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Element Townhomes in Redmond-One Unit Left

April 29, 2010 By 1 Comment

Element.Townhomes 300x209 Element Townhomes in Redmond One Unit Left

I just received an e-mail from Ryan Raffetto at Intracorp.  They have just one home remaining in their townhome project in Redmond.  Element, is a development of loft-style townhomes.

The unit they have left is a 2 bedroom, 1 bath and is 600sf. It’s priced at 226,000.  The dues are $120. (see the unit here)

Home features include:

  • Stainless appliances
  • Hardwoods
  • European cabinetry
  • 2 story windows
  • Landscaped courtyards

Element is located on corner of Redmond Way and Willows Road near downtown Redmond.

Filed Under: All Townhomes, Developers, Element, Home, Intracorp Companies, LLC, Redmond Tagged With: , , ,

Escala Sales Picking Up Steam-FHA Approval Just Weeks Away

April 27, 2010 By Leave a Comment

photo 2 Escala Sales Picking Up Steam FHA Approval Just Weeks Away

I spoke with Erik Mehr of Team Builder JLS yesterday regarding the progress at Escala Condominiums.  According to Mehr, they have successfully closed 6 sales since taking the project over.  They have over 40 pending sales and for those of you interested, you can follow their pending sales in the MLS.  They made a commitment to adding all their sales to the MLS last month.

In summary, Erik felt that they were making great progress.  He said that the HOA dues approach that reduced the owners monthly payments was very well received.  I inquired about what units were selling well, and as you might have expected the units priced between $450,000 and $550,000 have seen a lot of activity.  Mehr also mentioned that the “F” plans were seeing an abundance of sales as well.  They are the 3 bedroom units, generally priced over $2,000,000 dollars.  Thus far out of 20+ 3 bedroom units, Escala has sold 8 of those floorplans.

In terms of financing, MetLife, the projects preferred lender, is lending conventionally and will continue to do so.  This squashes a lot of the rumors that were suggesting that you had to purchase “all cash”.  I was also surprised to hear that the project is only a few weeks away from FHA approval as well.  This will be a monumental step for the success of the project.  I will confirm when they get their approval.

Overall, the 30-40% in reductions seem to be moving the majority of this inventory.  As the number of “new” units downtown continue to dissapate, Escala will be looked at as a good option for downtown living.

Filed Under: All Condos, Amenities, Architects, Builders, Business Center, Concierge, Condo Updates, Courtyard, Elevator, Escala, Exercise Room, Game Room, Guest Suites, Home, Hot Tub, Lobby Entrance, MulvannyG2 Architects, Owners Lounge, Pilates/Yoga Studio, Pool-Indoor, Retail, Sauna, Seattle, Secure Parking, Theater, Thoryk Architects Tagged With: , , , ,

Bravern To Lease South Tower

April 27, 2010 By 1 Comment

The Residences at the Bravern Bravern To Lease South Tower

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

Filed Under: All Condos, Amenities, Bellevue, Bravern, Business Center, Concierge, Courtyard, Developers, Dog Park, Elevator, Exercise Room, Game Room, Guest Suites, Home, Hot Tub, In the news, Lobby Entrance, Owners Lounge, Rentals, Retail, Sauna, Schnitzer West, Secure Parking, Spa, Storage Tagged With: , , , , , ,

Townhomes Can Be A Good Fit

April 22, 2010 By Leave a Comment

townhome4 Townhomes Can Be A Good Fit

I’m going to make an effort to highlight more townhomes on UCS.  They meet the needs of many Seattle home buyers.  In my experience, they always seem to be a perfect fit for someone that feels that  a condo is too small and a home may be too big or simply unaffordable.  Townhomes also are a good alternative for:

  • Baby Boomers/downsizers
  • Buyers wanting a yard
  • More creative space
  • Vertical living
  • Rooftop decks
  • Green built
  • In-city living

Townhomes often lead the market in design trends as well.  Right now there is a big push for using sustainable materials, green energy, stone, bamboo, wide plank hard woods, steel and cable, floating staircases and modern exterior design.

Townhome.7 200x300 Townhomes Can Be A Good Fit

townhome.6 300x225 Townhomes Can Be A Good Fit

Townhome.5 300x199 Townhomes Can Be A Good Fit

Townhome.1 300x199 Townhomes Can Be A Good Fit

IMG00119 20100122 1320 300x225 Townhomes Can Be A Good Fit

Filed Under: All Townhomes, City of Seattle, Home, In the news, Puget Sound Region, Townhome Posts Tagged With: , , ,

Brix Condos In Capitol Hill Reporting 8 Sales in Less than 2 Weeks

April 20, 2010 By Leave a Comment
CustomImage Brix Condos In Capitol Hill Reporting 8 Sales in Less than 2 Weeks

Brix Condominiums

I just received an e-mail from Amanda Loring at Brix Condominiums in Capitol Hill.  They have just 11 units left after selling 8 units in less then two weeks.  I think this a great example of a project getting serious with pricing; leading to more sales.  The tax credit is driving traffic as well.  Just 10 days left for buyers looking to take advantage.

For more information please e-mail us at info@urbanimg.com.

Also, if you would like to schedule a showing of the 11 remaining units, please click on the button below to set up a time:

Filed Under: All Condos, Amenities, Brix, Courtyard, Home, Rooftop Deck, Schnitzer West Tagged With: , , , , ,

Don’t (Always) Buy The Tax Credit Hype

April 19, 2010 By Leave a Comment

Tax credit Dont (Always) Buy The Tax Credit Hype

As a buyer you are bombarded right now with the hype of the tax credit.  Don’t panic.  Especially as a condo buyer.  You need to remember that although the tax credit is $8,000, it doesn’t mean that your search for a home will be a failure if you do not make the deadline.  Bottom line is, the tax credit is only $8,000 dollars.  There are still multiple opportunities in the market to buy at a deep discount.  Picking the right unit is much more important then rushing into the purchase in order to take advantage of the credit.

Rates are reason to move swiftly, but the credit is simply a bonus if you decide to purchase now.  Do not let the credit dictate your urgency to purchase.  If you have any questions or want to hear more about the opportunities I mentioned above, please feel free to e-mail us at info@urbanimg.com

Filed Under: Home, National, Puget Sound Region, The UCS List Tagged With: , , , ,

Shredding The Offer; Sending It Back FedEx

April 16, 2010 By 1 Comment

Shredding a contract Shredding The Offer; Sending It Back FedEx

Please forgive me while I rant.  I received an offer this week on a listing that I have in Seattle.  I will spare the details that should remain anonymous. In a nut-shell, when the offer came in, it literally should have been shredded and returned to the agent and the buyer who submitted it (via FedEx). There are unwritten rules in real estate that most of us abide by.  In this particular situation one major rule of thumb was broken by the buyers agent.  It involves an offer that is “contingent”.

The definition of contingent is:   A term that refers to a real estate contract contingency that’s often used when a home buyer places a house under contract with the understanding that he must sell his current house before finalizing the new purchase.

This is obviously a very risky move for a seller.  In the event the buyers home doesn’t close or that another potential buyer is worried about making an offer on a contingent property, the Seller will be out of luck.  So, in general, I usually recommend that a seller would not accept a contingent offer.  In this particular case the agent made it clear that the buyer “REALLY” liked the house.  With that in mind, I made sure the buyer’s house was priced right and I told the buyer’s agent to go “ahead” and send there offer in.

That brings to me the reason why I told you I should have shredded the offer.  When trying to buy a house contingent, most buyers agents recognize the detriment to a Seller in pulling their house off the market.  Therefore, the offer comes in at full price or something very close.  Thus, giving the sellers the confidence they need to move forward.  In this case, the buyer and their agent did not use their brain.  In face, they sent an offer that was close to 8% less than what my sellers were asking.  When I read the offer, I almost fell out of my chair.  It might not seem like that big of a deal to most of you, but to me, after 8 years of being in this business, I was quite surprised by the general incompetence of the agent and her buyer.

We sent the offer back at full price.  Once again, if I were to do it over, I would have sent it back fully shredded and would ask that they waste time on someone else.

Filed Under: Home, In the news, The UCS List, UCS Rants Tagged With: , , ,

All Liens Released at Mosler Lofts

April 14, 2010 By Leave a Comment

Mosler Lofts Belltown e1271301433338 All Liens Released at Mosler Lofts

I just received really good news for the residents of Mosler Lofts in Belltown.  A friend of mine that lives there just sent me an e-mail with all the details.  He attached the recorded documents releasing the liens from title. (see below)  Without a ton of investigation (I’m off to dinner), it appears that a settlement allowed for the release.  Which makes sense; ultimately someone was going to have to budge.

After 2 years of waiting the owners have to be elated. This is pivotal for the success of future sales at the project.  As I mentioned before litigation can be deadly for a condo project.  It strikes fear in buyers, but is much more destructive in terms of financing.  Up until a few weeks ago, many lenders would not touch the project.  I believe that Seattle Bank had financed the last recorded unit.  I was hoping to get additional feedback from the homeowners site dedicated to the lien (www.Molserloftslien.wordpress.com), but it now appears to be password protected.

I can tell you that my friend was thrilled.  I can only imagine the feeling of all the other owners that have been patiently waiting for this time to come.  This should open the door for more buyers to live in the award winning project.

Here are the recorded lien release documents from Chicago Title

release claim lien

lis pendens release

Here are some panos I took last year from the rooftop deck:

Inland View Pan 1023x138 All Liens Released at Mosler Lofts

Water View Pan 1023x170 All Liens Released at Mosler Lofts

Filed Under: All Condos, Amenities, Architects, Belltown, Builders, Business Center, Concierge, Developers, Downtown Seattle (MLS Area 701), Exercise Room, Home, JE Dunn NW, Owners Lounge, Rooftop Deck, Schuster Group, Seattle, Secure Parking Tagged With: , , , , , , ,

Olive 8 Update

April 13, 2010 By Leave a Comment

olive8 exterior Olive 8 Update

Periodically, I will update on the progress of some of our local condo projects.  I’ve checked in with the sales team at Olive 8 for a few months and didn’t get much in response.  On that note, they did get back to me tonight with an update. (Thank You!)

It came directly from Megan Hilfer at ParsonsPr (Olive 8‘s PR firm).

Here is an update for you about what’s been going on at Olive 8:

  • We have had 21 sales so far in 2010.
  • Our traffic numbers our competitive with other projects – an average of 65-70 visitors per week.
  • We have a month-long art show with Patricia Cameron Gallery that is kicking off with a party this Thursday, April 15th from 5-7pm.  There will be food and drinks, and a prize drawing.  See Art at Olive 8 evite for more info.

21 sales since the beginning of 2010 is pretty good.  In the next few weeks, I will be sure to see how many they have actually closed.  Which we all know is a very different story.  Either way, their success is important for all of us, so I hope their sales continue.  For additional info on the project, I thought I would add a few links for your review:

Floorplans

Amenities

Photos

Location

Filed Under: All Condos, Amenities, Architects, Business Center, Concierge, Condo Updates, Developers, Downtown Core, Exercise Room, Guest Suites, Home, Hotel Services, LEED Certification, MulvannyG2 Architects, Neighborhoods, Pilates/Yoga Studio, Pool-Indoor, R.C. Hedreen Company, Seattle, Spa Tagged With: , , , , ,

Housing’s HUGE Dilemma

April 12, 2010 By Leave a Comment

Housing Dilemma Housings HUGE Dilemma

The biggest dilemma in housing is when an owner is under-water on their mortgage.  Let me try to explain why this is such a huge problem.  I’m going to use a situation that a friend of mine is in down in Phoenix Arizona.

In the heat of market in 2006, he bought a home for nearly $420,000.  That home is now worth $180,000.  In the foreseeable future it would be impossible for him to get his equity back in the house.  Meaning, it seems totally illogical that his $180,000 will ever get back to $420,000.  So, what are his options?

Modify His Mortgage:

The problem with a modification is that banks are not reducing principal yet.  Bank of America and Citi have claimed to have started the process, but I will believe it when I see it.  When banks modify loans they typically lower your interest rate and re-amortize your loan.  Meaning that if you are late on your payments they can add the back payments to your loan and essentially will allow you to start over.

Short Sale:

A short sale is typically a very good option in this situation.  The only problem is that he makes to much money to qualify.  His bank has told him repeatedly that his situation will not allow a short sale approval.  He is not in financial hardship.  So at this point, we know he can’t sell his house short and a modification will not do anything to help his situation.

Foreclosure:

In an area like Phoenix, foreclosures are at an all time high.  People are simply giving the keys back to the bank and they are walking away from their home.  This is inevitably what my contact is going to do.  Knowing that he is paying a mortgage on a home once valued at $420,000, he simply can’t stomach continuing to do so.  Especially when his neighbors homes are selling for a third of what he paid for his own home.  His value is $180,000 or less.

His mortgage payment at $420,000 is:   $3,100
His mortgage payment on $180,000 is:  $1,700

So that brings me to my point.  Until the banks start to reduce the principle on their loans they will continue to see this same situation.  Borrowers are well aware that the equity in their homes are gone.  If you were in this position, would you continue to pay the mortgage?  It is a very difficult situation that many borrowers are facing.  What comes first?  Principle reductions from the banks or more foreclosures from the buyers?

Filed Under: Foreclosure, Home, In the news, The UCS List Tagged With: , , , ,

Downtown Seattle Condo Tour-Progressive Open

April 11, 2010 By Leave a Comment

Downtown.Condo .Tour e1271021705312 Downtown Seattle Condo Tour Progressive Open

Late notice, but If anyone is in the mood to view some downtown Seattle condo inventory, there is a progressive condo tour from 1-4pm today.

View the map here:  Open House Tour

If you want to view any of these condos at different time, can schedule a time by clicking the button below.

tour button11 Downtown Seattle Condo Tour Progressive Open

Filed Under: Home Tagged With: , , , , ,

Ruby Condos: 4 Sales Away From Sellout

April 11, 2010 By Leave a Comment

Exterior Ruby Condos: 4 Sales Away From Sellout

Ruby condominiums is now down to just 4 units.

Ruby is a 4 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.

Developer:  Barrientos
Management: CWD

The remaining units and floor plans are included below:

Unit #101 — $304,500: — 790 SF one-bedroom (currently the sales center)
Unit #107 — $289,500: — 801 SF open one-bedroom (Just Sold)
Unit #110 — $289,500: — 801 SF open one-bedroom
Unit #112 — $289,500: — 817 SF open one-bedroom
Unit #209 — $289,500 — 801 SF open one-bedroom

Schedule a Tour Ruby Condos: 4 Sales Away From Sellout

Ruby Interior 300x213 Ruby Condos: 4 Sales Away From SelloutRuby Condos Kitchen 300x213 Ruby Condos: 4 Sales Away From SelloutRuby Condos Bathroom 300x213 Ruby Condos: 4 Sales Away From SelloutRuby.Condo .Courtyard 300x213 Ruby Condos: 4 Sales Away From Sellout

Building Features:

  • Secure parking
  • Ample storage
  • Private landscaped courtyard
  • Gas BBQ for outdoor parties
  • Built Smart™, energy efficient construction
  • Elevator service

Interior Features:

  • Hardwoods and Carpet
  • Hand laid bathroom tile floors and tub surrounds
  • Granite slab kitchen and bath countertops
  • Stainless steel Whirlpool™ appliances
  • 9 foot ceilings with expansive windows
  • Premium plumbing fixtures
  • Private balconies or terraces on most homes
  • A/C ready
  • Carpeted bedrooms

[mappress]

Filed Under: All Condos, Amenities, Barrientos, Courtyard, Developers, Dog Park, Eastlake, Home, Neighborhoods, Ruby, Seattle, Secure Parking Tagged With: , , , ,

The Home Buying Tax Credit-Don’t Hit The Panic Button

April 10, 2010 By Leave a Comment

2010 tax credit 300x205 The Home Buying Tax Credit Dont Hit The Panic Button

The Federal home buying tax credit is set to expire soon.  One must have a valid contract by April 30th and must close by the end of June.  Let me make this very clear.  Don’t Panic.  In fact, the last thing that you want to do is to rush into a purchase that you don’t believe in.  Although the tax credit is $8,000 or $6,500 for qualifying taxpayers, it makes no sense whatsoever  to rush your purchase.  John Wooden once said, “be quick, but not in a hurry”.  If you want the credit before it expires, it can be done; just don’t rush.  Here a few suggestions if want to find the right place in the next few weeks:

1.   Identify your top three neighborhoods.
2.  Make a list of the characteristics that are most important to you (ie…fireplace, concierge, 2 parking stalls ect…)
3.  Have you real estate broker on your speed dial.  Make scheduled appointments throughout the week to see 4-5 homes/condos at a time.
4.  With buildings on your list that you don’t know, drive by them and make sure you are ok with the neighborhood.  This saves a lot of time.
5.  When you identify your top three homes follow my instructions from a previous post “Buying Real Estate-The Right Way” refer to #5.

For a few other references to making the most out of your purchase, you can always read through these previous posts as well:

10 Questions A Buyer Should Ask

Remove Emotion-Add Strategy

Should I Use A Buyers Agent

Need Help?  Contact Us

Want to view a property?

tour button11 The Home Buying Tax Credit Dont Hit The Panic Button

Filed Under: Home, In the news, The UCS List Tagged With: , , , , ,

Veer Lofts-Pricing and Activity Update

April 9, 2010 By Leave a Comment

Interior e1270849364415 300x158 Veer Lofts Pricing and Activity Update

Quite a few UCS readers have been curious how Veer Lofts in South Lake Union is doing in terms of sales and activity.  I reached out to Matrix and courtesy of Nick Jarman and Kim Tate, please see below for an update on the project.  If anyone needs any additional information, please e-mail us or use our contact form on the home page.

From Nick’s e-mail:

We currently have 84 homes sold (out of a total of 99 in the building).  77 of these sales are closed, leaving a total of 7 pending and 15 available.   Sales have been great the last couple of weeks!  Last week we sold 2 homes and received 1 offer that we’re still negotiating on (110 & 511 sold, 503 offer).  This week we have sold 1 home so far (106).   All of our ground floor homes (which are the 2-story lofts, concrete & steel) are priced under $400k.  Pricing on our open-1bd flats start at $280k, open-1bd + loft start at $289,500, and we only have 3 homes left on the top floor (2-story lofts) starting at $399,950.

We are FHA & VA approved and therefore seeing a lot of activity (especially with the $8k tax credit expiring at the end of the month).

A big thanks to Nick for the update!

tour button11 Veer Lofts Pricing and Activity Update

If you have not seen it yet, South Lake Union has their own facebook business page (South Lake Union)

You can become a fan of UrbanCondoSpaces as well.  Just click here (UrbanCondoSpaces Fan Page)  to check it out!

Filed Under: All Condos, Amenities, Architects, Bocce Ball Court, Builders, Courtyard, Developers, Elevator, Home, Johnson Architecture, Lobby Entrance, Retail, Rooftop Deck, Seattle, Secure Parking, South Lake Union, Storage, Walsh Construction Tagged With: , , ,

Condo at the Cosmopolitan Reduced by 56%

April 9, 2010 By 2 Comments

rsz cosmo1 Condo at the Cosmopolitan Reduced by 56%

This is something you don’t see everyday. There is a condo on the 27th floor at the Cosmopolitan that will go auction at $385,000. That is a $490,000 reduction from the current listed price for this unit see here: Unit 2704. This is a remarkable opportunity to purchase, that will be over at about 11:30am when the auction at King County is complete. Let me explain how it came to be.

The owners of this unit purchased it on 9/07/2007 for $735,000. Like many other owners today, they may have experienced financial hardship. Prior to going to auction, most owners will try to sell a home as a “short sale”. If you read my post from a few days ago, you can see how many options there are in working with the bank to save your home from the foreclosure process. In this case, the owners were either denied home preservation or they simply didn’t try. So once a bank determines that the owner is incapable of keeping the home they start the process of foreclosure. This is a diagram of how the timeline works as an owner heads towards an auction date:

foreclosureprocess timeline 300x117 Condo at the Cosmopolitan Reduced by 56%

As sad as this story is, it is a reality of todays market. Some new buyer will own this incredible unit on the 27th floor for a very good price.

See a few more pictures of the unit here:

View 300x200 Condo at the Cosmopolitan Reduced by 56%

Kitchen 300x200 Condo at the Cosmopolitan Reduced by 56%

living 300x200 Condo at the Cosmopolitan Reduced by 56%

Filed Under: All Condos, Amenities, Architects, Builders, Business Center, Concierge, Cosmopolitan, Elevator, Exercise Room, Guest Suites, Home, Hot Tub, Lobby Entrance, Mortenson Company, Owners Lounge, Rooftop Deck, Sauna, Secure Parking, Spa, Storage Tagged With: , , ,
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