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

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 with 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 first 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

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

Disclaimer:  These 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.

Bulk Buy Sells 20 out of 30 Units Released!

Congratulations to Realogics for making an impressive amount of sales at The Decatur and Eleven Eleven East Pike with their Bulk Buy sales program!  Neither building had previously had any sales for the year.  Since releasing 21 condos at Decatur and 9 others at Eleven Eleven, 20 buyers have snatched up the opportunity.

Based on the 20 sales to date, [Sam] Cunningham (Managing Broker and Partner of Realogics Brokerage, LLC) estimates buyers purchased at prices that were between 25 and 30 percent off previous list prices, depending on the product. The pending block of sales are also helping unit appraisers by using an inter-building value matrix instead of relying solely on surrounding market comps. Third party comps alone may temporarily suppress unit values given the increased activity of condo auctions and short sales within the marketplace.

If you have been considering the option of taking advantage of this program, please read the full press release and contact us for more info.

Another Unique Project Offers Bulk Buy Option for Buyers!

Eleven Eleven Pike is also taking part in the ‘bulk sales’ approach in efforts to sell a third (nine) of their vintage designed homes in one of Capitol Hill’s most trendy areas.  Auctions don’t typically do as well if it’s not one of the first to take place, so the bulk buy strategy seems to be getting some momentum when it comes to reducing prices and attracting new buyers.

With the first release of homes being released at prices between $255k and $379k, price reductions are down 20 to 25 percent from their original list price.

As with the bulk buy option that has been set-up for Decatur, buyers can get in for a refundable deposit of only $500 until the end of the month, and they must be scheduled to close by November 30th.

Developer William Justen is also reported in a DJC article expressing some concern for needing to take this approach since the address is somewhat of a boutique project designed by an acclaimed architecture firm.

“It doesn’t seem to matter what a buyer is willing to pay anymore, it only matters what an appraiser thinks because that affects what a lender is willing to lend,” said Justen. “The reality is that our industry is being commoditized by the lender community, and that means that a niche development like Eleven Eleven East Pike, which was never designed for the masses, is nevertheless being held back by a homogeneous appraisal market.”

The project is certainly unique with it’s red exterior, custom designed puzzle walls, along with Cupcake Royale occupying it’s retail space.  The street the condominium project is located on itself is filled with eclectic shops like the Ferrari/Maserati/Alfa Romeo store, a couple of different record stores, tons of pubs, and just as many small dinners.

Other projects designed by Olson Sundberg Kundig Allen Architects include 98 Union, Hillclimb Court, Pike and Virginia Building and the redesign of Merrill Place–all very desireable and unique boutique addresses.

Psychic Readings This Weekend at ArtHaus Condos

A vintage conversion on Capitol Hill named ArtHaus is taking an interesting approach to get new buyers to come take a look at their artful remodel this Sunday from 1-4.  Not only is the boutique condominium community featuring a gallery of art by Angela Berri, but also a master psychic and clairvoyant named Judith Ballard.

ArtHaus has studios, one and two bedroom homes offers fantastic light and layouts that are nicely priced starting in the 200’s. Floor plans range from 414-1368 square feet. Other features include:

• Gorgeous original oak floors with different golden finishes in most homes
• Italian ceramic tile (18”) flooring in kitchen and baths
• Contemporary lighting in each home
• LG washer/dryer in each home, except Penthouse has Bosch
• Designer interior paint with light colors to reflect a contemporary palette
• Beautiful period details throughout including 16” moldings in the living room with coved ceilings, and ogee arches (as seen in photo below) at the entries to most units, some even have two!
• Secure entry with buzzer, individual security access in each home
• Cable ready
• Very pet friendly

So, be sure to get your reading this weekend. I know I’m curious!

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Eleven Eleven East Pike Update

Eleven Eleven East Pike is really taking shape in its Pike/Pine triangle neighborhood of Capitol Hill. Each unit will be flooded with natural light from a wide expanse of north or south facing windows. And beyond are fantastic views of the Pike/Pine streetscape, as well as the Space Needle, downtown Seattle, Elliott Bay and the Olympic mountain range. Eleven Eleven East Pike is the brainchild of Tom Kundig, award-winning architect and principal at Olson Sundberg Kundig Allen, and Anne Michelson, long-time Capitol Hill resident, business owner, property manager, building owner and developer. It will be completed this fall.

Exterior shot of Eleven Eleven East Pike. Notice the large windows and modern roof line, as well as the tree being carefully protected during construction.

Residents will benefit from a lot of natural light streaming in from the over-sized north and south facing windows.

This is the view looking west from the shared rooftop terrace, which will be wired for a gas grill.

Madison Lofts Preview

It’s not “downtown,” but Madison Lofts is close enough that it deserves some attention for those looking for a quality built loft. While rubbing elbows with those involved in yesterday’s guided tour, one of the hosts referred to the project as a “treehouse for executives.” A perfect analogy considering it’s on a green belt, located across the street from a nursery, near the the Arboretum, and only a mile and a half away from Seattle’s urban core. Mike McClure (representing MJR Development) and David Patterson (representing MNID) also commented on the location being one of Madison Lofts best features. Karen Graf, who poured the wine from Brian Carter Cellars, favorite feature was the huge decks. Another Realtor at the event was impressed with the Daikin split-type air conditioners. Michael Harris from Miller Condominium Marketing favored the solid concrete and steel construction which is built to the specs of a 35-story tower. A couple other highlights include Sub-Zero and Wolf kitchen appliances, padded carpets, and “true” loft feel. Many have commented on how Madison Lofts reminds them of Mosler Lofts.

Here’s a few shots:

Right across the street from Madison Lofts is City People’s Garden Store, and a block south is the infamous Cafe Flora.

Unit #207 is where the event was hosted. This shot was taken from the upstairs portion of the home, looking down into the main living space. You can see how green the landscape is just beyond the huge wrap-around deck. Available for $1.4 million.

Wikipedia should use this photo as their example image of a loft. The staircase on the left leads to a spacious rooftop terrace which features an open view of Seattle’s eastern hillside.

Full bath at the entrance of unit #207.

Update for Eleven Eleven East Pike

Hosted by ek Real Estate Group at Boom Noodle in Capitol Hill, the new 1111 E. Pike Street development by Tom Kundig looks like it will be a great new edition to the hill. Generally, when an architect announces that a project will be their first (condominium project), it’s commonly a red flag. However, there’s always exceptions. Kundig’s design blends well with it’s neighboring structures and homes have an excellent use of space with moving walls and big, wide, open windows.

Floor plans include fourteen open one-bedrooms, twelve traditional one-bedrooms and one two-bedroom penthouse priced from the mid $200’s to low $500’s (penthouse priced over $800k) with square footage ranging from 600 to 1125 square feet (average 700 square feet). Design features include nine-foot ceilings with floor-to-ceiling windows, in-unit movable hanging puzzle walls, custom-built “Urban RV” movable storage and countertop units and a modernist roof line. The project is also built green and it’s location’s Walk Score is a 98. Amenities include a lobby and rooftop terrace. ek Real Estate Group also made sure that the area’s nightlife was communicated as a selling point (although late night noise may not be pleasing to many).

There also won’t be much of an emphasis on presales, so be sure to watch for these homes to hit the market come Fall 2008 if interested.

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Eleven Eleven East Pike – 1111 E. Pike St., Seattle, WA 98122

A select group of real estate professionals have been invited to attend an event which will unveil plans for 27 new residential homes designed by Tom Kundig. Principal at Olson Sundberg Kundig Allen Architects (architects for the Pike & Virginia Building), Mr Kundig’s laundry list of credentials include:

• Recipient of a 2007 Academy Award in Architecture from the American Academy of Arts & Letters.
• Princeton Architectural Press released Tom Kundig: Houses in 2006.
• Finalist for the 2005 National Design Award for Architecture, sponsored by the Smithsonian’s Cooper-Hewitt National Design Museum.
• Recipient of a MacDowell Colony Fellowship.
• One of eight North American Emerging Architects by the Architectural League of New York and was elected to the College of Fellows by the American Institute of Architects (AIA) in 2004.
• Awarded a total of twenty-three AIA awards, including four recent National AIA awards (for The Brain, Chicken Point Cabin, Delta Shelter and Tye River Cabin).
• Published in over 250 publications and exhibits featured in many locations worldwide.

This is Tom Kundig’s first condominium project and their public relations company has boasted that although these would “normally have a hefty price tag,” Eleven Eleven East Pike will be a “rare opportunity(ies) for high design at a more affordable price.”  You can view more renderings and project description on the OSKA website.

Here are some award-winning buildings by Kundig:

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