Congrats to Bellevue Towers on reaching 50% Sold. With 13 sales so far this year, they are off to races. A recovering real estate market is good for all of us. Lets hope all our Seattle and Bellevue projects continue to sell their inventory, while providing great homes for new buyers throughout the year. For more information on this sales milestone, I’ve included their press release below:

Bellevue Towers Reaches 50 Percent Sold

Momentum Continues With 13 New Sales in January 

BELLEVUE, WASH. (February 1, 2012) - Bellevue Towers, the region’s largest urban condominium project, has sold 13 new homes in January, bringing the project to 50 percent sold and putting it on track to meet its record setting sales of 2011. With last year’s sales totaling 144 units and $88,940,000 – double the volume of the closest, comparable project in the market – the January 2012 sales of 13 new homes for $11,100,000 confirm Bellevue Towers as the most attractive condominium value currently offered to buyers in the market.

“Our ability to offer limited release prices in early January on select homes had a direct impact on our impressive January sales,” said Patrick Clark, principal with Realty Trust, the brokerage company marketing and selling the project, who also noted that these sales included three $2 million+ homes. “With the support of the Seller, prioritizing sales velocity and value for our buyers has proven to be the right course.” Bellevue Towers sold 13 new units in the month of January at an average cost per square foot of $486 based on the average sold unit size of 1,526 square feet.

Bellevue Towers remaining homes include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million. These homes range from 807 square feet to 6,398 square feet and represent some of the most generous-sized condominiums in the market, offering the best value on a per square foot basis. Original prices have been reduced on average by 30 percent, with a limited release of new homes reduced by as much as 40 percent from original pricing to generate strong momentum going into the new year.

“The opportunity to purchase a home for 40 percent or more off the peak continues be attractive to many buyers,” said Clark. “Prospective buyers recognize that we are meeting the market in terms of pricing and values, and that has resulted in strong January sales.”

Bellevue Towers consists of a 42-story North Tower and a 43-story South Tower with 539 total homes. Each tower offers its own lobby with dedicated concierge service, while sharing an array of other amenities. Residents of Bellevue Towers have access to a 24,000-square-foot urban garden nestled between the two towers, a private screening room, large dining room with terrace and chef’s kitchen, fitness center, spa and sun deck, and a great room that opens to an expansive outdoor terrace with fireplace and barbecue grill.

The project also features more than 300 original pieces from Northwest artists including Lucinda Parker, Julie Speidel and George Batho. Standard finishes in all Bellevue Towers homes include Viking or Wolf cook tops and ranges, Sub-Zero refrigerators, Bosch dishwashers, full-height granite kitchen-counter backsplashes and master bathrooms finished in marble or travertine.

New pricing information and tours are available Wednesday through Friday from 11 am to 6 pm and on Saturday and Sunday from Noon to 5 pm at 500 106th Avenue NE in downtown Bellevue. Prospective buyers may make arrangements by calling 425.454.9922 or visiting www.bellevuetowers.com.

There is a new listing at McGraw Street Townhomes in Queen Anne.  I’ve been a big fan of this project and have written about it in the past. A friend and client of mine purchased one of the 8 modern townhomes back in 2008. This particular end unit (560 McGraw) which happens to be one of the best units in the entire project was once listed for $659,950. Now priced at $499,999, I believe its a top 5 townhome offering in our market.  It has big views of Lake Union, Gasworks and the city. It has three levels with a private patio, spacious outdoor deck and expansive living spaces.

Other features include:

• 10′ ceiling height and oversized windows
• Island Kitchen
• Hanstone countertops in kitchen
• Jenn-Air stainless appliances
• Steel and cable railings (see below)
• Upgraded fixtures
• Track-lighting (see below)
• A “floating” gas fireplace
• Bamboo floors

For anyone in the market, I would suggest adding it to your list. The biggest downside?  You have to access the unit by exiting off of Aurora(99). Outside of that, I think it has limited downside and great long term upside potential.

Here is link to the listing:

The success from 2011 has carried over into January for the sales team at Bellevue Towers.  According to my source at the project, they have sold 7 units this month and are negotiating contracts with a number of other buyers. This comes on the heels of their newly released pricing promotion.

Limited Release Pricing is offered for select homes. These condos feature prices reduced by as much as 40% from original list prices. Homes now available for sale include studio and one-bedroom residences priced from the $300,000s, two-bedroom homes priced from the $600,000s, and spacious penthouses priced from $2 million. Bellevue Towers‘ homes range from 809 square feet to 6,398 square feet.

Some examples of the new pricing includes the following:

What did Bellevue Towers accomplish in 2011?

Bellevue Towers the best-selling condo project in 2011 with 144 homes closed and sold since January 1, 2011. They reported sales of $89 million – double the volume of the closest comparable project in the market. The luxury, downtown Bellevue project has now sold a total of 268 units with more than 400 residents calling Bellevue Towers home.

Search Bellevue Condos:

With limited inventory in the downtown market, some Seattle buyers are looking elsewhere for their condo or loft. I would definitely take a look at this top floor unit at Bagley Lofts. It just hit the market a few days ago. It has 14 ceilings, city and lake views, slate floors, marble, Bocci, Lutron and Juno fixtures and an elevated loft space currently used as an office. If your open to exploring just outside the downtown corridor, this would be a great unit to consider.

I’ve included the listing below if you want to view more pictures or schedule a showing:

Click Here

With two more buyers purchasing units at One Main Street last week, their inventory is down now to just ten homes.

The remaining homes at the boutique 57 unit project are a variety of one-bedrooms. The smallest and least expensive home is a 662 sq. ft. priced at $299,900. It features a nook separated from the main living space by sliding doors. Other features include – garage parking, air conditioning, German-engineered cabinetry, natural slab stone countertops and hardwoods throughout the main living area.

The largest of the remaining homes are approximately 880 sq. ft. with a spacious layouts.  The units include large master bedrooms with private ensuite bathrooms and floor to ceiling glass. The units also feature a large deck and a powder room.

One Main offers a quiet upscale alternative to the high rise options of downtown Bellevue. It’s located on Main Street in “Old Bellevue” just 2 blocks from the Downtown Bellevue park, Bellevue Square and Lincoln Square. Homes are approved for 3.5% down FHA financing.

One Main Street is open Saturday through Wednesday 12 to 5 p.m. at 10000 Main Street, Bellevue.  www.onemainstreet.com.

Search Bellevue Condos

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:

Its back again. Sanctuary – a 12 unit residential conversion of the former 1906 First Church of Christ, Scientist is scheduled to be re-introduced to the market next week (see below). It was originally built between 1906 and 1911 and was designated a historic landmark by the City of Seattle in 1977.  In 2007, an adaptive reuse and redevelopment of the church took place. Un-favorible market conditions, obscure pricing and lack-luster marketing effort led to an un-successful sales cycle.

In July of 2011, the note to the project was sold and the projects new owner injected an additional 2 million dollars into the historic re-design. Now complete – the project consists of 12 fee simple units offering concrete and steel construction, historic features, modern design and intricate crasfsmanship.  According to the projects recent press release the construction team was spearheaded by Belfor Property Restoration, Runberg and Assosciates and Robin Chell Design.

“We made many improvements and are thrilled with how the individual homes and common areas turned out,” says Rob Nall, a principal of Resource Transition Consultants. “The additional construction and restoration was worthwhile—we’ve optimized the final product and the pricing for positive market acceptance.”

The 12 units range from four to six levels (including roof top terraces). The homes are sized from 1,600 to more than 3,000-square-feet. The pricing will range from the low $500,000s to $1.1 million. The new pricing reflects reductions in the neighborhood of 25-40% off previously listed prices.

Two model homes will be opened this weekend for public previews from 11 a.m. to 5 p.m. The official sales debut is scheduled for January 28, 2012 when the sales office opens. More information can be found on the recently launched website at www.LiveatSanctuary.com.

Search Other Properties In Capitol Hill

I just read a great article today about apartment developers who face a potential supply bubble.  It highlighted some very important points that are worth considering as we examine the next 5-7 years in the Seattle market. We are in massive cycle of apartment development.  Just this last year, we’ve seen an incredible amount of new projects get underway. Developers, builders and investors are trying to take advantage of the rise in rental rates and the current demand for rental units in Seattle.

The question for our market is, with all the new apartments projected, when will we begin to see an over-supply? With an improving housing market, investors and banks have to be worried about finishing their projects right when the housing market has picked up steam. It seems logical that if the employment conditions continue to improve in Seattle, then the increase in income per household will follow. Seattle has a healthy job market right now. We have a young educated workforce who are taking advantage of high paying jobs. In my opinion, it is only a matter of time before we see more demand for purchases fuled by a limited-supply of condos. So the real question is – Are we creating a new kind of housing bubble? Will an over-supply of apartments be the next cycle that banks, developers and builders wish they could forget?

My opinion:

As rental rates continue to rise, a natural condition in the housing market begins to take shape. High rent influences home purchase demand when leasing begins to exceed the cost of owning a home. As rents rise and developers continue to take advantage of the situation, it will encourage buyers to give home ownership a try.  Inversely, if apartment supply comes quickly then rents have a likely hood of decreasing due to excess supply and competing projects. In my opinion there will be a steady cycle of home ownership demand due to high rents. This will come before we reach an over-supply of apartments.  What do you think?

If you want to participate in our recent survey, tell us where you think the next Seattle condo project will come from – What Will Be Seattle’s Next Condo Project?

Um…..Yeah.

The list of incredible view units just grew by one. Check out this west facing view unit at One Lincoln Tower in Bellevue.  Originally bought in shell condition, it was creatively developed and is now listed for sale. How much – $4,500,000 (MLS #311189).  Its $4.5 million dollar price point puts the 3,000sf unit in exclusive company. There are only 12 units for sale priced above $4,000,000.

It was purchased in August of 2006 for $2,475,000.  Thoughts?

Take a look at the listing:

[pictures c/0 Perrault)

Did you catch this post on Wednesday?  Unit #1506 at Millennium Tower is scheduled for auction today and it has a minimum bid from the bank at $1,351,500. The unit was purchased in 2004 for $1,950,500. The owner of the unit is a man charged with running the largest Ponzi scheme in Washington State history.  It will be interesting to see what this unit sells for.  If you want more of the story, see our post from a few days ago or take a look at the property profile for Millennium Tower.

Want to see whats available at one of Seattle’s most luxurious condo towers?

There is a condo going to foreclosure auction this Friday and its in one of the most luxurious buildings in all of Seattle - Millennium Tower.  What makes this foreclosure unique is not just the property itself, but the Ponzi scheme that surrounds the person that bought it.

Do you recall the story of Meridian Mortgage Investor Fund?  The founder Frederick Darren Berg, a Mercer Island resident, was charged with running the largest Ponzi scheme in Washington State history. Berg was accused of defrauding more than $100 million invested in his Seattle company’s mortgage funds. This occurred between 2003 and 2010. Investigators uncovered that Berg had been spending his investors money with reckless abandon.  Some of his frivolous spending  included a 5.5 million dollar mansion in Bellevue, planes, boats, condos (like the unit you see above) and a muliti-million dollar luxury bus line. Long story short, Berg appeared to be as elusive as Bernie Madoff.  He had major accounting firms producing what appeared to be real financial statements and he ultimately was charged with fraud and nine counts of money laundering.

What does all this have to do with Millennium Tower?  Well, he bought unit #1506 back in January of 2004 for $1,950,000.  Millennium Tower is home to just 19 units.  Its history of ownership includes the likes of coffee mogul Howard Schultz and the units range in size from 2,300 sq. ft. to 10,000 sq. ft.  The condos were sold bare and vacant with the idea that each affluent owner could bring their own architect and interior design team. What’s remarkable is that unit 1506, which was once listed for as much as $3,000,000 will now appear at the Seattle public auction (foreclosure). Something that is rarely seen in buildings like this. The price has not been established by the bank, but my guess is that when the price is published this could be one of the most talked about deals of the year.  If you want more information or want to be a part of our foreclosure mailing list, contact us.

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Here is a previous post highlighting the interiors of a Millennium Tower Unit

Do you remember this condo we wrote about in September? Then, unit #809 at Cristalla was scheduled to go to auction with a minimum bid of $254,745. It was postponed (delayed) and finally made its way back to the foreclosure auction last Friday. It was brought to our attention by a loyal reader and client of ours who wanted to purchase this particular unit. On their behalf, I went down to the auction on Friday in an effort to secure the property for them. It didn’t take long me to notice that there were a few others investors that had their eyes on the 1 bedroom unit as well. Long story short the bidding started at $212,000 and ended at $265,000. Not a bad deal considering that this same exact unit once sold for $622,500 in 2007. Not all foreclosure sales have the same result, but in this case, my analysis showed that this property sold for about 70% 0f its actual market value.

We’ve just updated our Cristalla Property Profile page.  Check it out.  Interested in learning how to buy at the auction?  Contact us.

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

Happy New Year!  I’ve been away on a family vacation (Mexico) and I’m just getting back and caught up on work.  I had an amazing trip, and I’m thankful for the family that I have that made the trip so special.  Taking some time off always helps me to re-charge and give my best efforts again to the blog.  Here are some resolutions I have for 2012:

• I’m excited to share more investment advice for those of you buying in 2012 and beyond
• I’m focused on helping you make better decisions with your buying, selling and renting this year.
• I’m going to make a better effort to provide more statistical analysis in 2012
• I’m excited to launch a foreclosure program in 2012
• In the 1st quarter of 2012 we’ll also be announcing a date for a research seminar and our first annual UrbanCondoSpaces meet and greet

If any of you have other suggestions, improvements or requests please contact us.  Now that I’m back, I’m energized and look forward to a prosperous 2012 for everyone!  It is going to be a great year!

It is Monday and yet again I have a great example of a foreclosure from last Fridays auction. Unit #2101 at Newmark Tower sold for $297,000.  The minimum bid was $263,500. In January of 2010 it was listed as high as $450,000. So when I saw that it was headed to auction, I had a gut feeling that it would appeal to the masses. Although small at 610 sq ft, it had gone through a modern renovation that gave the unit character.  The western waterview alone was enough to attract a number of investors. Apparently it did exactly that.

If you don’t recall, Newmark Tower is located at 1415 2nd Ave.  It is one block from Pike Place Market, a short walk to the waterfront and will be home to one of Target’s first “Urban Concept” department stores. Target acquired the retail space for estimated 15.5 million dollars.

[photo c/o M A Shea]