Subscribe to Seattle Condo Blog | Seattle Condos for Sale | Downtown Market Trends

What Do Olive 8 Homeowners Say? Plenty!

September 2, 2010 by Stroupe Group  
Filed under Downtown (MLS Area 701), Featured, Olive 8

We can’t tell you enough about how exciting the upcoming Olive 8 auction will be.  September 19th is the date when 34 condominiums go on the block. This auction will offer you a once in a lifetime opportunity to move into one of the most exciting living experiences in Seattle.  But don’t take our word for it. Here’s some current owner feedback:

  • Amenities – What a list to choose from! They enjoy the exercise facilities with a state of the art gym, swimming pool, yoga room and private sauna/steamroom access.  It’s a great place for pets, too. A secluded exercise and grooming area assures them that Olive 8 pampers their four-footed residents, too.
  • A Hotel as a Downstairs Neighbor – You can’t beat living above the Hyatt at Olive 8 Hotel. Owners love to go downstairs to the restaurant for a quick meal, or unwind at the coffee and wine bar.  Don’t feel like dressing to go out? Order room service! Too tired to clean? Call for housekeeping! As one couple said, “…it’s like living in ‘Lifestyles of the Rich and Famous’!”
  • Views – For one owner, waking up to a view of Mt. Rainier is not a bad way to start a morning.  She also loves the light that fills the rooms of her home. Any of the stunning Seattle views can be admired either from the large picture windows, or from the privacy of your own deck.
  • Neighborhood – One couple mentioned that that they “live in the most electric part of Seattle”. Others mention that they love the location, that “you can go downstairs and walk to everything”.
  • The Homes – Owners also love the high-end appliances, the generous use of marble in the baths, the nuanced finishes, and the overall style of the floorplans.

If you’re interested in becoming another happy Olive 8 owner, take a tour of our Olive 8 website, then fill in the Contact tab.  Specializing in the downtown Seattle condominium market since 1994, we at the Stroupe Group have participated in a number of auctions and would be happy to answer any questions you may have.  –

olive-8

A Garden in the Middle of Downtown

September 2, 2010 by Stroupe Group  
Filed under AVA, Featured

Imagine a typical walk downtown passing building upon building, cars roaring by…  when all of a sudden, you come upon a huge wave of greenery and dazzling mirrors with the sounds of water raining through glass, welcoming you to an oasis of nature and light.

Sheraton_Garden_Walk_GGN for stroupe news

Courtesy of Gustafson Guthrie Nichol

Your oasis is scheduled to appear in the spring of 2011.

The Sheraton Seattle Hotel , already an award winner in green-inspired hospitality, is literally turning greener.  They are hard at work transforming their 7th Avenue walkway into a $2 million “Garden Walk”. The plans are for this currently blank wall to sport a thick carpet of lush, climbing vines. Large-scale mirrors, set to reflect the historic façade of the Eagles Temple Building and the Washington State Convention Center across the street, will also be positioned to show movement and color, creating the illusion of a constantly changing space.

And just when you think that’s enough, it gets better.  Anchoring the corner of 7th Avenue and Union Street will be a 27-foot kinetic water feature.  Celebrated glass artist Ginny Ruffner’s sculpture, “An Urban Garden”, plans to blend in harmoniously with Garden Walk while also creating a “wow” factor as you enter downtown Seattle from I-5.

The Garden Walk is being designed by award-winning Gustafson Guthrie Nichol, landscape architects whose work can be found locally, across the country, and worldwide.  Current Seattle projects also include the Bill and Melinda Gates Foundation Campus, as well as the University of Washington School of Medicine. GGN was gracious in spending a little time with us, and they also provided the artist’s rendering you see here.

The Sheraton Seattle is located at 1400 Sixth Avenue at Union Street, within walking distance of Union Square. In 2009, it earned the Good Earthkeeping Award in the American Hotel & Lodging Association’s “Large Property” category, and is considered to be one of the top ten green hotels in the country by Mother Nature Network.

We’ll keep you posted as the Garden Walk progresses.

Okay, so you’ve decided to participate in the Olive 8 Auction. What’s Next?

August 27, 2010 by Stroupe Group  
Filed under Featured, Olive 8

You’ve checked out our Olive 8 website. You’ve reviewed the amenities of both the condominium and its link with the Hyatt at Olive 8. You’ve read all about Olive 8’s Silver LEED certification and their dedication to green living.  You’ve even looked over the floorplans for the 34 units up for sale AND, you’ve decided to take the plunge and put in a bid on Sunday, September 19th.

olive-8-condo

What’s next?

A  Realtor® with proven auction experience is the best source to guide you through the bidding and closing process. That’s what you’ll get when you sign up with us. We at the Stroupe Group have specialized in the downtown Seattle condominium market since 1994, and have represented bidders on a number of successfully closed auction transactions.

We don’t start our work when the auction doors open, either.

We’ll do a thorough discussion with you upfront as to what you want and don’t want in a home. We’ll then review the Olive 8 units up for auction, and place values on those specific to your wants and needs. We’ll then take a physical inspection tour with you on the unit(s) you’re interested in to make sure the investment you’re about to make is one you are thoroughly happy with.

Now, suppose we go back to the bidding list and you like Numbers 9 and 14. You may prefer Number 9 but 14 may come up first… we will help you outline a “pecking order” and advise you on a bidding strategy come auction time.

We’ll help you wade through financial aspects of an auction. As you review the Terms and Conditions, you’ll discover it can seem a little daunting.  Plus, you’ve just picked up the part about the unpublished reserve selling price.  How can you get the Olive 8 unit you want at the right cost for you?  Moreover, how do you get in the winning bid and close the deal?

From peruse through purchase, we will start you on the auction process and be with you at every step. We’ll answer all your questions, put you at ease with the auction process and most importantly, help you get what you want at one of the premier condominium properties in Seattle.

The auction is just around the corner.  Fill out the Contact Us tab at www.olive8seattle.com and we’ll be in touch with you right away.

Your dream home at Olive 8 is waiting. Let us help you make that dream come true.

olive-8

Olive 8 Auction Details? Find them on our website!

August 25, 2010 by Stroupe Group  
Filed under Featured, Olive 8

Olive 8’s auction of 34 condominiums on Sunday, September 19th promises to be the real estate event of the year.  Condominiums previously priced from $395,000 to $1.23 Million will be on the block, with some bids starting as low as $160,000.

Olive 8 Website

What’s your first step in getting into the auction process? Visit our special Olive 8 website, where we’ve accumulated all the auction details. www.olive8seattle.com contains detailed information about:

  • The Auction – Details on the upcoming event, including a pdf downloadable brochure, including a registration form. If you would like to be represented by the Stroupe Group, download this form.
  • Auction Listings – The 34 units for sale plus floor plan design, views, number of bedrooms/baths, square feet, plus the previous and starting bid price.
  • Living Green — Olive 8 is the first condominium/hotel combination building in Seattle to receive a LEED certification (Silver). If you have a desire to live a more green lifestyle, what Olive 8 offers is a must-read.
  • Neighborhood – At the corner of 8th Avenue and Olive Streets in downtown Seattle, this section details Olive 8’s easy access to transit and freeways, plus many attractions within walking distance including restaurants, shopping, even jogging/biking trails. All this can be found within walking distance.
  • Amenities – A staggering list of Olive 8 amenities, including those shared with the Hyatt at Olive 8 Hotel.   The interstate is also just a few blocks away, and the Sound Transit station is just a couple block.
  • Floorplans – Detailed floorplans of the Olive 8 units for sale.

So take a tour of our Olive 8 website and fill in your contact information at the Contact Us tab.  Specializing in the downtown Seattle condominium market since 1994, we at the Stroupe Group have participated in a number of condominium auctions and have helped our clients successfully close on their dream of a lifetime. Let us help you with your dream, too.

olive-8

34 LUXURY VIEW CONDOMINIUMS ATOP SEATTLE’S HYATT AT OLIVE 8 CROSS THE AUCTION BLOCK IN UNIQUE FIRST-OF-ITS-KIND AUCTION.

August 19, 2010 by Stroupe Group  
Filed under Olive 8

34 LUXURY VIEW CONDOMINIUMS ATOP SEATTLE’S  HYATT AT OLIVE 8 CROSS THE AUCTION BLOCK IN UNIQUE FIRST-OF-ITS-KIND AUCTION.

SEATTLE, WA – Luxurious downtown condominiums offering shared hotel amenities were once the preferred accommodations of jet-setters, celebrities and movie stars. Now a rare and, for Seattle, a unique opportunity to live this coveted lifestyle beckons as 34 luxury view condos at Olive 8 are about to cross the auction block. On Sunday, September 19, 2010, international real estate investment and services company Kennedy Wilson (NYSE: KW) will conduct a first-of-its-kind auction that will allow winning bidders to experience five-star “Grand Hotel” living while enjoying the coveted sense of prestige and pride only ownership can bring.

The 34 condominiums located atop the posh downtown Hyatt at Olive 8 were previously priced from $395,000 to $1,235,000 with five of the 34 condominiums previously listed at over one million dollars each. Starting bids at the September 19th auction will range from just $160,000 to $440,000 with all five million-dollar-plus condos included in the bidding. With starting bids set so low, homebuyers have a unique opportunity to realize unheard-of savings on some of Seattle’s most desirable downtown digs!

Beverly Hills CA-based Kennedy Wilson is a recognized leader in the auction industry, conducting hundreds of real estate auctions across the U.S. and Canada each year. “Interest in Olive 8 has been high and is getting higher as we count down to auction day,” said Rhett Winchell, president of KW Auction Group. “Olive 8 is Seattle’s first sustainable condominium/hotel and has much to offer residents in terms of luxury living and an environmentally-friendly lifestyle,” continued Winchell. “What makes the upcoming auction extra-special is that bidders can gain entry to this desirable lifestyle while realizing huge savings on the purchase price.”

The one- and two-bedroom condos at Olive 8 provide up to 1,586 sq ft of living space atop one of Seattle’s most impressive hotels, the Hyatt at Olive 8. Residents enjoy a host of shared five-star amenities including room service and housekeeping, fine dining at  Urbane Restaurant & Bar, health and relaxation at Elaia Spa, and the Hyatt’s saline pool, jacuzzi, fitness center and yoga studio. Exclusive residents-only amenities include a 24-hour concierge, access to the Club Lounge and its beautiful outdoor terrace, billiards and entertainment rooms, and a dog run.

Interiors reflect the sumptuous lifestyle residents of this premier address expect and demand. Rich hardwood flooring, towering ceilings and expansive glass walls frame spacious rooms enhanced by natural stone, marble and granite accents. State-of-the-art kitchens are a gourmand’s paradise featuring Italian-designed Pedini kitchen systems and cabinetry, Liebherr stainless steel or integrated refrigerators, and top of the line fixtures. Luxury detailing extends to elegant and inviting bathrooms offering deep soaking tubs, stone floors, shower and tub surrounds, and high-quality Kohler faucets.

Olive 8’s premier location in the thriving heart of downtown Seattle offers residents a host of appealing dining, shopping and entertainment options just steps from their front doorway. The 34 condominiums up for auction are situated between the 18th and 26th floors (inclusive) of the Hyatt Hotel at Olive 8 hotel, and provide unmatched views of Seattle’s exciting city skyline, the area’s plentiful waterways, and nearby snow-capped mountains. The building itself bears the distinction of being Seattle’s first “green” condominium/hotel with a LEED Silver Certification. Designed for both today’s realities and tomorrow’s possibilities, Olive 8 represents the ultimate refinement in sustainable luxury. Five-star living at an extraordinarily affordable price: bidders can make it their own on September 19th!

Successful bidders at the auction at Olive 8 can choose from a range of excellent financing programs offered by Bank of America Home Loans and Wells Fargo Home Mortgage. Auction day purchasers are also eligible for a SPECIAL INCENTIVE. Under the terms of this incentive, buyers who obtain financing through Bank of America Home Loans and Wells Fargo Home Mortgage and who close escrow within 45 calendar days of the auction will be credited $5,000 towards non-recurring closing costs (based on lender guidelines) by the Seller at the close of escrow.

Kennedy Wilson’s first-of-its-kind auction for 34 luxury view condominiums at Olive 8 will begin at 1 p.m. on Sunday, September 19th at the Hyatt at Olive 8, 1635 8th Avenue, Seattle, WA 98101. Registered participants are advised to arrive no later than 12 p.m. (NOON) for the auction which will last approximately 1 hour. It should be noted that auction-day registrants will be limited to the purchase of one home only.

Kennedy Wilson invites registered bidders to a “How to Buy” informational seminar taking place at the Hyatt at Olive 8 on Sunday, September 12th beginning at 1 p.m. The seminar gives new potential bidders a chance to familiarize themselves with the auction process, while those who have previously attended auctions can enjoy a relaxed and informal refresher course. As always with Kennedy Wilson’s popular “How To Buy” seminars, the highlight will be an exciting live practice auction hosted by an actual Kennedy Wilson auctioneer.

To learn more about the September 19th auction at Olive 8 and to learn about bidding from the comfort of your home or workplace, please visit the Olive 8 Auction Information Office at 737 Olive Way, Unit 2702, Seattle, WA 98101. The office is open daily from 11AM to 6PM and further information is available via the auction website at www.Olive8Seattle.com

ABOUT KENNEDY WILSON

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com

What’s the Sales Difference at Cosmopolitan by View?

March 9, 2010 by Stroupe Group  
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

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.

Sample Gallery

BelltownParc.com

BelltownParc.com

FifteenTwenty-One.com

FifteenTwenty-One.com

LiveAtTheVine.com

LiveAtTheVine.com

AvenueOneCondos.com

AvenueOneCondos.com

GalleryInBelltown.com

GalleryInBelltown.com

CristallaBuilding.com

CristallaBuilding.com

One of Belltown’s Finest Looks to Relocate to SLU

January 21, 2010 by Stroupe Group  
Filed under ENSO, Featured, Lifestyle

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.

night-at-the-roxburyAlthough 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

download

download

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

December 14, 2009 by Stroupe Group  
Filed under Featured, Olive 8, R.C. Hedreen Co.

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.

Next Page »