Auction Results for 5th and Madison

All the final bids are subject to the seller’s acceptance which should be finalized within the next four days. The penthouse did not sell.

The auction was standing room only, attracting over 300 people for the units in this 24-story tower known for its sustainable living features. The building was named one of Natural Home Magazine’s Top 10 of America’s Best Green Condos and designed to be 20% more energy efficient than industry standards.

Unit Number	Floorplan	Beds/Baths	Approx. Sq. Ft.	Original Price	Starting Bid	Selling Price
1102	?	?	?	$550,000	$235,000	$350,000
1200	00	1 Bed/1Bath	913	$580,000	$235,000	$392,000
1402	02	1 Bed/1.5 Bath	978	$499,000	$235,000	$353,000
1702	02	1 Bed/1.5 Bath	978	$615,000	$235,000	$358,000
1703	03	1 Bed/1.5 Bath + Den	978	$600,000	$235,000	$391,000
1705	05	1 Bed/1 Bath	808	$399,000	$195,000	$348,000
1803	03	1 Bed/1.5 Bath + Den	978	$600,000	$235,000	$370,000
1805	05	1 Bed/1 Bath	808	$415,000	$195,000	$331,000
2003	03	1 Bed/1.5 Bath + Den	978	$746,000	$290,000	$476,000
2005	05	1 Bed/1Bath	807	$570,000	$225,000	$355,000
2103	03	1 Bed/1.5 Bath + Den	978	$720,000	$275,000	$415,000
2200	00	1 Bed/1 Bath	913	$760,000	$290,000	$445,000
2202	02	1 Bed/1.5 Bath	978	$700,000	$290,000	$405,000
2203	03	1 Bed/1.5 Bath + Den	978	$746,000	$290,000	$476,000
2301	01	1 Bed/1.5 Bath + Den	1,241	$899,000	$385,000	$719,000
2305	05	1 Bed/1Bath	807	$625,000	$225,000	$390,000

The Value of the View by William Justen

A recent study has shown that condos with a view are of course more likely to sell, but by how much?  Unfortunately there is no magic formula to accurately pinpoint the value of downtown Seattle view.  However, it sure would make our jobs easier if it could be as easy as:

Former Planning Director and owner of 22 downtown Seattle properties, William Justen, has pointed out that buyers are attracted to views of Elliott Bay more so than amenities and/or finishes.

Today about 175 units remain unsold within four condominium buildings west of 2nd Avenue. This compares to 481 units remaining between 4th and 8th avenues to the east. These view premiums can range from 25% to more than 50% over a comparable home, especially if the view is protected. That’s why the West side of 2nd Avenue may soon look like Park Avenue – there are four permitted condominium towers planned between Pine and Lenora streets, and the City of Seattle recently extended all permit holders’ development rights for six years to maintain this trajectory.

A Value of View Flyer presented by William Justen’s project Fifteen Twenty-One, shows that many downtown addresses still have threatened views.  This in turn threatens your investment’s value, and should be a well thought- out precaution before making a decision that could potentially cost you $10,000’s from something as simple as an application for a building permit.  Although many of the proposed projects that have been postponed from 2006/07 may still not break ground for another couple of years, developers are still holding onto permits as Seattle continues to be one of the top cities people relocate to.

Over the past 18 months, 123 units have been sold within six condominium towers with an average purchase price of $2 million. The top property sale was more than $9 million. In 2009, the vast majority of King County’s condo sales valued at more than $1 million were located within a single address: Fifteen Twenty-One Second Avenue, just a half-block east and high above the Pike Place Market. What’s the secret to such success? Every home offers a protected view of Elliott Bay.

Have you seen our zoning map?  According to specifications presented by the City of Seattle, we created an interactive map that shows how high a residential/commercial lot is allowed to go.  You can find the map under the Search button, or click here to view it now.

By the way, William Justen and all those over at Fifteen Twenty-One would like you to know…

Open House This Weekend
March 27th & 28th
12:00pm to 4:00pm

“Now’s The Time” – Pryde + Johnson Announces Condo Clearance Sale in Ballard and Greenlake

We have recently been given a press release from Pryde + Johnson regarding another bulk buy sales strategy for LEED Silver (targeted) built Hjarta in Ballard and Florera in Greenlake – units will be sold at up to 35% off original pricing in an alternative to auctions.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

As we understand it, several dozen sales have been generated to date using the sales strategy at The Decatur and Eleven Eleven East Pike. Rather than slowly lowering prices over a longer period of time (which seems systemic at many projects), Realogics was able convince the developer and their lender to explore more dramatic cuts in hopes of garnering quicker sales.  The block of sales also helps shore up FHA financing and unit appraisals.  In theory, this establishes a stabilized market value for the remaining sales while resolves a common concern amongst “wait and see” buyers that prices will drop further after buying.  Hjarta and Florera will be undergoing a similar strategy and should offer some great deals for those who take advantage.

Studios (578 – 598 sq. ft.) will start from $244,950
One bedrooms (614 – 921 sq. ft.) will start from $274,950
One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950
Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

Pryde + Johnson appears to be motivated to sell now so buyers can take advantage of the extended homebuyer tax credit, and today’s historically low rates.  Since rates will soon begin to climb, and the homebuyer tax credit will soon expire, these are exceptional opportunities for buyers who are interested in living outside the urban core, but within one of two prime urban neighborhoods.  The official sales release will begin on March 27 but you can preview in advance – open houses will be scheduled for each weekend or by appointment.  March 27th is the same weekend as Escala reintroduces sales at price drops and 5th & Madison auctions their remaining inventory so it should be a marketplace as buyers hunt down bargains.

PRESS RELEASE

Schedule a Showing

Disclaimer:  These projects are listings of Realogics Sotheby’s International Realty’s “special projects” division, which is affiliated but independent of the “resale” division co-founded by James Stroupe and Moira Holley.

What’s the Sales Difference at Cosmopolitan by View?

	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

Seller’s Reserve for 5th and Madison Auction

5th and Madison is a great building!  Across the street from the Federal Court House and the Seattle Public Library, one could argue that it’s one of the quietest and safest parts of town.  The corner of 5th and Madison is referred to as being in the business district, so there are several commercial high-rises where business professionals have found it convenient to walk to work. 

The most interesting thing to note about the 5th and Madison auction is the fine print which states all bids are subject to Seller’s reserve.  If a starting bid is $195,000 (as advertised), and that bid is the only bid that unit receives, it’s likely that it will not meet the undisclosed amount the seller is willing to accept for the unit.  Keep this in mind when considering expectations of your possible bid limits.

The auction does require a registration and $5,000 deposit and prequalification to bid.

Again, especially for this auction, representation is a wise idea.

The prospective client (“Bidder/Buyer”) must register their broker on the Auction Registration Form at the time of their initial registration or no later than Thursday, March 25, 2010. No broker registration will be accepted on auction day.

Brokers must accompany the Bidder/Buyer to the auction and, if successful, through the entire purchase process at the auction on Sunday, March 28, 2010, and execute the Cooperating Broker Agreement.

Get more information from us regarding registration and the bidding process.

New Venture with Realogics Sotheby’s International Realty

First off, we want to thank not only Windermere for the years of service and support, but would also like to thank our many peers who have expressed their congratulations towards our new and exciting merger with Realogics and Sotheby’s International Realty:

Thank you Jeff!
Windermere Yarrow Bay
UrbanCondoSpaces.com

Thank you Matt!
Redfin
Urbnlivn.com

Thank you Ashley!
NW Property Group LLC
UrbanAshley.com

Thank you Ben!
John L. Scott
SeattleCondosAndLofts.com

We’ve been working hard towards this new venture for approximately a year now.  It was a carefully thought decision for both James Stroupe and Moira Holley to leave Windermere and become Founding Directors, but the opportunity to work alongside Dean Jones with Realogics and recently appointed designated broker Sam Cunningham (previously with Windermere On-Site) under the Sotheby’s International Realty Brand was too hard to resist.

Our interest in teaming up with Dean Jones & Sam Cunningham at Realogics goes back before the collective choice to affiliate ourselves with Sotheby’s International Realty.  Our brokerage will now be able to offer clients international exposure on Sotheby’s International Realty global website with many other marketing platforms at our disposal.  However, we of course are not limiting ourselves to just luxury properties.

“As the new construction pipeline closes out we’ll see a sustained surge in resale activity,” said Sam Cunningham. “We monitor supply and demand closely and we’ll apply these insights for buyers and sellers at all price points and product types.”

Over the next few days, we will be making our final transition and adding all of our current sellers to our new international marketing programs laid out by Sotheby’s International Realty.  We are excited by this next chapter and we look forward to working closely with all our friends at Windermere (thank you Dave Hale and Claudia Case), plus the other firms in this wonderful industry.

Additional Press:
Puget Sound Business Journal
MSN Money
RIS Media

http://www.realogicssothebysrealty.com/

King County Weekly Condo Sales Ratios for February 17th, 2010

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

The Four Seasons Makes Substantial Price Reductions

More and more new construction projects have been slashing prices and looking to unload any remaining inventory as quickly as possible.  It appears that the Four Seasons has joined this new trend and has released new pricing today.

The Four Seasons has sold 23 of 36 homes since completing construction a little over a year ago, and is now reducing prices as much as 47 percent.  With an original price tag of $2,098 per square foot, the new pricing has brought the average down to $1,464 per square foot (remove the two massive penthouses from the average and the price per square foot is even less).

Here’s a summary on new prices:

Unit	Old Price	New Price
1505	$2,412,000	$1,475,000
1605	$2,517,000	$1,525,000
1104	$4,522,000	$2,440,000
1404	$4,652,000	$2,490,000
1206	$4,815,000	$3,013,000
1702	$3,420,000	$2,670,000
1804	$4,820,000	$2,555,000
1204	$6,501,000	$3,705,000
1101	$8,659,000	$6,120,000
1501	$8,706,000	$6,306,000
1801	$9,778,000	$7,155,000
1902	$8,520,000	$7,845,000
200	$10,819,150	$8,650,000

VIEW DETAILED PRICING SHEET

Opus Northwest is Looking for a Buyer

Opus Northwest started more than $200 million in fee-based construction works in 2009 and has signed more than $175 million in third-party construction contracts this year.

Purchasing Opus Northwest would give the buyer a quick entry into several Northwest markets and potentially some real estate holdings and in-the-works projects. But the purchase could also entangle a potential investor or buyer in the ongoing legal disputes involving Opus Corp. and the Rauenhorst family.

Full Article

View StroupeCondoBlog on Your iPhone!

Technology is great isn’t it?  Especially for you iPhoners who get a kick out of telling everybody about all the cool things you can do that we Blackberry and Trio users cannot.  In spirit of all you can-doers, we’ve installed a new program that allows you to stay on top of the downtown Seattle real estate market using your iPhone.  In this circumstance, we would love for you to talk about how cool your iPhone is.

iPhone Guy:

“Hey man!  Check out all the cool things I can do with my iPhone!  Not only can I pretend to use this Star Wars light saber, but I can even stay current with downtown condos at StroupeCondoBlog.com”

Blackberry/Trio Guy:

“Yeah, cool man.  Anyway…”

Just a couple of features…

• Full search is built-in, allowing you to easily find what you’re looking for.
• Loads more posts inline using Ajax, into an iPhone application-like experience.
• Post images and other content are scaled and handled automatically on touch mobile devices.
• Users can easily send native e-mail with the title and a link to the post they’re reading.

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