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Luxury Downtown Seattle Listings

March 31, 2010 by  
Filed under 1521, Featured, First Hill Plaza, WFP

Realogics | Sotheby’s International Realty has given us some additional exposure internationally, which in turn has increased our ability to showcase luxury properties.  Take a look at these spectacular Seattle condos by clicking on their view below.

Fifteen Twenty-One

Floor-to-ceiling walls of glass & unparalleled Sound, Mountain, Space Needle & city views are the cornerstone of this luxury urban enclave, designed for those with the most discriminating of taste.

Click the View for Listing Details

Click the View for Listing Details

Waterfront Place

Embrace city living in this tranquil, spacious, yet intimate unit in the exclusive Waterfront Place. Interiors by Holly McKinley.

Click the View for More Details

Click the View for Listing Details

First Hill Plaza

Unparalleled 270 degree views of downtown Seattle from this custom designed sub-penthouse condo. Best designers with no expense spared on this elegant unit.

Click the View for Listing Details

Click the View for Listing Details

If you are interested in listing your luxury property, contact us to learn more about our savvy marketing and global network.

Auction Results for 5th and Madison

March 30, 2010 by  
Filed under 5thMadison, Featured

All the final bids are subject to the seller’s acceptance which should be finalized within the next four days. The penthouse did not sell.

The auction was standing room only, attracting over 300 people for the units in this 24-story tower known for its sustainable living features. The building was named one of Natural Home Magazine’s Top 10 of America’s Best Green Condos and designed to be 20% more energy efficient than industry standards.

Unit Number Floorplan Beds/Baths Approx. Sq. Ft. Original Price Starting Bid Selling Price
1102 ? ? ? $550,000 $235,000 $350,000
1200 00 1 Bed/1Bath 913 $580,000 $235,000 $392,000
1402 02 1 Bed/1.5 Bath 978 $499,000 $235,000 $353,000
1702 02 1 Bed/1.5 Bath 978 $615,000 $235,000 $358,000
1703 03 1 Bed/1.5 Bath + Den 978 $600,000 $235,000 $391,000
1705 05 1 Bed/1 Bath 808 $399,000 $195,000 $348,000
1803 03 1 Bed/1.5 Bath + Den 978 $600,000 $235,000 $370,000
1805 05 1 Bed/1 Bath 808 $415,000 $195,000 $331,000
2003 03 1 Bed/1.5 Bath + Den 978 $746,000 $290,000 $476,000
2005 05 1 Bed/1Bath 807 $570,000 $225,000 $355,000
2103 03 1 Bed/1.5 Bath + Den 978 $720,000 $275,000 $415,000
2200 00 1 Bed/1 Bath 913 $760,000 $290,000 $445,000
2202 02 1 Bed/1.5 Bath 978 $700,000 $290,000 $405,000
2203 03 1 Bed/1.5 Bath + Den 978 $746,000 $290,000 $476,000
2301 01 1 Bed/1.5 Bath + Den 1,241 $899,000 $385,000 $719,000
2305 05 1 Bed/1Bath 807 $625,000 $225,000 $390,000

The Value of the View by William Justen

A recent study has shown that condos with a view are of course more likely to sell, but by how much?  Unfortunately there is no magic formula to accurately pinpoint the value of downtown Seattle view.  However, it sure would make our jobs easier if it could be as easy as:

slope-of-a-line-formula
Former Planning Director and owner of 22 downtown Seattle properties, William Justen, has pointed out that buyers are attracted to views of Elliott Bay more so than amenities and/or finishes.

Today about 175 units remain unsold within four condominium buildings west of 2nd Avenue. This compares to 481 units remaining between 4th and 8th avenues to the east. These view premiums can range from 25% to more than 50% over a comparable home, especially if the view is protected. That’s why the West side of 2nd Avenue may soon look like Park Avenue – there are four permitted condominium towers planned between Pine and Lenora streets, and the City of Seattle recently extended all permit holders’ development rights for six years to maintain this trajectory.

A Value of View Flyer presented by William Justen’s project Fifteen Twenty-One, shows that many downtown addresses still have threatened views.  This in turn threatens your investment’s value, and should be a well thought- out precaution before making a decision that could potentially cost you $10,000′s from something as simple as an application for a building permit.  Although many of the proposed projects that have been postponed from 2006/07 may still not break ground for another couple of years, developers are still holding onto permits as Seattle continues to be one of the top cities people relocate to.

Over the past 18 months, 123 units have been sold within six condominium towers with an average purchase price of $2 million. The top property sale was more than $9 million. In 2009, the vast majority of King County’s condo sales valued at more than $1 million were located within a single address: Fifteen Twenty-One Second Avenue, just a half-block east and high above the Pike Place Market. What’s the secret to such success? Every home offers a protected view of Elliott Bay.

Have you seen our zoning map?  According to specifications presented by the City of Seattle, we created an interactive map that shows how high a residential/commercial lot is allowed to go.  You can find the map under the Search button, or click here to view it now.

By the way, William Justen and all those over at Fifteen Twenty-One would like you to know…

Open House This Weekend
March 27th & 28th
12:00pm to 4:00pm

“Now’s The Time” – Pryde + Johnson Announces Condo Clearance Sale in Ballard and Greenlake

FloreraInGreenlake.com for more info.

FloreraInGreenlake.com for more info.

We have recently been given a press release from Pryde + Johnson regarding another bulk buy sales strategy for LEED Silver (targeted) built Hjarta in Ballard and Florera in Greenlake – units will be sold at up to 35% off original pricing in an alternative to auctions.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

As we understand it, several dozen sales have been generated to date using the sales strategy at The Decatur and Eleven Eleven East Pike. Rather than slowly lowering prices over a longer period of time (which seems systemic at many projects), Realogics was able convince the developer and their lender to explore more dramatic cuts in hopes of garnering quicker sales.  The block of sales also helps shore up FHA financing and unit appraisals.  In theory, this establishes a stabilized market value for the remaining sales while resolves a common concern amongst “wait and see” buyers that prices will drop further after buying.  Hjarta and Florera will be undergoing a similar strategy and should offer some great deals for those who take advantage.

Studios (578 – 598 sq. ft.) will start from $244,950
One bedrooms (614 – 921 sq. ft.) will start from $274,950
One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950
Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

HjartaInBallard.com for more info.

HjartaInBallard.com for more info.

Pryde + Johnson appears to be motivated to sell now so buyers can take advantage of the extended homebuyer tax credit, and today’s historically low rates.  Since rates will soon begin to climb, and the homebuyer tax credit will soon expire, these are exceptional opportunities for buyers who are interested in living outside the urban core, but within one of two prime urban neighborhoods.  The official sales release will begin on March 27 but you can preview in advance – open houses will be scheduled for each weekend or by appointment.  March 27th is the same weekend as Escala reintroduces sales at price drops and 5th & Madison auctions their remaining inventory so it should be a marketplace as buyers hunt down bargains.

PRESS RELEASE

Schedule a Showing

DisclaimerThese projects are listings of Realogics Sotheby’s International Realty’s “special projects” division, which is affiliated but independent of the “resale” division co-founded by James Stroupe and Moira Holley.

What’s the Sales Difference at Cosmopolitan by View?

March 9, 2010 by  
Filed under Cosmopolitan, Featured, Land Use, Selling

Cosmopolitan closings, N, S, E facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3204
1 1.5 1,093 6/27/2008 11 549,950 503
3102
2 1.75 1,316 10/8/2009 5 510,840 388
2804
2 2 1,186 8/15/2008 102 715,000 603
2706
1 1 734 2/1/2008 79 438,000 597
2704
2 2 1,195 9/7/2007 118 735,000 615
2702
2 2 1,318 5/2/2008 243 800,000 607
2606
1 1 734 4/19/2007 104 441,950 602
2511
1 1 954 6/8/2007 12 590,000 618
2505
1 1 767 2/25/2010 262 330,000 430
2504
2 2 1,195 7/20/2007 27 710,000 594
2502
2 2 1,316 6/20/2009 139 750,000 570
2402
2 1.75 1,318 7/24/2007 35 892,000 677
2305
1 1 740 6/19/2007 31 455,000 615
2301
1 1 943 6/18/2007 24 572,300 607
2206
1 1 739 8/30/2007 112 412,000 558
2011
1 1 954 6/5/2007 41 579,950 608
2005
1 1 735 5/31/2007 23 430,000 585
1904
2 2 1,195 2/6/2009 138 535,000 448
1806
1 1 739 9/25/2008 245 377,000 510
1805
1 1 738 7/25/2008 24 370,000 501
1711
1 1 954 10/7/2009 100 367,000 385
1703
1 1 820 3/13/2008 41 504,750 616
1505
1 1 738 11/10/2009 136 240,000 325
1505
1 1 735 6/8/2007 27 431,000 586
1401
1 1 965 8/13/2007 115 532,500 552
903
1 1 820 10/10/2007 62 425,000 518
1204
2 2 1,186 3/1/2010 105 500,000 422
1202
2 1.75 1,316 7/29/2009 35 650,000 494
1006
1 1 738 12/14/2007 212 366,000 496
1001
1 1 943 9/28/2007 151 495,000 525
906
1 1 735 6/13/2007 28 439,900 599
Averages 963 89.903226 $520,811 $540
Cosmopolitan closings, West facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3010
1 1 979 7/31/2007 63 625,000 638
2910
1 1 943 10/5/2007 145 607,000 644
2708
1 1 722 3/25/2008 50 400,000 554
2708
1 1 722 9/6/2007 82 439,000 608
2607
2 2 1,248 8/2/2007 76 760,000 609
2009
1 1 719 7/10/2007 53 400,000 556
2008
0 1 427 6/21/2007 59 255,000 597
2007
1 1 800 3/2/2009 537 330,000 413
1907
1 1 800 6/14/2007 98 445,000 556
2109
1 1 719 10/29/2007 16 400,000 556
2409
1 1 719 7/19/2007 42 440,000 612
2209
1 1 719 5/15/2007 23 330,000 459
2208
0 1 424 9/28/2009 17 202,000 476
2309
1 1 719 8/24/2007 93 415,000 577
1808
0 1 427 6/30/2008 370 222,000 520
1708
0 1 419 9/24/2008 528 220,000 525
1609
1 1 719 5/30/2007 56 399,950 556
1511
1 1 943 4/27/2007 19 560,000 594
1508
0 1 419 5/4/2009 23 206,000 492
1409
1 1 711 5/25/2007 36 379,950 534
1407
1 1 800 5/8/2008 27 380,000 475
1209
1 1 719 8/16/2007 76 378,950 527
1109
1 1 719 4/30/2007 14 389,950 542
1107
1 1 800 10/8/2007 112 425,000 531
1009
1 1 711 5/8/2007 17 377,000 530
1008
0 1 427 7/27/2007 27 242,900 569
Averages 710.538462 102.26923
$393,450
$548
Curently on market, west facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
1905
1 1 738 2/27/2010 237 299,000 405
2908
1 1 722 12/12/2009 241 299,950 415
1607
1 1 800 12/3/2009 318 307,000 384
1801
1 1 954 12/2/2009 183 325,000 341
2808
1 1 722 2/9/2010 127 350,000 485
2407
1 1 800 2/16/2010 195 360,000 450
2909
2 2 1,322 3/1/2010 244 599,950 454
3009
2 1.75 1,324 3/2/2010 511 645,000 487
Averages
922.75
257
$398,238
$428

Seller’s Reserve for 5th and Madison Auction

March 8, 2010 by  
Filed under 5thMadison, Featured

5th and Madison is a great building!  Across the street from the Federal Court House and the Seattle Public Library, one could argue that it’s one of the quietest and safest parts of town.  The corner of 5th and Madison is referred to as being in the business district, so there are several commercial high-rises where business professionals have found it convenient to walk to work. 

Commonly known for its green terrace and water feature, 5th and Madison has also received some recent recognition for the SIP restaurant which opened last fall.  In addition to being known for its LEED certification, the building also features an appreciated collection of amenities which include a residents lounge, dog park and gym.

The most interesting thing to note about the 5th and Madison auction is the fine print which states all bids are subject to Seller’s reserve.  If a starting bid is $195,000 (as advertised), and that bid is the only bid that unit receives, it’s likely that it will not meet the undisclosed amount the seller is willing to accept for the unit.  Keep this in mind when considering expectations of your possible bid limits.

The auction does require a registration and $5,000 deposit and prequalification to bid.

Again, especially for this auction, representation is a wise idea.

The prospective client (“Bidder/Buyer”) must register their broker on the Auction Registration Form at the time of their initial registration or no later than Thursday, March 25, 2010. No broker registration will be accepted on auction day.

Brokers must accompany the Bidder/Buyer to the auction and, if successful, through the entire purchase process at the auction on Sunday, March 28, 2010, and execute the Cooperating Broker Agreement.

Get more information from us regarding registration and the bidding process.