What’s the Sales Difference at Cosmopolitan by View?

	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

Stroupe Group Exclusive Building Websites

We wanted to take a moment to share a beneficial service we provide for both buyers and sellers looking at downtown Seattle real estate.  Over the last couple of years, we have built a collection of websites for buildings downtown, and have many more in the hopper.  Our intention with these websites is to allow each unique address to convey it’s own personality online.

Every site we build for a condo building allows a visitor to:

• View active units for sale,
• View the past three years of sold history,
• Sign up for instant email notifications of new listings,
• Inquire about a particular unit’s value,
• See a neighborhood map and WalkScore,
• Look at a photo gallery of amenities,
• Get building management/concierge contact information.

In addition, whenever we have a seller that lists with the Stroupe Group, we integrate a customized page with professional photography.  All of our building websites also place at the top of all major search engines for maximum exposure, and we also use linking strategies to further secure placement.

Visit our current project: EscalaTower.com

Below is a list of other websites that are constantly being improved, and we would love to hear any suggestions on how we can make them better.

• 81 Vine Lofts
• 2200 Westlake
• Arbor Place Tower
• Avenue One
• Bay Vista Tower
• Bellora Building
• Cristalla
• Fifteen Twenty-One
• Gallery
• Meridian Tower
• Newmark Tower
• Pomeroy
• Seattle Heights
• Tavona Condos
• The Cosmopolitan
• The Parc
• The Vine
• Toscano
• Watermark Tower

Sample Gallery

BelltownParc.com	FifteenTwenty-One.com
LiveAtTheVine.com	AvenueOneCondos.com
GalleryInBelltown.com	CristallaBuilding.com

One of Belltown’s Finest Looks to Relocate to SLU

If you’re a downtown resident, then you may have already heard about plans the Flying Fish restaurant has made in regards to moving to South Lake Union.  If you’re not from the area, The Flying Fish is probably one of Belltown’s last remaining fine dining restaurants.  In a recent article in the Seattle Times, chef Chris Keff explains her motivation to seek a new lease elsewhere.

That’s a far cry from what’s been happening in Belltown, Keff insists, where the bar scene has overtaken the dining scene and movement and closures continue unabated. (Recent deaths include Belltown Bistro and Cucina De-Ra, and several high-profile restaurant spaces remain on the market.) In Belltown, Keff says, “You’ve got a lot of small landlords who never get together to have any say in what happens around them. And before you know it, things have gone to hell.

With Enso doing as well as it has, and with every visit to SLU seeming to always have a new discovery, the Flying Fish is expected to thrive at the modern built location.

Although South Lake Union has yet to fully develop, the neighborhood is certainly more than it used to be just a couple of years ago.  Although it’s still very quite at night, it shouldn’t be more than a couple more years before SLU opens the first plant/lamp shop.  In the meantime, the Butabi brothers are planning on meeting with Mr. Zadir about opening only the coolest club in Belltown once the Flying Fish relocates to the Westlake/Terry building sometime around May.

Stroupe Scoop: October 2009 Sales Stats, Featured Building, & Featured Listing

This month we have featured Cosmopolitan as the building of the Month.  We also have a new featured 2 bedroom1.75 bath in Belltown at Arbor Place Tower.  $40,000 in quality upgrades!

Be sure to receive the Scoop when it first comes up by subscribing!

Olive 8 Receives More Time to Establish Value

With a recent announcement regarding a $90 million load by US Bank to Olive 8, the condominium project is being allowed two years to adjust while the market recovers by renewing thier construction loan.

Full press release:

U.S. Bank Leads Syndication of $90 million Loan to Olive 8, Providing Financing for Green Downtown Seattle Condominiums

Two year extension of construction loan is a ray of hope in today’s market

(Seattle) December 14, 2009 ― Long-time Seattle developer R.C. Hedreen Company has received a crucial renewal of its construction loan for up to two years for Olive 8 through a $90 million loan syndication led by U.S. Bank.  At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.

Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building.  Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above.  Of the 229 condominium homes, 51 have closed.  A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.

R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term.  But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future.  We see it as a very positive sign in what has been a slow and challenging market.”  Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.

Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.

“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”

Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building.  It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

Stroupe Scoop: July 2009 Sales Stats, Featured Building, & Featured Listing

This month we have featured the 2200 Westlake as the building of the Month.  We also have a new featured 1 bedroom1.5 bath, 2-story loft at the Vine.

Be sure to receive the Scoop when it first comes up by subscribing!

New Sip Restaurant at 5th and Madison Opening this Fall

It’s been some time since we’ve heard anything about the 5th and Madison condo project, but the address will soon have a Sip bar and restaurant come this Fall–the seventh restaurant opened by Washington Restaurant Group.  Owner of the restaurant company, Lane Scelzi, plans to employ approximately 70 workers and is looking to catch those who work at the Columbia Tower as lunch patrons, in addition to some of the residents at 5th and Madison of course.

The new Sip restaurant will occupy 6,500 square-feet of the 5th and Madison ground level, will included 2 tiers of seating, an outdoor paito with fireplace, and accomodate up to 230.  Here’s a peek of Sip’s menu from thier Issaquah location:

Black Angus Tenderloin…35
Vegetarian Pizza…17
Boneless Ribs…28
Proscuitto Wrapped Chicken…25
Northwest Mushroom Pasta…20
Seasonal Salmon…Market Price
Grilled Teras Major…28
Alaskan Halibut…28
Vegetarian Ravioli…21

Scelzi has already opened 2 other Sip restaurants, in addition to 4 Melting Pot locations (including 1 in San Diego).

No Doubt ENSO Buyers Will Walk Away As Thieves

The brokers open was certainly shoulder to shoulder last night.  Sea Star even seemed to run out of sushi early, and everybody got a pair of free slippers.  So far, everyone seems to be impressed, and Matt points out some staggering numbers when it comes to pricing.  Current buyers are being contacted today and tomorrow to discuss discounted pricing that was mailed to them last month.  There’s really not much we can say that Matt or Ben hasn’t said already.

We do feel it’s important to give credit where credit is due, and that is to Vulcan for taking aggressive action in adjusting to the market.  We’re also happy that they’ve allowed us to come in and take pictures since it’s been difficult to do with Vulcan properties in the past.

The bottom line is that ENSO is (as if it hasn’t been said already) priced to sell.  Everybody agrees that the finishes are very nice, and the location is across the street from the already well known booming South Lake Union neighborhood.

We did head back the day after (today) to snap a few shots of the 2-story loft where Williams Marketing agents will be fortunate enough to set up as their office.

Amenities are limited, and HOA dues are still TBD.  But, what ENSO does have is also very nice.  ENSO buyers are looking at one of the larger club houses with an outstanding outdoor patio equiped with B&W outdoor speakers.  The fitness room is also not only well equiped, but is also incredibly spacious.

Here are some more photos we took of some 12th floor units, and one of the top floor penthouses.

If you would like to arrange a showing for any of these units, contact us to set up a time at your earliest convenience.

ENSO Buyers Receiving Notice of Price Reductions

Buyers who have purchased at ENSO in ‘07-’09 should have received a letter today notifying them that the purchase price will be lowered.  We’ve yet to receive a copy, but price reductions will be handled on a case-by-case basis rather than a percentage across the board.  We understand that buyers will be contacted mid June to discuss how much of a reduction they will benefit from and will vary based on floor, view, etc.

Finally, a great strategy to keep buyers happy and excited about the project.

5/27/09 – Just received a copy of the letter:

Olive 8 – Unit and Amenity Photos: Blue = the New Green

We popped into Olive 8 on Friday after their buyer event on Thursday.  It was nice to finally see the finished product after going through and taking construction photos.

We just wished we remembered to take more pics of the construction photos we took in October.

Units seem to look much bigger when staged/vacant as opposed to having ladders, boxes, and saws everywhere.  Probably one of the most noticeable differences was the high ceilings.  Leslie Williams (Williams Marketing) pointed out several other small details that she said many buyers really liked such as the tiling around the tub, the lights above the tubs, and under the cabinets.

Leslie also made sure to point out the size of the private decks, which are very comfortable in size–plenty of room for creating an outdoor sanctuary to enjoy sunsets & wine.

Another unit that turned out really well is the open 1 bedroom.  None of the pics we took of the “open bedroom” area turned out, but the little nook next to the kitchen looked fun.

As far as the amenities, the lobby definitely has a northwestern feel.  But, we promised to let everybody know that they’ll be getting different furniture soon…

There are of course more resident amenities that are shared with the hotel.  The spa seemed somewhat busy, so we didn’t get more than just a cool picture of the sign…

The fitness room is actually more than 3x bigger than what’s shown in the pic below.  To the left is a wall where there’s another large area for aerobics/yoga/stretch area.

…and for the best part!  The pool!  No, we didn’t stick our heads in to see what the underwater stereo system sounded like, but the actual came pretty close to the rendering.

Overall, the newly completed project looks very blue good.

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