For a limited time, we are offering no rent until February 2011. If you have been thinking of moving, take this opportunity to discover the Bravern- tour the newly released homes in the North Tower and experience the pleasures of living at The Bravern. From the exquisitely furnished model homes to the Signature Plaza – a 25,000 square foot amenity level located on the fourth floor spanning both towers, you will undoubtedly be impressed!
With all the news this week about the Bravern converting their north tower to apartments, I can’t help but to believe that Bellevue Towers will benefit. In my own personal situation, I had a client ask me today to identify a few options for he and his wife at the towers. Their requirement was pretty simple. They wanted 1,400sf or more and they needed a balcony.
So, I called the Bellevue Towers sales team this afternoon to narrow down their available options. I thought I would share the information received so that you could learn about their pricing and inventory as well. As you will see below, I’ve uploaded a selection of their 2 bedroom inventory for sale. You’ll notice that they represent a group of units under a million as well as a selection of units over a million as well. Give me a call if you have any questions.
2 bedrooms under a million:
2 bedrooms over a million
Wow. The Bellevue condo market has changed. Schnitzer West announced yesterday, that the North tower of the Bravern Residencies will be converted to luxury apartments. In another sign of the times, Schnitzer simply put, just couldn’t meet the markets pricing demand in many efforts to sell over 400 residential units. Now that the entire project will be converted to apartments the opportunity to own at Bravern is long gone.
This whole story is so fascinating to me as I can remember the build-up to this project and the incredible feeding frenzy that came with the projects initial reservation appointments. This project, like many others in Bellevue was going to change the way we lived in area code 98004 (Downtown Bellevue). Now, looking forward, this change may single handily give Bellevue the shot in the arm it needs to sell off its inventory of available condos. Bellevue Towers, Washington Square and One Main Street are three projects that truly stand to benefit.
It has already been announced that the The Bravern will host an open house on October 16th-17th showcasing the model homes in the North Tower. Leasing in the North Tower has begun with rent starting at $1,550 per month. With 65% of the units leased in the South Tower, the projects property manager still has roughly 292 units to lease.
The over all impact of this change in not yet realized. Once the buzz wears off, the Bravern retailers will probably stand to benefit the most with hundreds of new residents moving in just before the Holiday season.
I just e-mailed my contact at the Bravern to get an update on the progress of the South tower leasing. I will update shortly. In the meantime, I was hoping to hear from anyone who is currently leasing there? I would love to know the following:
- Have you enjoyed living there?
- What amenities are you using?
- Which retail stores to you frequent the most?
- Have your guests had any issues visiting?
I will post again shortly.
I’m currently sitting at the Viceroy Hotel in Palm Springs. My wife and I have been celebrating our 1 year anniversary down here in the desert. On the way down, I noticed something in the Alaska Airlines magazine that was drastically different then in the years past. In total, there were only four (4) Seattle condo ads in the entire publication. In order:
This is definitely a change from the past. While I was working at UrbanCondominiums.com in 2007-2008, there were at least 8 properties, many of our own that were highlighted in the popular airline publication. It seems obvious to suggest that it is all economy/budget related, but I feel that there is much more to it than that. I wonder what our market will look like in 24 months.
Out of the major condo projects still selling units in the city the only ones with available inventory should be Escala, Olive 8 and Four Seasons. I suppose there could be a few left at 1521, but it would surprise me. So where does that leave us? What is being built? Nothing. There are still plenty of lots with permits ready to go, but by the time you start construction, a project wouldn’t be delivered until 2013-2014 or later. Could this mean that we are heading towards a shortage of inventory? Or is demand still too weak, even 2-3 years from now?
Many of you have expressed an interest in the apartments at the Bravern. I’ve included their floor plan pricing, leasing information, pet policy and general information for your reference:
Open One Bedroom with Den 679-922 square feet $1,510-$1,835
One Bedroom, One Bath 613-661 square feet $1,360-$1,835
One Bedroom with Den 847 square feet $1,840-$2,315
One Bedroom, One and a half Bath 971-1154 square feet $1,760-$3,585
Two Bedroom, Two Bath 1242-1644 square feet $2,475-$3,885
Two Bedroom, Two and a half Bath 1745-2087 square feet $3,785-$4,835
Lease terms: 6-15 months (depending on availability)
Application Fee: $42 per adult, non-refundable
Security Deposit: $300 due upon application, refundable upon move out
Administrative Fee: $300 due upon application, non-refundable
Renter’s Insurance: $50,000 personal liability insurance coverage required upon move in date
Parking: $125 per month for reserved parking, $175 per month for tandem parking
The Bravern accepts cats and dogs of all sizes. Some breed restrictions may apply.
Pet Deposit: $300 per pet
Non-refundable fee: $300 per pet
Pet Rent: $25 per month, per pet
- Granite countertops, stainless steel appliances, abundant cabinet space
- Generous walk in closets, large living room spaces, washer/dryer in every home
- Gas fireplace, hardwood floors, deck outside most homes
- Panoramic views of Downtown Seattle, Lake Washington, Mount Ranier, and the Cascade Mountains
- Full time concierge
The latest update from the Bravern’s South Tower is 83 units have been leased. I’ve included the leasing office information below.
The Bravern Leasing Office
Located in the Lobby of the South Tower, off the 110th Avenue Arrival Court, between Anthropologie and Wild Ginger
Open Mon – Friday 10am – 7pm
Saturday – Sunday 10am – 6pm
688 110th Avenue NE, Bellevue, WA
This is a fun post for me to write. I have been so excited to share with you some recent updates to the blog. As you will see in the picture below, we have added a category of links titled “UCS Exclusive Sites”. I think this is an incredible addition to the site.
For the last 2 months, I have been working tirelessly on building individual sites for the major condominiums projects in Bellevue and Seattle. The objective was to bring each project to you! This hyper-local approach, delivers “building” specific information. Each website is loaded with great info. You can search units for sale, units that have sold and within a few weeks you’ll be able to search for rentals as well! In addition, you will find the following:
- Neighborhood information
- Walkscore and much much more.
Each site is fairly interactive as well. For example, if you want UCS to send you listings in your favorite building, just fill out the email notifications form and you will receive new listings immediately when they hit the market. As an owner you will also be able to keep tabs on the units that are for sale in your building. We will be adding new features to the site as time goes on. For now, my hope is that you enjoy what has been created. Please spread the word! I’m very excited to get your feedback. See below for a list of all the websites offered at this time:
Here is an example of the website for the Vine!
These are where the website links are located in UrbanCondoSpaces (see the picture below):
Trace Condos and Lofts
Eastlake Condos and Lofts
5th and Madison
The Bravern is off to hot start on the leasing of the south tower. In just 30 days they have leased over 58 units! This is an incredible pace. According to my contact at Bravern, the grand opening last weekend was a huge success.
In regards to the sales in the north tower, they have received 8 offers in less than 3 weeks. With the success of the south tower, sales will continue to increase. As the buildings fill up, I’m sure the retailers will be thankful as well.
For more information on the project:
Recent pictures of the project:
The leasing team at Bravern have just announced their Grand Opening for the Apartments in the South Tower. It will be held on Saturday, May 22nd & Sunday, May 23rd from 9am – 7pm. I’ve included their schedule of events for your review. I’m sure most local developers are thankful to Schnitzer West for pulling nearly 250 units off the market. Less inventory will amount to a quicker recovery. If anything, it is great for Bellevue and will act as a shot in the arm.
Schedule of Events:
|9am-12pm||Crepes prepared in the Exhibition Kitchen, with French pressed coffee from Vovito Coffee and Gelato.|
|12-4pm||Exhibition grilling with John Howie on the Garden Terrace
Movie Mania in the Theatre, featuring munchies and
John Howie beer.
Mini massages in the Signature Spa
|4-7pm||Jazz Trio and Hors d’ Oeuvres in the Great Room sponsored
by Wild Ginger
Wine Tasting in the Garden House
|12-4pm||Exhibition grilling with John Howie on the Garden Terrace
Movie Mania in the private theatre, featuring munchies and
John Howie beer
Mini massages in the Signature Spa
Grand Opening Specials include:
- Rents from $1500/month
- 4 weeks free rent
- Up to 3 months of free parking
- Membership Specials at David Barton Gym
Specials are valid for grand opening weekend only.
Enter to win:
- Two pre-painted Accent Walls
- Guest Suite for a weekend
- Valet parking for a week
- Mini pedicure
- $50 Gift Cards to restaurants at The Bravern
GRAND PRIZE: $500 gift card to The Shops at The Bravern
The Apartment Leasing Office is open daily until 7 pm.
After receiving my first e-mail blast from the Bravern’s leasing team, I noticed that the advertised rental rates have risen from a starting price of $1,100 to $1,400 per month (see the picture below). After hearing about the success of their leasing efforts thus far, this didn’t surprise me. At the same time, with all the available units to rent in Bellevue, I wonder if this is a bit pre-mature. Time will tell. I’ve include a copy of the e-mail below:
As reported early last week (Bravern to Lease South Tower) The Bravern Signature Residences is going through some major changes. With the news that they are leasing the entire south tower, I thought I would check in to see if there had been some activity.
According to one of their sales agents they have leased 25 units in just 7 days. It sounds like they are going to leave the penthouses alone as they are still just a vanilla shell. In the North tower, I was told that prices have been reduced by as much as 30%.
Schnitzer West has just announced that they will be renting the South tower at the Bravern Residences in Bellevue. This should not come as a surprise, given the market conditions and the current inventory levels in downtown Bellevue. What is surprising is discreet manner in which Schnitzer has been operating. The brokerage community has had no idea what direction the project was going in. Thus making it very difficult to recommend the project to prospective buyers. In addition, a few of the contracted buyers that I have spoken with also felt a little uneasy about the future and direction of the project.
This is a dramatic move that will ultimately change the inventory levels in Bellevue overnight. As seen on their new website, www.liveatbravern.com, they give you access to units for sale in the North Tower and units for rent in the South Tower. Rents will start at $1,100 dollars per month and are rumored to be as much as $5,000 per month. They are advertising the Grand Opening as coming “soon”.
There is just basic language on the website leaving interested tenants the option of leaving their e-mail for further updates:
Found on LiveAtBraven.com:
Introducing rental homes in the South Tower at The Bravern: homes in a wide range of floor plans, and whose quality, design, and amenities are as exceptional as the community they’re part of.
Eric Pryne of the Seattle Times wrote a great piece that can be found at SeattleTimes.com . According to his article Dan Ivanhoff the managing director of the project was quoted as saying “we’re shorting the supply” when referencing the inventory and lack of demand. He added, that the change to apartments is not permanent and that the South Tower may be sold in the future depending on the market conditions.
This news also dramatically effects all of the existing apartment inventory in Bellevue as well. I have not researched the exact number of available units for rent, but I can say that the number of vacant units is HUGE. There are a handful of projects that were just completed and more on the way.
The other interesting angle to this story will be how it impacts Bellevue Towers, Washington Square, One-Main and Continental. These are all active projects in Downtown Bellevue, fighting for each buyer looking to purchase in next 24 months.
Other blogs reporting on the Bravern:
Ben at TSCB: Read Here
The latest rumor in Bellevue is that the Bravern is currently in discussions with Dean and Deluca. For any of you that may be unaware, Dean and Deluca; founded in 1977 is a gourmet luxury foods store. Their flagship store in SOHO (New York) is famous. At this point there is not a signed lease but all evidence points towards the potential of Schnitzer Northwest and Dean and Deluca inking a deal. A few of you may recall the rumor a few years back where they were to occupy the Lincoln Square project. This would obviously be a big addition to the newly constructed Bravern. I know for sure that it would be a bonus for condo owners sitting on the fence. Stay tuned for more details.