You may find yourself torn as to what you want in a condominium home. You thrive in the high energy of a city. Then you come across a photo of a street with big, shady trees and think, “I’ll never find that here”. Surprise! The Decatur Condominiums not only offers you a neighborhood lifestyle but you’re also minutes away from a lot of Seattle living. And, at up to 35 percent off its original prices, The Decatur is a bargain to boot!
The Decatur was designed by Space Needle architect John Graham Jr. in 1950. The recent restoration and upgrading of its 13 stories by Wysong Group (who also worked on Tobira and the Press) now feature 146 one-bedroom (starting at $189,950) and two-bedroom (starting at $269,950) homes. There are four floor plans to choose from, all homes sporting Brazilian cherry wood floors, plush carpeting, granite countertops and top-of-the line stainless steel appliances.
If you’re into green living, this building is a beauty. It has a Zipcar service plus a parking area for bikes and scooters. You’ll also be living in what’s ranked as Seattle’s third most “walkable” neighborhood. Want a place with views? From the ground floor where you enter from tree-lined streets, to the rooftop terrace with wraparound city, mountain and water views, there is beauty from top to toe. Is security an issue? You have a controlled access entry with CCTV surveillance. There’s even a live-in building manager.
But what’s really nice about The Decatur is that when you come home from a busy city day, you really feel as if you’re not IN the city anymore. Its First Hill location is in one of Seattle’s most established neighborhoods, which prides itself in keeping its streets quiet and safe. Neighboring buildings and homes are beautiful and carefully kept. Actually, it’s hard to believe that all this peace and quiet is sandwiched between two of the hottest areas in Seattle. To the north is the edge of Capitol Hill’s Pike/Pine neighborhood, and to the south is Downtown. Both areas have something for everyone, with a wide range of shops, restaurants, culture and nightlife.
The Decatur is located at the foot of Capitol Hill on the corner of Boren Avenue and Spring Street. Over 65 percent sold, The Decatur is ready for immediate move-in. Take advantage of their final sales release, with FHA financing* available. There’s also 3.5% down payment options, and closing cost credits available.
Want to check it out? Contact us at this link!
NOTE: Seller reserves the right to change the product offering without notice. *Financing assumes 3.5% down payment (FHA) on a 30 year fixed mortgage with a 2-1 buy down by seller for 2.25% interest first year, 3.25% interest second year and 4.25% thereafter. Payment includes P&I and MI. (HOA dues and taxes not included). This is not a commitment to lend – certain restrictions and qualifications required. E&OE.
What is bulk-buy? How do you explain it?
In a bulk-buy, homes are generally released in phases at a perceived lower listing price to determine how quickly they sell. The number of units selling within each phase determines how much buyers will pay range from a set high and low price point. The price per square foot and its range will justifiably go up from Phase 1 if a large number of buyers seek to take advantage of the initial price reduction. Generally, developers won’t discount on an individual unit sale basis, and while block unit purchases from sophisticated investor groups are becoming more common, most sellers and lenders want to limit rentals to preserve home values and maintain control over resale inventory.
Overhead costs and days on the market require a higher return from sales, therefore the faster they move, the more savings can be made to the developer and the buyers. It’s a win-win. The most attractive aspect of this program, from our perspective, is that rather than slowly reducing prices over the course of the next several months, they were simply reduced to below perceived market value. Today, a buyer for Decatur can purchase a 2-bedroom condo in a downtown-urban neighborhood, with updated interiors and views, from a renowned architect, for under $300,000! We challenge anybody to find a better deal. Expectations are that the first phase will sell well, and the increased price point and amount of available homes during the second phase will still be low. No reason to play games with negotiations, sales pitches, or bidding. Decatur is looking to give the best possible deal to those who recognize the deal for what it is–an incentive that really can’t be beat.
Contact us here for showing opportunities
What kind of commitment does a buyer have to make to take advantage of these prices?
In fact, reserving a specific unit at a defined price range to see how the bulk-buying concept will interpret into lower prices is very easy. All a buyer needs to do is to sign a reservation and deliver a fully refundable deposit of $500. When the results of the bulk sale is known, the buyer will have the option to accept the price, or reject it and have the deposit refunded. Try that with an auction.
There is also talk that Colbalt Mortgage (preferred lender) is working out a limited amount of 0% down financing options for select units. We do not have the details yet, but please email us for updates on progress of financing.
Ok, so the situation and need to sell units has been established, and the pricing/financing sounds good. What about the building? After all, it’s over 50 years old!
The building was indeed built in the 1950’s, but the architect was not one of mediocrity. John Graham Jr. won international acclaim for his design of the Space Needle, and his firm has also been noted for their work on Seattle’s Westin and Sheraton Hotels. The Wysong Group has also worked on the restoration and conversion of the property to include granite countertops, stainless steel appliances, wood flooring, and other additional features. The structure itself contains new windows. The primary electrical distribution has been redone, and the plumbing was converted to copper. All and all, this is another sales strategy The Stroupe Group would like to chalk up as another “good deal”, and an excellent opportunity for those patient first-time buyers.
One thing to note before it comes as a surprise later… of what we are currently familiar with (63 homes), only 23 parking spaces are being offered to 2-bedroom and “premium” 1-bedroom buyers for $20,000 to 25,000. Time is limited to take full advantage of not only a rare financing opportunity in a desired location with a charming address, but also a low price point and an $8,000 tax credit.
Contact us here for showing opportunities
As of today, Decatur already has nine reservations (with backup offers), and marketing attempts have only been made by sending press releases to us local bloggers.
Additional information about the special offer is still being released, and we’ll post floorplans as we get them. In the meantime, here’s that price list:
Address: 108 5th Ave. S., Seattle, WA 98104
Neighborhood: Pioneer Square/International District
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Located in the most southern tip of downtown where Pioneer Square and the International District intersect, Tobira is a 2007 renovated conversion by The Wysong Group that offers spacious studios, 1-bedrooms and 2-bedrooms. The new homes were decorated with high-quality materials such as brushed nickel, granite, maple or cherry cabinets, “Natural Options Wood” flooring and large windows. Interiors boast lush carpet with extra padding, updated kitchens with slab granite countertops and contemporary lighting fixtures.
- Year Built: 2001
- Number of Units: 88
- Number of Stories: 7
- Exterior: Cement/Concrete, Stucco
- Parking: Common Garage
- Pets: Subj to Restrictions
- H/O Dues Included: Garbage, Earthquake Ins.
- Common Property Features & Amenities: Cable TV, Courtyard, Game/Rec Room, Elevator, Fire Sprinklers, Lobby Entrance, Security Gate
- Amtrak Station
- Aristocrat’s Club
- Foster/White Gallery
- Fuji Sushi
- Kim Hair
- Kobo at Higo
- Manila Bay
- Pioneer Square Clinic
- Seattle Lighting Fixture
- Something Old Something New
- Trolley Stop Deli Mart
- Union Station Market
- Universal Fitness Center
- V Garden
ADDITIONAL OPINIONS & REVIEWS
*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.