If you are unfamiliar with the project; Ruby is a 5 story, 52 unit project of one bedroom units on the Northend of Eastlake (MAP IT) .The majority of the units are West facing and have expansive views from Downtown Seattle to Wallingford. They have high end finishes and a charm about them for the low cost per square foot.
Their position in the market has obviously improved since the Rollin Street Flats and Equinox move to Apartments. With that being said they offer a good product at a very fair price. On top of that, they are located in a very attractive area for young owners, college students and city dwellers looking for instant access to everything.
In terms of their progress I had an opportunity to meet with a contact of mine at Ruby last week. They have had a surge of sales including 8 sales in the last two weeks, with mutiple offers in counter. They are 51% sold and are looking to sell out by year end.
Their financing has been incredible. A partnership with a local mortgage broker (Seattle Mortgage) has allowed a %4.00 30yr fixed rate. It will be difficult to find that type of financing anywhere else.
In terms of their available inventory, they still have great units left to sell. Let’s keep an eye on them throughout the rest of the year.