Condo King County Weekly Sales Ratios for November 27th, 2008

Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)

Active Listings and Pending Sales by NWMLS Area 701

Team 1521: From Start to Finish – Time Lapsed Video

In combination with the completion of Four Seasons, a hard hat tour for Olive 8 & Rollin Street, the last couple of weeks have been rather exciting for Seattle’s new construction.  Even better news is that they’ve all sold impressively well, and Fifteen Twenty-One is no exception.  Today, there’s only 8 currently available in the 143 unit high-rise.  Four Seasons has 10 remaining of their 36, and Olive 8 had reported they sold approximately 75% of their 231 available units when we toured about month ago.

The team that made it all possible is also one of the most experienced and reputable groups of professionals anyone could ask for.

Architecture

Blaine Weber/Weber Thompson Architects – Project architect and founding principle at Weber Thompson Architects, the award-winning firm has also designed the 5-star Hotel 1000/Madison Tower on 1st Avenue, the much anticipated AVA, and one of Seattle’s most cherished condominium high-rises The Cristalla (from which Mr. Weber had lived before 1521).

Interior

Susan Marinello Interiors – Another local based firm who has an impressive portfolio designing upscale residential, commercial, hospitality projects. .Susan has also trophied her work at the Four Seasons Private Residences, The Condominiums at One Lincoln Tower, and the Hyatt Regency.

Development

Opus/Samis Land Company – Opus (one of the top ten developers in the country) worked together with William Justen (managing director of Samis) who is one of the states largest commercial landowners and has made a significant impact on Seattle’s urban development.

Enjoy this 10-second time-lapsed video of 1521’s construction:

1521 Lobby Photos and News Release

As the first high-rise built under the city’s new downtown zoning code, which encourages development of taller, more slender buildings, Fifteen Twenty-One Second Avenue is a harbinger of Seattle’s future skyline.

The 12-foot concierge desk, made from French aspen, fronts an art wall made from local reclaimed timbers. The art wall highlights the timbers’ growth rings, which symbolize the growth of the city. Project interior designer Susan Marinello of Susan Marinello Interiors said it was important to anchor the lobby with materials indigenous to the Northwest yet modern in application.

Designed by Susan Marinello and manufactured by Charles Loomis Lighting of Kirkland, Wash., a 10-foot chandelier is the focal feature of the lobby. A series of 3-inch thick rings are threaded with stainless steel rods equally spaced to hold glass drops.

The living room area of the lobby has 20-foot ceilings and a large stone fireplace with a wood mantel. The fire is framed by metal box with a rust patina finish that creates a contemporary touch. A Kris Cox painting above the fireplace adds bold color to the space.

Overview – Penthouse Residences from Top to Bottom
Fifteen Twenty-One Second Avenue, a glass-and-steel tower with exclusive condominiums from the bottom level to the top, is Seattle’s downtown address for the confident few. Each of the 143 residences in the 440-foot tower delivers penthouse-style quality. Thanks to an innovative architectural design, almost every home offers protected views of Puget Sound, and more than half of the residences have views of both the city skyline and Puget Sound. As the first high-rise built under the city’s new downtown zoning code, which encourages development of taller, more slender buildings, Fifteen Twenty-One Second Avenue is a harbinger of Seattle’s future skyline. With more than 96 percent of the residences presold, Fifteen Twenty-One Second Avenue is one of the most successful projects of its kind on the West Coast.

Location – In the Heart of Seattle’s Historic Market District
Located next to the world-famous Pike Place Market, Fifteen Twenty-One Second Avenue is helping to reconnect the Market District with the Northwest’s most vibrant retail center, as well as Seattle’s thriving Central Business District. Downtown is home to the Nordstrom flagship store, Tiffany & Co., Barneys New York and other top-drawer stores. Nearby cultural amenities, such as Benaroya Hall, the expanded Seattle Art Museum and Qwest and Safeco fields, are just down the street. And Belltown, home to some of the city’s most sought-after boutique stores, restaurants and night clubs, is just up the street. The Market District is experiencing a renaissance as more residents move to the neighborhood.

Landmark Architecture – A Sculpture for Living
The 38-story tower is a highly functional work of architectural indulgence. Fifteen Twenty-One Second Avenue starts out narrower than most high-rises and becomes increasingly slim near the upper floors, thus allowing more daylight at the street level and better views from surrounding buildings than a traditional high-rise.

Fifteen Twenty-One Second Avenue is constructed to a Silver LEED standard, a forward-looking set of environmental and engineering practices that exceeds the standards of most other projects for protecting the environment. LEED stands for Leadership in Energy and Environmental Design, and is the nationally accepted benchmark for the design, construction and operation of high-performance, environmentally sustainable buildings.

Exclusive Condominiums – An Envelope of Glass

• The perimeter of the open living space of each home is enveloped in floor-to-ceiling glass.  Ceilings in all residences are nearly nine-and-a-half-feet tall.
• Understated elegance is the theme of the interiors, designed by Susan Marinello of Susan
  Marinello Interiors.
• Residences range from about 1,650 square feet to nearly 2,850 square feet. Each home has two
  bedrooms.
• Designed without traditional balconies, Fifteen Twenty-One Second Avenue instead incorporates
  indoor/outdoor glass rooms that feature a dynamic window system. During colder weather, the
  windows are closed, creating a solarium. On nicer days, the windows can be fully opened,
  leaving only a protective railing between the resident and the outdoors.
• The generously sized kitchens front the floor-to-ceiling glass and include Pacific Northwest crafted
  cabinetry, satin-finish granite countertops and state-of-the-art appliances.
• The main spa bath has a large walk-in shower with limestone tile walls, tile floors with radiant
  heat, a Toto air bath, a Toto contemporary dual-flush toilet and Dornbracht plumbing fixtures.
• Amenities include a porte cochère; professional concierge; residential lobby with living room;
  landscaped rooftop terraces with fireplaces, a grilling area and enclosed lounge; separate wine
  lockers; a boardroom; a workout facility; and a children’s exercise/playroom.
• Fifteen Twenty-One Second Avenue is Seattle’s first residential tower of its height with a reinforced concrete sheer core structural system, which provides the seismic structure.

Yesterday’s Rollin Street Flats Open House

Rollin Street Flats hosted their agent open house and new construction preview yesterday, and they were kind enough to invest a $25 gift card to Whole Foods for all those who attended. Unfortunately we were not allowed to take any photos, so there’s not much to show you to form an opinion of your own.  But, if you’re looking for a high-end (expensive) loft with exposed concrete and ductwork in a booming location, Rollin Street may be a place to check out.  At the same time, this may not be the place for you if a view is a necessity.

Here’s a quick look at all the construction and activity happening in the neighborhood which was once fast asleep.

Forbes Postions Seattle as #1 Rebound

The sky is falling, the sky is falling!

Not here.

Forbes too is now reporting some interesting data regarding Seattle’s real estate market.  The Urban Land Insitute (nonprofit research and education organization) asked 700 professionals in the real estate industry to recognize what areas were the best to invest in for commercial space.  Seattle was recognized as being #1 despite the loss of WAMU and downsizing of Starbucks.  The article also made sure to make mention of the residential market, since it’s typically driven by increased wages and unemployment.

The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars and don’t have a glut of condos or office space.

Seattle is “a diversified market, has a good base of business and is becoming a 24-hour city,” says Stephen Blank, senior resident fellow, finance, at the Urban Land Institute. “It’s going to be in a good position to come back.”

#2 – San Francisco
#3 – Washington D.C.
#4 – New York
#5 – Los Angeles

Finally, the good news that we’ve been pushing since we started blogging is making headway!  So, for those of you considering the sale of property; hang in there.  Buyers who are thinking of buying; it’s time to get in gear if you still want to take care of what is currently, “a down market.”

The Verdict on Alex is Out!

Everybody keeps asking, and Alex has been conveniently unavailable for comments since we all found out about it.  But, it looks like Matt at Urbnlivn got the official news on what Alex plans to do with their project.

With the market being the way that it is, it would be difficult to see Alex choosing to go condo.  The real deals right now seem to be in resales, while new construction costs are definitely priced at a premium.  Resale listings are either meeting buyer demands on price, or being taken off the market.  However, new construction projects like ESCALA have made price increases.

So what’s it going to be?  Will Alex be apartments, or condos?

…and the verdict.

Smart Money Positions Seattle as #1 Rebound

Smart Money Magazine featured an article last month titled,  “Home Prices: Now for the Good News.”  The article recognizes Seattle as one that is more than likely to resist a flood of foreclosures and short sales due to the areas well-paying employers such as Microsoft, Amazon, and Boeing.  Another interesting number they reported was from Zillow which states that only 11.5% of homeowners who have recently purchased have negative equity.

However, the article does point out that a couple of once known as “sure thing” neighborhoods such as Queen Anne and Redmond are taking a hit, while sleeping giants like West Seattle is making it’s mark.

…many residents simply bike 20 minutes to jobs downtown. On weekends the relative seclusion means the 2.5-mile Alki Beach promenade along Elliott Bay doesn’t get too crowded. As long as people like great views of water, mountains and city skylines

Condo King County Weekly Sales Ratios for November 6th, 2008

Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)

Virtually Walk the Neighborhood When Searching Condos

In order to have a live inventory of active homes and condos featured anyhere on the web, a licensed broker must dedicate any one of only three data feeds per office to an “IDX” provider who manages the data feeds presence.  Our IDX guy just added a new bell (or whistle) to our sites’ search results which now allows you to virtually walk through the neighborhood of any home or condo in the Seattle area by clicking the appropriate icon located next to the listings address.

With this new feature, you can:

• View street level photographs (select cities)
• Take virtual walks; pan, rotate and zoom
• Explore cityscapes, landmarks, points of interest
• Find shops, restaurants, parks, hotels and more

Try it by clicking on the View Listings button for *any of the condo profiles (*must be a building with active condos for sale) listed on the left.  Then, click the human icon once you see active results.

Here’s a video from Google that explains more about how to use their new Streetview feature:

[youtube=http://www.youtube.com/watch?v=91wuBqlny50&hl=en&fs=1]

Olive 8 or Four Seasons? Which would you choose?

Although we don’t have the finished photos of Olive 8’s penthouse, we’re having a little spat in the office about which one we would buy if money was no issue.  So, we would like to hear what you have to see based on the floorplan and view photos shown below.

Click the floorplan to enlarge, and cast your vote.

Olive 8 Floorplan and Views

Four Seasons Floorplan and Views

To make sure we handle our dispute fairly, please only select ‘other’ if you know of another comparable downtown Seattle condo you would rather take other than two here.  Let the games begin!

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