Breaking news coming from the homeowners meeting at Mosler Lofts.

Out of respect to the board, the owners and their legal council, we will withhold detailed information until they have an opportunity to press release. What we can say is that a settlement has been reached which is GREAT for homeowners at Mosler and buyers in the city that hope to finance at the coveted 2007 built condo project.

We will be following up soon with more details.

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.

JUST LISTED

Harbor Heights | 1 Bedroom
2621 2nd Ave #405 | MLS #488113
$369,500

1 bed | 1 bath

Belltown

Live Urban. Updated & spacious end unit with great city views & in the center of it all. Newer Brazilian cherry hardwoods, slab granite tops, custom alder cabinets, baseboard & trim. Bathroom features granite tops with tiled shower & heated floors. 24×24 slate exterior decking, newer paint and Hunter-Douglas window coverings. W/D in unit with storage, assigned parking & phenomenal rooftop deck. Enjoy the fitness center, pool, hot tub and home owners lounge. Just blocks from SLU & Downtown

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Jeff J Reynolds
206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate?

Windermere Real Estate/East, Inc.
3933 Lake Washington Blvd NE #100
Kirkland Wa 98033
www.UrbanCondoSpaces.com

I thought it was time to check back in on the luxury condo market in Seattle. Thus far, in 2013, there have been nineteen (19) million dollar condo sales in Downtown Seattle. I’ve featured the 3 most expensive sales this year. See below and feel free to ask questions.

1) Escala  Unit #PH201  – Downtown Seattle - Asking Price $6,999,000
Sold Price – $6,200,000
Size: 5,170 | Price per square foot: $1,199.23
Bedroom: unlisted | unlisted
See more photos
Number 1 on our list is the penthouse at the uber popular Escala. Built in 2009, Escala is home to professional athletes, real estate moguls and other Seattle elite. The building offers 269 units on 31 floors. Unit #PH201 features 5,170sf with 270 degree panoramic views of everything that Seattle has to offer. The unit comes with storage, 3 parking stalls and state of the art interiors. The building also offers amenities that include 24 hour concierge, fitness, lap pools, spa, wine storage, full commercial restaurant space, outdoor patio with fireplace, pet relief, business and movie theatre. Pretty impressive list right?

2) Four Seasons Private Residences Unit #1702– Downtown Seattle – Asking Price $2,750,000
Sold Price – $2,700,000
Size: 1,850 | Price per square foot: $1,459.46
Bedroom: 2  | Bathroom: 2
See more photos
Number 2 on our list is unit 1702. It boasts incredible westerly views of the Ferris Wheel, Puget Sound, Elliot Bay, the mountains and the Stadiums in SODO. From the 17 floor in one of the best locations in the city, one can understand why it fetched a price just $50,000 below its asking price. Built in 2008, Four Seasons offers all the modern amenities of a hotel with 24 hour staff, infinity pool, spa, outdoor fireplace and a fitness facility.

3) Four Seasons Private Residences Unit #1804 – Downtown Seattle – Asking Price $2,555,000
Sold Price – $2,500,000
Size: 2,073 | Price per square foot: $1,205.98
Bedroom: 1 + den | Bathroom: 1.5
See more photos
Rounding out our top 3, unit 1804  boasts more of a city view then west facing sound. Unit 1804 is a 1 bedroom plus den – it features a 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.

JUST LISTED

Mosler Lofts | 1 Bedroom
2720 3rd Ave #607| MLS #482808
$279,950

1 bed | 1 bath

Belltown

Enjoy urban living in this chic 1 bedroom loft. Wall of windows featuring city lights and great views of the Space Needle. The award winning Mosler Lofts is full of incredible amenities. Concierge services, grand lobby, lounge, library, fitness facility, secured garage, secured entry from all areas of a the building & an incredible rooftop deck. Just steps away from Myrtle Edwards park, the SAM sculpture park & all the restaurants & night life the city has to offer. Just 4 blocks west of SLU.

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Jeff J Reynolds
206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate?

Windermere Real Estate/East, Inc.
3933 Lake Washington Blvd NE #100
Kirkland Wa 98033
www.UrbanCondoSpaces.com

For those of your looking for a good deal in Bellevue, don’t give up.  Check out this 1 bedroom condo sale at Bellevue Towers.

I might argue that its one of the best condo deals in Bellevue so far this year. It is a 1 bedroom, 1.5 bath with 1,348sf.  It has both courtyard and city views. It features of $25,00o in upgrades including California Closets, motorized controlled blinds and custom surround sound. It was purchased in 2009 for $599,000 – it is now under contract and the last listing price was $479,950.  That’s a pretty remarkable discount. Especially in this market.  See details here

I don’t know who the buyer is, but I’m sure they are happy with their purchase – I know I would be.

Fairview on Lake Union just broke ground.

The high end 21-unit project will feature units that range in size from 2,500 to 5,000sf. Pricing will start at 1.3 million. See here to review their press release.  Fairview has been in the works for over 3 years now (previously known as Enclave). The timing is opportunistic and much needed in a market with such little inventory. I’m thankful to see some new construction in our market. It’s been close to 4 years since we delivered a condo project and in my opinion, Eastlake is well deserving of an upscale waterfront community that will add value to a revived Lake Union.

See their website here: www.FairviewLakeUnion.com 

Buyers, listen up.

There are still ways to find value in the market. Let me use an example at the Cosmopolitan. In 2007, unit 2710 sold for $552,450. Back in late November of last year, this same unit came on the market at $325,000. If you went to the open house or toured during that first day on the market, you may have been disappointed. It was obvious at that time that you would have to compete with multiple offers.

By the time the bidding stopped, the price for #2710 went up to $360,000. Now, it would be easy for your co-worker, neighbor, family or friend to tell you that “over-paying” for a unit is a HUGE mistake. What all the people in your life don’t know, is that paying $360,000 for this unit was paying just $372 per square foot. If you take the average cost per square foot for Downtown Seattle 1 bedrooms over the last 90 days, you get a number of $532 psf.

So, what is the takeaway? We have to do our homework. The value is often in the numbers. No one likes to compete in multiple offer situations. It makes us feel that we are overpaying. If we do our homework before, build a spreadsheet with specific objectives and stick to our plan, we can find GREAT value in the market and make sense of investing – even during this wild and crazy market.

Disclaimer – The views of this unit will be altered by a neighboring apartment project. I still feel this unit was a GREAT value and would consider it regardless.

Search Seattle Condos By Neighborhood

JUST LISTED

TOP FLOOR AT THE BRIX
530 Broadway Ave E #611| MLS #474308
$295,000

1 bed | 1 bath

Capitol Hill

Urban Living at Brix. Top floor 1 bed, 1 bath w/big views! Quality finishes including hardwood floors, high-end appliances, full height-slab granite & luxury finishes throughout. Big windows allow tons of light. Quality building with secure parking, storage & a massive roof-top deck. Walk out your door & having everything at your fingertips – great restaurants, coffee shops and access to all that Capitol Hill has to offer. Minutes from Downtown, South Lake Union & University of Washington

Learn More About This Property | View this property on Facebook | Follow us on Facebook!

Jeff J Reynolds
206.794.1118
jreynolds@urbanimg.com

Do you know of anyone looking to Buy or Sell real estate?

Windermere Real Estate/East, Inc.
3933 Lake Washington Blvd NE #100
Kirkland Wa 98033
www.UrbanCondoSpaces.com

Check out this sale at Trace North – located at 12th and Madison on Capitol Hill. It is another success story coming from a much improved Seattle condo market. Unit #207 went live on March 6th. In just 5 days it went pending (buyer waived financing) and on the Friday the sale posted at 373,000.  It was listed at $359,950. Just another example of how low inventory and improved demand is driving up prices and frustrating buyers with multiple offer situations. It also doesn’t hurt that the unit was priced well, it’s located on 12th, has a nice size deck and the building is beloved my many.  See more details  - Click Here

Search Capitol Hill Condos

For those of you looking to avoid apartments and would rather settle into a condo, there are 23 condo rentals listed in Downtown Seattle.

They range in price from $950 to $8,750 per month.

425 Vine St #606, Seattle 98121 – $950
2132 5th Ave #206, Seattle 98121 - $1,100
2801 1st Ave #1018, Seattle 98121 – $1,600
819 Virginia St #2005, Seattle 98101 – $1,995
2125 1st Ave #805, Seattle 98121 – $1,995
2414 1st Ave #505, Seattle 98121 – $2,200
819 Virginia St #1511, Seattle 98101 – $2,295
210 3rd Ave S #4D, Seattle 98104 – $2,450
820 Blanchard St #603, Seattle 98121 – $2,495
1000 1st Ave #2103, Seattle 98104 – $2,500
820 Blanchard St #1008, Seattle 98121 – $2,695
2720 3rd Ave #512, Seattle 98121 – $2,895
737 Olive Wy #3009, Seattle 98101 – $2,995
737 Olive Way #2308, Seattle 98101 – $3,100
2319 1st Ave #205, Seattle 98121 – $3,150
900 Lenora St #W104, Seattle 98121 – $3,500
2000 1st Ave #2104, Seattle 98121 – $4,250
2121 Terry Ave #1602, Seattle 98121 – $4,500
1920 4th Ave #1705, Seattle 98101 – $4,500
1521 2nd Ave #1004, Seattle 98101 – $5,500
1521 2nd Ave #2904, Seattle 98101 – $6,000
2033 2nd Ave #2111, Seattle 98121 – $8,750

More details on each unit – Click Here 

Are condos selling on Capitol Hill?  YES.

In the last 60 days, there have been 56 condo sales. Almost one sale per day. That is a pretty impressive number. So whats left in terms of active inventory?

The number of active condo listings on the Hill is 37 units. They range in price from $115,000 to $1,749,000.

I’ve built a graph to show the (Active) inventory:

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:

One of the sales today at the foreclosure auction was unit #407 at Serana in Queen Anne - 1 bed, 1 bath with 586 sq ft.

Serana was a condo conversion (built in 1999) that went to market in 2007. It consists of 34 studios, one bed and 2 bedroom homes. This particular condo (unit 407) sold today for $160,001.

The last sale price was $304,500 in January of 2007.

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