With all the buzz surrounding the grand re-opening of One Main Condominiums, I thought it might be fun for you to get to know one of the neighboring projects.  Astoria is located on Main Street and 100th in Bellevue’s coveted “Old Main”.

Astoria Condos has a wide variety of floor plans, views of Bellevue and Meydenbauer bay, a secured lobby entrance, concierge service, and a beautiful fountain courtyard.  Built in 2000, Astoria continues to hold its value amongst the abundant options that Bellevue provides.  This unit 417, although overpriced, shows the quality that exists within the building.  A 2 bedroom with over 1,300sf, a den for your office and views of Meydenbauer Bay off the deck, show the value that if offered at Astoria.

Even though building is reaching its 10 year anniversary, at the right price it can be a option for both young and old.  As Bellevue continues to evolve, “Old Main” continues to be a favorite among the downtown Bellevue residents.  It has character, charm and exudes a quality of life that is second to none.

With the abundance of restaurants, shops and the new addition to the neighborhood (One Main), I anticipate that the value of living at Astoria will continue.  I have friends that purchased at Astoria and they are always happy to share in their experience.  They have been very happy, since purchasing in 2009.

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If your condo has been on the market and has not seen much results, here are a few things you can try:

Hire A Professional Photographer:

A wide angle lens is a seller’s best friend.  The size of your condo won’t change, but with a wide-angle lens, you can at least make your unit look bigger.  There are statistics that show in some markets that over 80% of buyers start their search online.  If your unit is going to be seen all of the internet; how do you want it to look?

Stage It:

Sometimes you just have to show a buyer how to live in your home.  There are great resources available to do this.  You can stage your home by having a professional either rent or purchase furniture.  It can be expensive, but it can be difference in selling your unit quickly opposed to have it sit on the market for months at a time.  There are also virtual stagers.  Here are couple examples for your reference (See Through Staging, Virtual Staging Properties)

Use The Numbers:

Promotions, the cost per square foot, price reductions and home improvements.  Buyers like to see numbers.  ”$25,000 price drop”, “lowest cost per square foot in the building”, “over $30,000 in updates” or “full year of home owners dues and property taxes pre-paid by seller”. These are all examples of things you can do to increase the interest in your unit.  In a market like we have been in, there are often two types of buyers.  One that wants distressed property and the other that just wants a good value.  Give a buyer the incentive to buy; use the numbers.

Social Media Marketing:

There is no other way to say this…..traditional real estate marketing is dead.  We simply have to adapt.  If you want to sell your unit, tap into SM (Social Media).  Facebook, Twitter, Youtube or even your blog is a great place to start.  Just remember to use sparingly.  The last thing you want is to be using your personal page as a classified ad.  It is ok to use it once or twice.  At least then the people connected to you virtually will know that you have a house to sell.  SM has a much bigger reach that just your small circle of friends.  Word of mouth is good, word of mouth with Social Media is powerful!

This is by no means the only way to market your condo.  It is however a great start.  Follow these 4 simple steps and you’ll see both the traffic and the interest in your unit go up.  For any questions, please feel free to e-mail us at info@urbanimg.com

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I saw a piece on the Today Show today that I thought you might enjoy.  It features the unbelievable circumstance that Miami is in with their high-rise condominium sales.  As you’ll see in the piece, condo sales were up 200% from 2008-2009.  There is only one way to do that; PRICE. Bottom line is that when developers and banks work together, they can deliver a product with a price that sells.  We can make some comparisons to our local market here as well.  We need to explore everything in order to get our inventory/demand back on tract.  See here for the video.

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UCS can now monitor and track your listing requests (E-mail Listings).  For any of you that would like us to keep an eye out for new listings in your favorite buildings or neighborhoods, fill out a request and we’ll do all the work!  For example, you may want to know about any new 2 bedroom unit at the Concord under $700,000.  You can simply add each characteristic in the search form and we will report back with all the details.

As always, send us an e-mail if you have any questions. info@urbanimg.com

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The Lakeview in Kirkland is a 6 unit concrete and steel luxury condo project just a few minutes from downtown Kirkland. Dynamic views, spacious floorplans and luxurious craftsmanship are a focal point of this special project.  Just minutes from 520 and 405, Lakeview is a unique option for many different buying profiles.

Project highlights include:

• Tall ceilings
• Hardwood floors
• Granite counter-tops
• Crystal cabinets
• Pre-wired for 7.1 home theatre/surround sound
• Central Vac, security system with monitored doors and 10 security cameras
• Glass Atrium, guest parking, two elevators, secure lobby entrance
• Two car secure parking with electric car outlet
• Additional out of unit storage

Price sheet and unit mix:

**Unit 100  Sold
Unit owned by Developer as well.

Some Additional Specs On This Condominium:

Bosch side by side washer/dryer
Miele cooktop, oven & dishwasher
Under cabinet lighting
Hansgrohe faucet
Montigo gas fireplace
Walk-in closet
Walk-in shower with rainshower system

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Ok, the time has come.  I’m finally asking for help.  Whenever you hear of tips, condo updates, breaking news or something interesting in the condo market, UCS wants to hear about it!  I have created a page for that sole purpose (Tips-Updates-Breaking News).  As most of us know, the condo world is big and eventful.  I simply want to collaborate and share that information with you; the readers!

Understand that we will always respect your privacy and will keep anonymity when requested without exception.  Feel free to contact us and share stories about your building, funny situations with your concierge, frustrations, upcoming events or information that could make the next buyer of your building appreciate your efforts.  As a additional reminder, you are always welcome to communicate through the comment system as well.

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There is a unwritten rule when turning over the keys to a new owner (make the new owners feel welcome).  I will never forget the feeling of when I moved into my first condo back in 2006.  I had always wanted to own and when I took possession of the keys it was a incredible feeling.  Unfortunately when I moved in, the previous owners didn’t do a good job of moving out.  No vacuumed floors, dirty kitchen, leftover items and dust throughout the unit.  I’m not one to complain, so I cleaned and was able to get over pretty quickly.  On the opposite end of the spectrum is where a story from last week begins.

One of the best experiences I’ve witnessed for both a buyer and a seller happened at the Sorrento condominiums. I worked with the seller and thankfully everything went very smooth.  The whole transaction was very cordial.  A few days before closing, my Seller called me and told me that he would he was spending the entire day cleaning and addressing a few minor items with the unit.  I found out a few days later that he and filled every tack/nail hole, cleaned the unit to the point that it was “like new” and organized a series of directions that would assist the new buyers in getting to know both the house and the neighborhood.

This is by no means the “usual”.  In fact, when I met the buyers at the home to exchange keys they mentioned multiple times how elated they were with the condition of the unit.  Just a few days later I received this e-mail:

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Well, I just took a quick trip over to One Main Condos in Bellevue.  As mentioned in a previous post (One Main With Matrix), their new direction has them using the newly formed Matrix Real Estate.  I spoke with both Leslie Williams and Mike Miller tonight and they are thrilled to be involved with the project.

My initial feeling on the building was good.  Nice clean lobby with high ceilings and an inviting interior.  It felt luxury, but not overbuilt.  After a quick meet and great in the lobby I headed to the third floor view unit #301.  It is a 1+den with a nice deck and a spacious layout.  I didn’t have much time so I quickly moved over to unit #305 as well.  Again, it was a nice layout with a pretty attractive build-out.  You see the custom shelving in a picture below.  Overall, I thought the sales team picked great units to model.  On that note, it probably was not easy as they have over 37 plans available to pick from.   Here is the price range of available homes:

I was also able to obtain the pricing for the following units:

I thought I would also provide a quick rundown on their features as well:

Building:

• Concrete and Steel
• 57 units
• Brick Storefront
• Secure Parking
• Prive over-sized decks, metal railings

Interior:

• 9 foot ceilings
• Floor to ceiling windows
• Hardwood flooring throughout
• Montigo gas fireplaces
• Central A/C

Kitchen:

• German cabinetry
• Slab granite tops
• Glass backslash
• Bosch appliances
• Blanco stainless steel undermount sinks

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The Realogics/Sotheby’s group is off and running.  They are taking over both the sales and the creative direction of Florera in Greenlake and Hjarta in Ballard.  With an emphasis in “meeting the market” they are re-introducing the 100 units with new pricing and a brand new strategy.

Here is a look at the updated pricing:

o Studios (578 – 598 sq. ft.) will start from $244,950;
o One bedrooms (614 – 921 sq. ft.) will start from $274,950,
o One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
o Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
o Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
o Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

I’ve included the entire media release for your reference:   Media-Release

For more information feel free to e-mail us at info@urbanimg.com

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I’ve had quite a few readers inquire about renting their condo units.  Although the Seattle rental market has seen better days, it can still be an option that works within your goals.  The obvious considerations are :

• Does my building allow it?
• How will it effect my cash flow?
• What can I rent it for?
• How long will it take?
• Can I be living in the unit while its being rented?
• Can I afford to purchase something else in addition to owning my unit?

It’s important to consider all your options before making a decision. For those of you that want to do it on your own, refer back to my post from earlier this year  “10 Steps To Renting Your Condo”.  If you want assistance in renting your unit, please feel free to contact us at info@urbanimg.com.  We’ll send you a pre-rental package to get you started.  In the meantime, if you have any questions or need to get an opinion on a unit you’re considering, don’t be shy; we are happy to help.

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Seattle lost a very good townhome developer to the last years recession.  I just caught word of it on Sunday.   This was not a “big” name builder.  He was just a normal guy that had a gift of doing something different.  I ran into him a few years back when his product stood out among many townhomes that frankly just looked the same.  I was impressed.  He had sustainable and salvaged materials through out his home.  Birch tongue & groove floors, porcelain and subway tile, custom wood/steel staircases and energy star appliances.

Home trends tend to swallow up the masses.  Many developers will just build what is popular.  This builder went against the grain.  It was modern architecture,  built “Green” product and undeniably urban.  I’m sad to him go.  His departure had nothing to do with his product or his finances, but more to do with the lack of energy after three tough years of fighting the recession and the downward trend of housing values.  To be honest, its sad; now is the perfect time to be building “quality” units.  If he told me he wanted to start over again, I would be the first person to sign up as member of his team.  His product speaks for itself:

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Just a quick update for you.  One Main and Matrix in Bellevue just launched their new and improved website.  I think they did a much better job with the site.  They have incorporated Facebook, a new blog and much more consumer friendly information (i.e.  Walkscore, project updates and links to register).

I’ve been told that they will be taking me through their models during a private tour.  I will report back with more info including information on projected pricing, upcoming events and projects updates.   Stay tuned!

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UrbanCondoSpaces.com finally has a Facebook Fan Page.   A big thank you to all the readers who have been supporting the blog over the last 3 years.  We have gone through many changes, but through those changes we remain dedicated to providing fresh content and great advice.  Please take the opportunity to check out the Fan Page.   Feel free to comment liberally and give feedback if you’d like.  I’ve embedded a YouTube video below that we just released to spread the word about our blog and what we do.  I hope you enjoy and thanks again for the support!

Click here to view the embedded video.

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Careful what you read.

When a condo project advertises that it is reducing or cutting its prices by 50% this is not a true reflection of the overall pricing strategy.  As transparent as we want these projects to be, there is no way that they will show the public how they intend to sell their entire inventory.  A campaign that suggests a building is reducing prices by 30-50% is simply a marketing ploy to capture the public interest. At the end of the day, the market will dictate when the units sell and for how much.  It is simply supply and demand and the perception of value vs. cost.  Condos sell on momentum.  Developers and their sales teams are motivated and need to get you in the door to view their product.

Here are a few suggestions I would give you to ensure that you are not “sold” on these extraordinary reductions:

• View as many units as possible
• Ask the sales team how they are pricing the same units on different floors (i.e.  What would it cost me to move up to the 14th floor from the 12th?)
• Ask for a floor plan and a cost per square foot for each unit (example…$500,000 / 950sf = $526psf)
• Ask to see the units with the largest amount of reductions (within your price point).  This will allow you to see if those units were reduced due to potential issues (i.e…..Site plan, functionality, poor views, quantity, square footage etc….)
• Don’t by into the usual sales tactics.  There is still plenty of inventory to choose from.  Take you time and make a great decision.

As always, if you have a questions, please feel free to e-mail me at info@urbanimg.com

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On March 28th at 1pm, Kennedy Wilson, will be facilitating the auction of the 5th and Madison condo units.  There will be 18 units hitting the auction block.  If you have not been to an auction yet, it is quite an experience.  I will be in attendance with a few clients who have been considering a purchase.  In addition, I will be tweeting live from the event and will report back with intimate details.  For now, I have attached (see below) the unit list and starting bids.

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