The Lakeview in Kirkland is a 5 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

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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I contacted the Escala sales team after their e-mail went out on Friday in regards to the new changes to their pricing and amenity space.  I have not heard back yet, but when I do I will report back with some details.  Per their e-mail, as a previously registered client, I took them up on the opportunity to set up an appointment before their March 27 unveiling to the public.  Stay tuned.

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At what cost per month are condo dues are too high?

Over the last couple decades many high-rise communities (Concord, Cristalla, 1521, Escala, Bravern, Bellevue Towers, 5th and Madison, Cosmopolitan and others) have favored amenities which ultimately requires higher dues.  Some of it is to be expected and of course you can’t please everyone.  In my experience, especially in the last 12 months prospective owners are looking for projects with lower dues and are willing to give up some if not all the fancy amenities.  In fact, many of the Baby Boomers that were expected to purchase these high rise units are favoring a “wait and see” approach to see if both HOA dues and prices will continue to come down.  From my frequent conversations with this demographic, they can’t imagine paying the higher monthly dues plus taxes after they own the condo in full.

Of course, not everyone shares this opinion.  There are boomers, many young professionals and urbanites that see dues as just a part of urban ownership.  They enjoy the pools, media centers, gyms and the 24 hour concierge.  So where is the breaking point?

I think it would be interesting to start a discussion on what we think is fair and acceptable.  When do dues get to be too high?  More importantly, are you willing to pay for these expensive amenities on a month basis?  I would love to hear your thoughts.

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I thought it might be interesting for you to see examples of what sold last week in downtown Seattle.  This includes 1 and 2 bedrooms up to $2,000,000 and dating back to Friday February 19th.

This would be an interesting comparison to make week over week. Unfortunately this takes a lot of time to produce.  If you every need more detailed reports from the multiple listing service it can be done quickly.  For now, enjoy the list below.  I find it interesting to difference between what the asking price is and what it actually sells for.  Remember, that this sample set includes developers and re-sale owners.

Marselle: 699 John St Unit#: 201
Ask-$199,990 Sold-$195,000

Marselle:  699 John St Unit#: 217
Ask-$259,990 Sold-$255,000

Marselle:  699 John St Unit#: 215
Ask-$279,990 Sold-$270,000

Cosmopolitan: 819 Virginia St Unit#: 2505
Ask-$415,000 Sold-$330,000

Arbor Place: 121 Vine St Unit#: 2104
Ask-$350,000 Sold-$350,000

Gallery:  2911 2nd Ave Unit#: 112
Ask-$389,000 Sold-$365,000

Olive 8: 737 Olive Way Unit#: 3001
Ask-$545,000 Sold-$495,000

Seattle Heights: 2600 2nd Ave Unit#: 1403
Ask-$499,950 Sold-$498,000

5th and Madison: 909 5th Ave Unit#: 604
Ask-$550,000 Sold-$540,000

The Vine: 2607 Western Ave Unit#: 902
Ask: $625,000 Sold: $608,000

Enso Condominiums:  820 Blanchard St Unit#: 1505
Ask: $780,000 Sold: $785,000

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Hot off the wire, please read below for a notice from the Escala Sales team.   As expected they are starting a pro-active vs re-active approach. Expect more details, but as you can see prices will start at $384,000.  How do you think the market will re-act?  I’m anxious to get your opinion!

YOU NEED TO CHANGE MORE THAN JUST PRICE IN TODAY’S NEW ECONOMY

Dear Jeff,

As a valued registrant, we would like to share with you details of the important changes happening at Escala Seattle. First and foremost, our pricing has been dramatically reduced. Below is a list of starting prices for our One, Two and Three Bedroom Homes.

1 BEDROOM, 1.5 BATH, 952sf Homes starting at:  $384,000
2 BEDROOM, 2 BATH, 1607sf Homes starting at: $699,000
3 BEDROOM, 2.5 BATH, 2442sf Homes staring at:  $1,574,000

In addition, we have taken a sustainable business approach to homeowner fees and services. The concept of Club Cielo, a five-star, 30,000sf club facility with outside membership, will now be available to Escala residents only. This decision has greatly reduced homeowner fees. All the while maintaining an unbelievable level of service and a greater level of security.

What does this mean to you? In place of a fully-staffed Bar, Restaurant and Spa we are moving to a User-Pay system. Whether you’re planning a private party for your 40+ guests, want to schedule a fitness trainer or masseuse on Thursday or simply want to book the screening room – all can be arranged through the concierge and Columbia Hospitality. Where costs are involved, those fees will bill directly to you instead of burdening the entire Home Owners Association. The fitness facility, resistance pools and changing rooms are always available.

There are many things that have not changed at Escala. These include access to an extensive amenity package, spacious homes with the largest decks of any downtown development and classic Seattle views. Combine all of that with Absolute-Value pricing and there is no other building like Escala in downtown Seattle.

Our sales office opens to the public on March 27^th, 2010. As an early registrant, we’d like to get you in prior to the March 27^th date. Call 206.816.6300 to schedule an appointment with one of our new sales professionals.

See you soon!

The Escala Seattle Team
1920 Fourth Avenue
Seattle WA  98101
t. 206.816.6300
e. info@somethingischangingatescalaseattle.com
w. somethingischangingatescalaseattle.com

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