom: 1 + den | Bathroom: 1.75
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Unit 1103 breaks in at number 6 in our top 15 most expensive Seattle condos. This unit has a smaller floor plan, double exposure and is one of only two 1 bedroom condos to make the list. It is also the first re-sale in the project’s history. It was purchased for $4,660,000 on Christmas Eve of 2008 – Ouch.
7) Four Seasons Private Residences Unit #1204 – Downtown Seattle – Asking Price $3,680,000
Size: 3,190 | Price per square foot: $1,153.61
Bedroom: 3 | Bathroom: 2.5
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With yet another Four Seasons unit in the top 15, unit 1204 is our first 3 bedroom on the list. Views feature the Space Needle, Pier 59, Olympics Mountains and the Sound. Walk out your door and you’ll find the Seattle Art Museum, Pike Place Market and an abundance of restaurants and cafes. If buying a multi-million dollar condo isn’t on your to-do list, hit up Mom and Dad and convince them to move out of the burbs!
8) Four Seasons Private Residences Unit #1206 – Downtown Seattle – Asking Price $2,888,000
Size: 1,992 | Price per square foot: $1,449.80
Bedroom: 2 | Bathroom: 2.5
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Unit 1206 is just shy of 2,000 sq ft. A great location and view, view, view. Dues are $2,398 per month. Yep, seriously.
9) Four Seasons Private Residences Unit #1702 – Downtown Seattle – Asking Price $2,750,000
Size: 1,850 | Price per square foot: $1,486.49
Bedroom: 2 | Bathroom: 2
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Number 9 on our list, unit 1702 is the smallest unit featured in top ten. Don’t worry though, there are plenty of features in this home that will stroke your ego. Check out the hardwood floors, island kitchen, master suite and west facing views. Sick right? 
10) Four Seasons Private Residences Unit #1804 – Downtown Seattle – Asking Price $2,555,000
Size: 2,073 | Price per square foot: $1,232.51
Bedroom: 1 + den | Bathroom: 1.5
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Rounding out our top ten, unit 1804 is the lowest cost per square in the top 10. It boasts more of a city view then sound, and gives an owner a much different vantage point on the 18th floor (3 floors from the penthouse). Unit 1804 is a 1 bedroom plus den. Built in espresso machine, massive bedroom suite and a walk-in closet. A night picture would have been perfect for this unit. It’s a super cool view.
11) 111 W Highland Drive Unit #7w – Queen Anne - Asking Price $2,499,950
Size: 2,592 | Price per square foot: $964.49
Bedroom: 3 | Bathroom: 2.5
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Recognize this view? Yep, it is the neighbor of unit 6W, the number 5 most expensive unit on our list. Unit 7W offers 2 generously sized bedrooms, 2.5 bathrooms, 2 fireplaces, 3 balconies, cedar lined closets and custom storage. Oh, and not a bad view either. For you number crunchers, we should mention that unit 7W has the lowest cost per square foot out of all the condos on our list!
12) Four Seasons Private Residences Unit #1404 - Downtown Seattle – Asking Price $2,435,000
Size: 2,211 | Price per square foot: $1,101.31
Bedroom: 2 | Bathroom: 2.5
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Number 12 on our list is unit 1404. This unit marketed as “City View”, has a 241 sq. ft. Terrace, an island kitchen with high-end finishes and a enormous master suite. The lucky guest in this unit will enjoy terrace access right through their bedroom and city lights as they go to sleep. Tell your rich uncle about 1404 and maybe he’ll diversify his portfolio to include a “Seattle Bachelor Pad”.
13) Four Seasons Private Residences Unit #1104 - Downtown Seattle – Asking Price $2,380,000
Size: 2,224 | Price per square foot: $1,070.14
Bedroom: 2 | Bathroom: 2.5
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Coming in at number 13 on our list unit 1104 is lowest point of entry for the Residences at Four Seasons. Curious about renting? Just one floor above in unit 1201, the owner found a renter for $8,500 per month. Simply put, that is a lot money. In fact, someone should call the folks at Zillow. They were estimating the market rent to be $3,350. I bet the owner is happy with his broker now.
14) The Meridian Unit #2702 - First Hill, Seattle – Asking Price $2,150,000
Size: 2,189 | Price per square foot: $982.18
Bedroom: 3 | Bathroom: 2.25
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The Meridian built in 2002 is located on First Hill – high above the city. Unit #2702, the penthouse, boasts 270 degree views including the Olympics, Space Needle, city lights and Mt. Rainier. Literally surrounded by terraces, the space mixes the best of indoor/outdoor. 2702 has 3 bedrooms, 2.25 baths, 2 fireplaces and floor to ceiling windows. Also, 3 parking stalls are included with the sale. That’s good, cause someone will need that extra stall for their Maserati.
15) Madison Tower/Hotel 1000 #1701 - Downtown Seattle – Asking Price $2,150,000
Size: 1,769 | Price per square foot: $1,215.38
Bedroom: 2 | Bathroom: 2.5
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Last but not least, #1701 at Madison Tower. Like the Four Seasons, Madison Tower is a “condotel”. It shares its building with Hotel 1000. To be exact, the residences start at floor 15 and go up to the 24th. Unit 1701 is pretty cool. It has a massive deck, killer views and a spacious floor plan. The kitchen features high-end appliances like Wolf and Subzero and the the master is pretty fabulous as well. The kicker on a unit like this, is the amenities. Madison Tower has a great rooftop deck, discounts on all hotel services, hotel amenities and a virtual golf studio. I know, super cool.
That concludes our 15 most expensive Seattle condos. I hope you enjoyed it. Happy condo hunting.
Let’s put another feather in South Lake Union’s cap. In a recent press release, Paul Allen’s Vulcan Real Estate announced that four garages in the growing and uber-popular neighborhood will offer $2 parking on weeknights and weekends. I think the announcement is brilliant and if I were a business owner in the busteling neighborhood a thank you note would be in the mail for Mr. Allen.
South Lake Union seems to be hitting its stride. It is fixing its traffic issues, adding thousands of jobs, restaurants and becoming more pedestrian friendly. On the opposite end of the spectrum, just last year the city of Seattle raised their parking rates in key areas of downtown that need growth (Pioneer Square, Financial District, West-Edge). In the past, we clearly disagreed with Mayor Mcginn and the Seattle City Council on this issue.
Meanwhile, in the press release regarding Vulcan’s $2 dollar rate, the company said “For folks coming to South Lake Union for extended visits to shop, dine and stroll, Vulcan Real Estate is working to make their visits as easy and affordable as possible…”
The rate is available starting at 5 p.m. on weeknights and all day on Saturday and Sunday. The rate is good until the garages close for the night:
– 2201 Westlake building (across from Whole Foods): Monday – Saturday, 10 p.m.; Sunday, 8 p.m.
– Westlake Terry Garage, (320 Westlake Ave N) entrance: Sunday – Saturday, midnight
–Westlake Terry Garage, (321 Terry Ave. N. entrance): Monday – Friday 10 p.m.; Weekends, 7 p.m.
– Alley 24 (John Street and N. Yale Avenue): Monday – Saturday 10 p.m.; Sunday, 6 p.m.
Combined, the garages have 1,000 spaces available.
Keep in mind that visitors would pay between $8 and $12 to park for four hours under normal rates. I like what Vulcan is doing in South Lake Union. From what I hear from readers, owners and tenants, they like living in the neighborhood as well.
Courtesy of Aubrey Cohen at the Seattle PI, the numbers are in for May and Seattle home prices have risen 10.5% since last year. The median price for a home in the City reached $425,500 in May. That is up from $385,000 a year ago. Pending home sales were up by 16.2%. This is not a surprise to me. Buyers have been frustrated with the lack of inventory and quite a few of my sellers have enjoyed multiple bids when putting their home on the market. We are seeing a market recovery – especially near the city core.
To read more, see the article here: Seattle house prices post double-digit increase
Bidding wars? Try this Queen Anne Colonial that started at $1,000,000 and ended at $1,102,500 – now that is a buyer that really wanted this house. The market is clearly picking up steam and if you ask anyone in the business, they will tell you the same thing. Most brokers representing buyers are getting exhausted of pre-inspections, multiple party offers and disappointment after their clients not only offer to pay above asking price – but then they still don’t get the home after all that effort. Multiple offers are back in the Seattle market.
I came across an article this morning that sums up the Seattle growth story and the impact that companies like Amazon are having on our local economy. It is a lengthy piece, but well worth the read. We often talk about the Amazon impact on South Lake Union and Seattle as a whole. This particular piece really delves into the growth story and shares the intimate details. I’ve included a few excerpts, but I highly encourage you to read this article. Bottom line is, as a condo owner in Seattle or someone looking to buy, this kind information is priceless:
Even with increased competition for talent, Amazon is growing at a remarkable rate. Last year, the company’s employment base grew 67 percent to 56,200 employees worldwide. Just 90 days later, Amazon’s head count had jumped again, to 65,600—a hiring rate of more than 100 people per day.
Head to South Lake Union any weekday morning, and you can see it in the flesh. On sidewalks where hardly anybody walked five years ago, Amazon employees are everywhere. They come from every direction—pouring out of buses, crowding the street corners, and streaming down the sidewalks, wearing the telltale light-blue ID badges. They tend to move quickly, and don’t spend a lot of time chit-chatting. Amid the most significant corporate expansion this city has seen in years, there’s work to be done.
For me, articles like this just validate my bullish outlook on owning real estate near South Lake Union in the downtown core. It will be exciting to see how new developments that are underway will continue to shape the future of Seattle.
Do you remember this unit? We wrote about it back in October of 2011 just before it went to the public foreclosure auction. It is a 3,798 square foot loft in the Banner Building in Belltown. It was once listed as high as $2,450,000 and now is selling it for $1,549,000.
This unit is insane. Although the pictures don’t reveal much, I can promise you that the unit itself would blow away your expectations. It is truly one of a kind and now at a price of $1,549,000 (407psf) it should attract plenty of interest. This type of unit in San Francisco or New York would sell for well over 1,400 per square foot (depending on the neighborhood my guess would be $4,000,000-$6,000,000).
(picture c/o windermere)
| UNIT FEATURES | BUILDING FACTS |
|---|---|
| 3,798sf (2 story plan) | 7 Floors |
| 3 bedrooms, 2.75 baths | 28 units |
| Private Decks | Concrete and Steel |
| Subzero,Gaggenau,Elan,& Miele | Award Winning Construction |
| Spiral Staircase | Corner Location |
| Massive Windows | 95 on Walkscore |
Although the Banner Building doesn’t offer too much in terms of amenities, this unit certainly looks like a good deal when you look at a few other sales in the 3,000 sf category. There have only been 4 sales of properties that offer over 3,000 square feet in the last year:
| Building | Square Footage | Selling Price | Price Per Square Foot | Date Sold |
|---|---|---|---|---|
| Waterfront Place | 3,711 | $1,250,000 | $336 | 11/09/2011 |
| Escala | 3,562 | $2,200,000 | $617 | 11/04/2011 |
| Millennium Tower | 4,589 | $2,690,000 | $586 | 09/14/2011 |
| 1521 Second Ave | 3,600 | $4,250,000 | $1,180 | 03/14/2011 |
A different perspective on the building:
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