Olive 8: A Sales Spring, and a Spring Event!

Signs that the selling marketplace is rebounding continue at Olive 8, where 25 new condominium sales have been accepted since January 1!

Sharper prices, record low interest rates and improving consumer confidence helped garner robust sales momentum in downtown Seattle. A new report released last week by Realogics Sotheby’s International Realty tracked the supply and demand of new downtown condos.  It indicated that 40% of unsold developer-owned inventory was sold during the past year, resulting in only 342 new condominiums available within the center city!   The news is the same for the condo resale marketplace– new listings and available supply are at their lowest levels in over two years.

With literally no new Seattle condo projects on the horizon, what’s currently have on the market will have to satisfy buyer demand for some time to come.  How significant is this?  New construction condo prices have corrected back to “pre-boom” levels but new construction delivery levels are now “pre-millennium”! 

Watch for supply and demand price hikes to hit the condo marketplace, just as it’s now happening with the apartment sector. Prices are stabilizing and there’s even been competition for more-preferred inventory. As the market continues to improve, asking prices and selling prices will continue to narrow, with fewer concessions being made. 

However, you still have a great window of opportunity at Olive 8. Called The Spring Event, Olive 8 has one-bedroom residences, starting on the 28th floor, for just $395,000. Two-bedroom residences start at just $825,000. Need more?  Try this– The Spring Event’s incentive program provides for no closing costs and special financing starting at just 1.25% (2.821% APR) for qualified purchases. Also, the seller will pick up HOA dues and health club membership fees for the first year.

The Spring Event is set to expire on Tuesday, May 31, 2011, but you still have time to get in on a great opportunity to live in one of the finest condominium communities in Seattle.  Give us a call at (206) 910-5000 or drop us a line at urgent@stroupe.com for more information or to schedule a private tour.  See you soon!

May is for Maritime – Big Waterfront Events

Downtown Seattle Waterfront’s Maritime Festival is set to do some major partying from May 12-14 –it’s the 100th anniversary of the Port of Seattle!

Once upon a time, local visionaries realized that Seattle’s natural deep-water port was an asset for the city, and a resource that should belong to the people.  Their efforts helped the Washington State Legislature enact laws allowing establishment of port districts in March, 1911.  By that September, King County voters approved creation of the Port of Seattle, the state’s first public port.

As Seattle grew beyond downtown, so did the Port of Seattle.  In 2011, its services include a cargo and passenger seaport, Sea-Tac airport, a home for the North Pacific fishing fleet, first-class public marinas and conference facilities, even a string of parks around Elliot Bay.  Its cruise line business snagged a huge win a month ago when on April 6th, Disney Cruises announced their move from Vancouver, B.C. to Seattle for the 2012 cruise season.

The Port of Seattle enters its second century with huge changes on the horizon.  The first is the redevelopment of the Seattle Waterfront itself.  Over 1,000 attended the first meeting held by Waterfront designer James Corner Field Operationss on February 17, which kicked off public input on its future vision and potential uses.  Nearly 2,000 responses via questionnaire and email from the Seattle public were received.   The second is replacing the central portion of the Elliott Bay Seawall.  This part is being handled by the Seattle Department of Transportation and the U.S. Army Corps of Engineers.   The Port of Seattle is working with both entities on the best plan for the city and the next Waterfront meeting, where  James Corner presents their first design concept, is scheduled for Thursday, May 19^th.  For more information, just visit the waterfront website.

The Port of Seattle has a great centennial link with historical data on timelines, maps, stories and more.  There is also a calendar of events for the remainder of the year.  Here, we’ve attached a .pdf on May 12-14’s Seattle Maritime Festival events.  These include the “world’s largest tugboat race” along the Downtown Seattle Waterfront, a Chowder Cook-Off, survival suit races, a boat building competition, vessel tours, sea-air rescue demonstration, kids’ activities, Stories of the Sea, Career Day and a container ship full of family fun.   There is no charge for any of these events. Maritime_Fest_20110422[1]

The efforts of the Port of Seattle and the Downtown Waterfront are huge contributors to the high quality of life we enjoy in this city.  We hope you’ll check out the Maritime Festival.  We’ve come a long way in 100 years, and we’re sailing full steam ahead into an exciting future.

(Photos of Fisherman’s Terminal 2, Container Ship Terminal 19, SeaTac Aiport, Tugboat Races and Shilshole Bay Marina courtesy of the Port of Seattle)