Seminar on June 28th: “Finding a Way with Your IRA”

Planning retirement in the next five years?  Looking to eventually downsize to a condo in the city?

If you answered “yes” to either of the above questions then you shouldn’t miss this free informative event on leveraging your IRA (Individual Retirement Account) by investing in today’s opportunistic real estate market, while also securing your future.

Did You Know?

• Your self-directed IRA can buy income property with before-tax dollars – rent it out and move into it when you retire
• Demand for rental housing in the city is skyrocketing – experts expect 25-30% increases in rent over the next five years
• The condo supply pipeline has been pinched, resulting in a dearth of new inventory until at least 2015 – the best selection and values are available now
• You can obtain financing on your IRA purchase securing today’s unprecedented low rates for the future while building positive cash flow in the interim

Presented by Realogics Sotheby’s International Realty, a panel of experts has been assembled to explore myths and facts with using IRA’s for income property, to discuss available financing options, and the review the overall housing marketing in downtown Seattle.

Here’s the details:

Finding a Way with Your IRA” – Investing in Today’s Condo Market for Tomorrow’s Retirement

Tuesday, June 28th, 2011 from 6:00pm – 8:30pm

The Hyatt at Olive 8 – 1635 8th Avenue – Downtown Seattle

Keynote Speaker – Tom Kelly, Syndicated Real Estate Columnist & Author

Self Directed IRA’s – David Nilssen, Guidant Financial

IRA Financing – Larry Enselman, Pacific Crest Savings Bank

Market Watch – Dean Jones, Realogics Sotheby’s International Realty

Admission is free

“We recognize there’s a growing opportunity for pre‐retirees to take advantage of today’s real estate opportunities by purchasing condominiums, renting them out with positive cash flow and then either holding them as an income property in their IRA or redeeming that asset as either a principal residence or second home in the future,” said Dean Jones, Principal of Realogics Sotheby’s International Realty. “The stars may be aligned downtown. We’re bringing in leading opinions to explore this investment strategy and welcome interested consumers and real estate brokers to view the interactive presentation and join the panel discussion.”

RSVP to 206.448.5752 or send an email to RSVP@RealogicsSothebysRealty.com

See you there!

Cristalla: Happy Ending, New Beginning

After two years of litigation, we are pleased to report news that Cristalla’s Homeowners Association Board has reached an agreement with its developer to settle all outstanding building litigation claims, with a court dismissal of the lawsuit expected within the next thirty days.  Terms of the settlement are confidential and will be disclosed to homeowners in more detail at a private meeting in early July. 

Cristalla’s architect is working to finalize detailed plans to start repairs to the roof (Sky Terrace and external ledge, or its “eyebrow”), additional remediation treatments to the South Wall at parking levels to reduce the chance of further water intrusion (check out our coverage on last fall’s repairs here), plus a complete rebuild of its 6th floor Steam Room. Within the next few weeks, Cristalla’s Board intends to select a general contractor to complete the work. 

One of Seattle’s most beloved high-rise condominiums, the Cristalla took its inspiration from the Crystal Pool, an Italian Renaissance structure built on the site in 1914.  Architect B. Marcus Priteca planned a high-relief, neo-classical façade of glazed terra cotta with domed corner entries.  Arched steel trusses supported a glass roof, which covered a huge pool with salt water piped in from Elliott Bay.  At the time, it was one of the most popular recreation spots in Seattle.  Priteca later designed a building which has lasted a little longer… West Seattle’s Admiral Theater.

Today, the base of Cristalla hearkens back to those times.  And, in addition to the lobby’s elegant staircase and two-story water feature, Traver Gallery and artist Anna Skibska provided artistic decor throughout. Interior designer Mandy Reed continued the theme of the building’s history by maintaining a prevalence of water through the use of translucent panels on Cristalla’s doors, and glass panels on its upper kitchen cabinets.  All homes feature hardwood flooring plus carpeted bedrooms. Studios, 1-bedrooms, 2-bedrooms and penthouses range from 420 to 2,800 square feet.

You’ll never lose your western view at Cristalla, either.  Developers bought the air rights above the neighboring property, capping any future growth to eight stories.

The Cristalla enjoys a Walk Score® of 97 and a Transit Score™ of a perfect 100. As you can see by this link, its location is amazing. You’re steps away from the best of Belltown in any direction.  The Cristalla is pet-friendly too.  There’s even a dog run on the rooftop!  Lots of other amenities as well, ranging from a 24-hour concierge to a rooftop BBQ area.  Check out our Cristalla website for more details.  Our website also has a Listings tab on available properties.

Getting a loan at the Cristalla during ongoing litigation was often a challenging task.  With litigation now resolved, obtaining a loan will be much easier.  There is a lot to love about the Cristalla.  We invite you to learn more about this special place, and even arrange for a  private tour.  Just give us a call at 206~910~5000, or send an email to urgent@stroupe.com.

Olive 8: Living the Turnkey Life

If you’re in the market to buy a second home, Olive 8 has something special for you! A quarter of Olive 8’s recent sales have been to second homebuyers seeking an urban resort lifestyle, complete with access to hotel amenities and services. As a result, Olive 8 developer RC Hedreen Company has announced a marketing partnership with Alchemy Collections to offer turnkey furniture packages, with full price offers on remaining open one bedroom floor plans. 

Olive 8 is unique in the Seattle condominium marketplace in that the 229‐unit condominium is built above the Hyatt at Olive 8 hotel. Amenities include concierge and room services, a 65‐foot saline lap pool, complete fitness center, restaurant, bar and lounge. Its residents‐only great room on the 18th floor has a billiards room, media room, catering kitchen, outdoor terrace with BBQ’s, and even a dog run.

Olive 8’s location is an amenity in itself. With a Walk Score® of 98 and a Transit Score™ at a perfect 100, Olive 8 is within walking distance to downtown Seattle shopping centers, major department stores, theatres and parks. The South Lake Union Streetcar is a couple of blocks away, and there is easy access to I-5. Life at Olive 8 is also environmentally friendly. It was the first hotel/condominium development in Seattle to receive LEED Certification (Silver).

All in all, Olive 8’s Turnkey Package is yet another sign that the Seattle condominium market is not only stabilizing, but that buyers are beginning to view real estate as a lifestyle choice, and not just a commodity.

Olive 8’s Sky Suite Collection starts at $370,000 for a 650‐sq. ft. home offering high-end appliance and finishes, plus awe-inspiring views of the downtown Seattle skyline and Elliott Bay. With a 20% down payment, furnished homes are available for just $1,961 per month including principal, interest, HOA dues, gym membership and real estate taxes (assuming a 5/1 ARM at just 3.0% interest or 3.267% APR). For more information or to schedule a private tour, please call us at (206) 910-5000 or send an email to urgent@stroupe.com