What’s New In Seattle?

In reviewing the condo pipeline both in Seattle and Bellevue, it looks like inventory should start drying up as we lead into 2009 and especially 2010.  In previous years, condo buyers have had many different options in new construction - times are changing.  With gas prices nearing $5 per gallon & buses often times standing room only, the urban growth demand in Seattle has quickly begun increasing.   Also, with companies like Amazon and Microsoft taking more office space in Seattle, we can be certain that condo prices are on the rise.  It is amazing to think that just a year ago, there was a large concern about inventory over-saturation.  Keep your eyes out for a few newer projects releasing information as we enter into fall.

 

 

AVA

Ava is one of the most highly anticipated new projects coming to Seattle.  There is currently quite a bit of speculation regarding the timing of this project.  Some of which has been caused by the growing number of Seattle New Construction Developements being placed on hold.  As far as we know, the developer fully plans to move this project along.  AVA is in an ideal location and it may be timing the market perfectly, as Seattle’s New Construction Condo Inventory is planned to shrink from over 1,000 deliverable units per year to around 200 to 300 units delivered in 2010.  Click Here to take a look at a recent interview that we had with king 5 news.  

Bravern - Bellevue

Tremendous response to the The Bravern’s two office towers and retail space has ignited much interest in the residential side of the endeavor. Occupying a super-block (2 city blocks x 2 c.b.’s) with Meydenbauer Convention Center, the gigantic project has garnered media attention from big-time players such as The New York Times.  Microsoft plans to lease space in parts of each tower for 4,000 workers. Neiman Marcus‘ flagship northwest venture will occupy 125,000 sq ft of retail space over 3 floors.

The condominium portion will be known as The Bravern Signature Residences. In the two 29-story towers, nearly 500 residences will sit atop 300,000 sq ft of retail space. Homeowners have the luxury of their phase being completed last. They’ll be able to exit from their tower the day they move-in and enter directly into the fully-operational restaurants and high-end shops.

Homes at The Bravern Signature Residences are divided into three categories: The City Homes, The Condominium Estates and The Penthouses. City Homes range from 625 sq ft to more than 1,200. Prices begin in the $400,000-range and run to nearly $2 million. Estates are spacious 1-3 bedroom condos, from 1,000-2,100 sq ft. Priced from $900,000 to over $4 million, one would expect many Eastside couples interested in downsizing to purchase. Finally, The Penthouses offer 1- or 2-story options in roomy opulence of 3000-5000 sq ft (or more). Prices have yet to be released, but sources estimate certain residences in The Penthouses will find themselves in excess of $10 million.

The pace of reservations has been brisk. Priority registrants ($10,000 refundable deposit req’d) have secured their names to as many as 350 homes. Residences won’t specifically be available for sale until winter. Check back for more details…

• Location: NE 8th St, Bellevue, WA
• Pricing: $400,000 and up
• Units: nearly 500
• more

 

Escala - Seattle

Scheduled for completion in early 2009, the Escala aims to please the buyer interested in living downtown within a building designed to pamper with amenities. Presales at the LEXAS development had exceeded $60 million as of late July. Or, in reference to their official opening, $1,000,000/day for 60 days.

The Escala (or Escala I, as it will end up being known) occupies a huge divot in the ground at 4th & Virginia. The builder, JE Dunn, has excavated the second deepest hole in downtown’s history. The reason? Parking. Escala boasts of providing its residents with the most downtown underground parking (per owner) of any complex currently on the market.

Another distinctive feature of Escala is its four elevators, one per building corner. For the most part, a unit on a given floor will be able to access their residence with what amounts to their own private elevator.

 

Vulcan Developments (Veer Lofts, Enso, Rollin Street)

The future residential pulse of Vulcan’s 60-acre South Lake Union re-development relies on three developments under construction: The Veer Lofts, slated for completion in early 2008; Rollin Street, to be finished in spring of 2009; and Enso (across from 2200 Westlake), scheduled to be done in the winter of 2009. The three condominium developments are helping vitalize a neighborhood still realizing its potential. The South Lake Union Streetcar, connecting SLU and downtown, hopes to figure prominently in the lives of all three’s residents. First phase of sales on these developments ends July 31st. The Sales Office has hinted that prices on all three may rise on August 1st at the start of the second phase.

Veer Lofts, a 99-unit complex on 9th and Harrison, primarily targets first-time homebuyers. Flats, flexi-lofts (5-ft loft ceilings) and full-lofts (8-ft loft ceilings) are available. Relatively affordable units originally started in the mid-$200,000s (the least expensive unit currently availableis in the mid $300k’s). Flexi-lofts top out around 740 sq ft with a max price around $600K. Full-lofts start at 800 sq ft, increasing to almost 1100 sq ft. These price out at $500,000-$700,000. There is also one penthouse available at $925,000.

Rollin Street is considerably larger, housing 208 units. Most flats are extremely open - walls will be rare. Prices begin in the $400,000-range and can head over $1 million.  Smaller square footage begins at an already roomy 700 sq ft and progresses to over 2,000 sq ft.  There are penthouse options as well. Rollin Street is located at Westlake and Denny, across from 2200 Westlake.

Enso is to be  a 19-story tower of 135 condominiums. Large open one-bedroom floorplans start in the $400,000s and penthouses can climb over $1.5 million. A typical two-bedroom unit will stay just shy of $1 million. Studios are 700 sq ft, one-bedrooms run to 900 sq ft and 1br+den will run to 1000 sq ft. Two-bedrooms start at 1100 sq ft and head upward of 1300. A penthouse unit can be nearly 2300 sq ft, in either a 1- or 2-story residence.

Update: The Museum of History and Industry is coming to South Lake! MOHAI article

 

Vida - Bellevue

The 12-story, 240-unit complex will be built by Tonsing Properties out of Denver, Colorado. Originally the developer planned to erect a 6-story low-rise building, but the strength of Bellevue’s condo market made for a more ambitious endeavor. The smashing success of MODA , Tonsing Properties’ Belltown venture, also lends credibility to the developer’s vision of European-style living spaces. MODA sold out in one week, with buyers ecstatic over the prospect of $150,000 Belltown condos. Some of its sub-300 sq ft units seemed to challenge even the most compact urbanite, but Seattle showed it is ready for European living efficiency.

VIDA won’t ask its potential owners to dip below 400 sq ft, but the sheer number of compact units is setting a new Bellevue standard. A typical VIDA condo will average 650 sq ft. The smallest studios will be 400 sq ft. The largest (non-penthouse?) two-bedroom units will be roughly 900 sq ft and will list at $650,000. The most common VIDA units will be priced in the $350,000-$450,000 range. <Penthouse price N/A>

Each unit’s layout can conform to match the owner’s stylistic choices. Instead of fixed walls, interiors will feature flexible interior panels. The owner will be able to create larger great rooms or more stylized spaces, depending on his/her lifestyle. In-line kitchens and wall-storage mounts will also serve to maximize functionality.

VIDA is set for completion in 2010.

 

AVA - Seattle

In the midst of Seattle’s retail shopping core, AVA will offer more than 200 residential units and a luxury high-rise hotel. Homeowners will be able to walk from the bustling corner at 8th & Pine to Pacific Place, Benaroya Hall and the Paramount Theatre. Inside, they will be able to enjoy amenities such as a Business Center with secretarial service, a comprehensive fitness sector and an outdoor heated pool, rare in Seattle condominiums.

The hotel occupies floors 10-17. The Residences, 198 homes up to 1,600 sq ft, are on floors 18-34. The Estates, occupying the upper floors of the building, range from 1,350 to 1,900 sq ft with prime units pricing out over $5 million. And if you’re in the mood for a penthouse that would turn MTV’s “Cribs” green with envy, the custom Penthouse clocks in at 8,000 sq ft. Yup. An 8,000 sq ft condo.

Developed by two “groups” - the FANA Group of Companies and The Execute Group - AVA breaks ground this fall. The development team has chosen architect firm Weber + Thompson (Cristalla, Madison Tower, 2200 Westlake) to create the building’s look. Garrett Cord Werner is designing the building’s interior, focusing on efficiency and peaceful urban spaces. Contact UrbanCondoSpaces for more info on the sales center opening this fall…

 

Quick Facts:

• Location: 8th and Pine, Seattle, WA
• Pricing: $400’s to over $5,000,000
• Units: 198

European Tower

It’s tough to be the first to offer something anymore in Seattle’s condo market. There are units over 5000 sq ft, under 300 sq ft, over $10 million and under $200,000. The European Tower, however, has managed to be the first to offer more floors than condominiums.

Located in downtown Bellevue at NE 9th St and 109 Ave NE, the European Tower will have 16 residential floors… And just 15 homes. Each condominium will span an entire floor (roughly 2700 sq ft). The plan is that the top two floors will be combined into a penthouse with a price tag of more than $10 million. Each home will have panoramic views of Lake Washington, Lake Sammamish and the Cascades, two terraces, 11′ ceilings and its own entrance. High-speed elevators will stop only once per ride to maximize privacy.

Amenities start with the round-the-clock concierge service providing owners with everything from dry cleaning to vacation car rentals. Membership to The Harbor Club in Bellevue and The Seattle Club is included with ownership. A state-of-the-art fitness facility will be on-site for those that don’t want to take advantage of the included membership to the Bellevue Pro Sports Club.

1 hotel & Residences

Breaking ground next year at 2nd & Pine; Urban Visions is building the next luxury high-rise condo/hotel complex in the downtown corridor. Urban Visions is a locally based company with other projects in the works, including two mid-rise apartment buildings.  Conscious of environmentally savvy urbanites, the firm ambitiously seeks Gold or Platinum LEED certification on all three downtown projects.

The 36-story structure will house a 5-star hotel, 7 levels of below-ground parking and 10,000 sq ft of retail space. There will be approximately 150 hotel rooms and 150 condos. The condominium’s price point comes in at an average of more than $1000/sq ft, second only to the uber-lux Four Seasons. Urban Visions may find a decent niche in the downtown market, as the Four Seasons asks nearly $2200/sq ft.

Equinox - Seattle

Equinox condominiums are located in of one of Seattle’s most eclectic boroughs. Eastlake is a perfect transition between often rowdy U-District and bustling South Lake Union. The neighborhood offers its residents the chance to travel downtown in 5 minutes, but has enough amenities to provide for a fun night all its own. Bars, restaurants and boutiques line Eastlake Ave, the main thoroughfare for the east side of Lake Union. Legendary haunts, like The Zoo Tavern, meld seamlessly with contemporary hotspots like Sitka & Spruce.  Many homes and condos in the area have views that take advantage of the neighborhood’s natural slope toward Lake Union. The layout of the units at the Equinox do their best to maximize a peek at the lake.

Construction at Equinox is currently underway. The 204-unit, steel-framed building should be ready for its new residents in early 2009. Units in the complex range from studios (smallest: under 500 sq ft, priced in the mid-$200’s) to 2-bedroom lofts (over 1300 sq ft, approx. $1M).

Equinox is bringing Belltown-quality amenities (concierge, fitness center, communal great room with kitchen made for entertaining) to Eastlake. A monstrous 8600 sq ft courtyard lets residents commune around a centralized fire pit. The rooftop deck affords a fabulous view not only of the lake, but of the rapidly ascending Seattle skyline and on across to Queen Anne as well. Finish packages continue the high-end, urban flair. The design team of Weber + Thompson have selected Fischer & Paykel and Bosch stainless appliances, not to mention custom cabinetry, to adorn the interiors.

There are myriad floorplans to choose from, most focusing on maximizing space with very open layouts. Expect modern, European-feeling units. Some kitchen islands are even mobile, allowing the owner to create a kitchen that functions most efficiently for him/her. Many units are naturally south- or southwest-facing with huge windows to capture sunlight. The units facing east are the most affordable, and many have large decks or patios. Homeowners dues will be between 50 and 60 cents per square foot. 

The Sales Center is located at 1500 Eastlake Ave E (Eastlake & Galer). Open 11-6 daily, the Sales Center has a scale model of the finished product, a full-size sample kitchen and the opportunity to view floorplans. Nearly 60 units were under contract by mid-July.

Quick Facts:

1. Location: 1530 Eastlake Ave E
2. # of Units: 204
3. Website: www.equinoxcondos.com
4. Est. Completion Date:  Early 2009
5. Flooring:
   1. Kitchens:  Hardwood
   2. Living Room/Bedrooms:  Carpet
   3. Bathrooms:  Ceramic Tile
6. Sales Center:  1500 Eastlake Ave E, 2nd Floor
7. Pricing:  $200,000-<$1,000,000
8. Floorplans/Finishes:  Available Online
9. Ceiling Height:  8′8″ - 9′8″
10. Options:  A/C, Eurosliders, Media Systems, Elec. Shades.
11. Structure: Steel & Concrete
12. Insulation/Sound Transmission Prevention
    1. Common Wall-to-Common Wall: 
       1. 4 ^{3/4″ _{Acoustical Insulation}}
       2. _{^{2 Layers 5/8″ Drywall, Each Wall}}
       3. _{^{1″ Acoustic Gap}}
    2. Floor-to-Floor: 
       1. 1 ^1/2” Gypsum
       2. 10″ Metal Joists
       3. Acoustic Insulation
       4. 1/2″ Resilient Channel (Sound Gap)
       5. 2 Layers 5/8″ Drywall