The Sanctuary: Meet the Team!

Great news for Capitol Hill’s The Sanctuary – restoration is scheduled to be completed by December, 2011, and the project is expected to reenter the marketplace for sale in January, 2012.

Resource Transition Consultants, the court-appointed receiver for the lender of The Sanctuary, has just announced the appointment of a design and construction team to convert the century-old First Church of Christ Scientist on Capitol Hill into a 12-home condominium development, and they are:

Contractor –Belfor Property Restoration  Based in Seattle, Belfor has been recognized as the country’s #1 remodeling contractor for 11 consecutive years by the National Association of the Remodeling Industry.  They can then bring the most extensive network of resources to The Sanctuary project.  Belfor Property Restoration is a division of Belfor Construction.

Architect – Runberg Architecture Group  Runberg’s award-winning work in Adaptive Reuse projects finds them working closely with the Landmark Preservation Board to ensure that the new modifications are respectful of the church’s historical significance.  Runberg Architecture Group is also based in Seattle.

Construction Representative –The Justen Company  Representing owners, developers and lenders of complex developments throughout the Pacific Northwest, The Justen Company delivers value by anticipating, planning, coordinating and directing the process of real estate development from conception to move-in.

Interior Designer – Robin Chell Design  Based in Seattle, they offer complete and comprehensive interior services, including design development, space planning, furnishing and fixture selection, construction administration and installation. Robin Chell Design’s work has been featured in more than a dozen regional and national interior design publications and its principals have been honored with numerous awards and acknowledgements for industry excellence.

Along with completing construction of the 12 concrete and steel townhomes and restoring the historic façade of the original building, The Sanctuary will feature:

New construction homes with state-of-the-art building systems, designer finishes and premium fixtures and appliances throughout;

New clear and operable window systems to complement the historic stained glass in several units;

Elevator options; and Acoustical attenuation.

In addition to warranties offered by manufacturers of installed systems and appliances, homeowners will benefit from a third party home warranty program that will be included with each sale. 

One of the most striking attributes of The Sanctuary is its central atrium… an expansive interior common area with 38-foot-high ceilings and a breathtaking stained-glass dome.  It will be converted into a residential amenity that draws on the building’s history and architecture and provides a central hub for residents and guests alike. 

The Sanctuary is located at 1841 16th Avenue E on Capitol Hill, between E Denny and E Howell Streets.  A more detailed map can be found here.  Also check out our article dated July 11, 2011, for more information.

Although official listings for sale are still several months away, two unit reservations have already been accepted, with more expected in the coming weeks.  Unit reservations provide prospective homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

The Sanctuary will incorporate high-rise quality within a historic landmark – the best of old and new.  Every home will be distinctive with unique floor plans and features.  And, since Realogics Sotheby’s International Realty is The Sanctuary’s designated marketing and sales team, you can sign up with the Stroupe Group for firsthand property information and pricing. Get ahead of the pack on this once-in-a-lifetime opportunity.  Call us at 206.910.5000, or drop a line to urgent@stroupe.com

Behold! “The Sanctuary” is Returning to Market

The Sanctuary — a century-old Capitol Hill church which began a 2008 conversion into a 12-unit multifamily community but fell on hard times before completion — will be back on the market in the late summer/early fall 2011, with Realogics Sotheby’s International Realty tapped as its Exclusive Listing Broker!

Originally built in 1908 as The First Church of Christ the Scientist, it was redeveloped a century later into The Sanctuary— a dozen fee simple concrete and steel townhomes within its historic structure. The original borrower defaulted on the development loan in August 2010. Construction and marketing has been halted for more than a year. Now with the senior loan sold to a new lender, the next steps are to complete construction and commence with sales.

Ranging from 1,278 to 2,438 square feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece — when completed this fall. Prices are anticipated to start at below $600,000, PLUS, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.

Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light.

Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay. 

The Sanctuary was sold to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions.  Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the original lender syndicate since September 2010, will oversee construction completion.  

Unlike a short sale where a bank has to approve a lower sales price, RTC, as the court-appointed receiver, has the opportunity to work with the court to set asking prices based upon what the market will bear.  This provides greater confidence to the buyer that they are working with the decision maker so their efforts aren’t likely to be wasted, which can oftentimes be the case chasing a short sale. 

It’s also very positive that RTC will now have the resources to complete the construction of the project including some new design features to optimize the marketability of the homes.  More information on the finishes, construction scope and pricing will be made available in the coming weeks, with the project officially returning to the market by late summer / early fall.

Residence.  Architectural Landmark.  Object d’Art .  With only 12 homes available, The Sanctuary is expected to be a hot property with high demand. 

We’ll post more information on The Sanctuary as development progresses, but–

As part of Realogics Sotheby’s marketing and sales team, sign up with the Stroupe Group for firsthand property information and pricing immediately after it’s made available.  Stay a step ahead… just fill out this Contact Us form and we’ll be in touch within 24 hours.  Or, if you’d rather call us first, just dial  206.910.5000.

Eleven Eleven East Pike Wins AIA Award

Seattle architect Tom Kundig, FAIA, of Olson Kundig Architects and lead designer of Eleven Eleven East Pike (a debut condo project for the firm),  is a winner in the Multifamily Living category of the American Institute of Architects’ 2011 National AIA Housing Awards, one of 18 honored nationwide.

Eleven Eleven East Pike is located in the Pike/Pine corridor also known as “Auto Row”.  The first car dealership opened there in 1905 and for a good number of years, this used to be the only area in Seattle where you could buy a car. A century later and Auto Row is now home to a number of art venues, restaurants and retail stores. Trader Joe’s, Capitol Hill Arts Center, and Seattle University are all nearby. 

Kundig drew from the area’s history and gave Eleven Eleven East Pike tall, wide windows, high ceilings and an extensive use of steel.  The exterior siding panels are selected, by each unit owner, from a selection of classic 1950’s car colors.  It’s designed to give current and future buyers a mix-a-match aesthetic.

Kundig took that concept a step further. Famous for combining architecture with invention in his designs, or “working art”.  Eleven Eleven East Pike’s units contain an exclusive “Puzzle Door” system.  With a track running along the ceiling and wheels along the bottom, you can move the door around and place it as a wall wherever you want one, giving you the freedom to customize the shape of your interior spaces.

Kundig also introduced his original “Urban RV” in this project.  Another piece you can move around, you can transform the Urban RV into a coffee table, a kitchen island, or even a desk.  The kitchen has stainless steel appliances, and a rooftop garden offers a peaceful place to enjoy the famous Seattle views.

The AIA Housing Awards was established to recognize the best in housing design, and ”to promote the importance of good housing as a necessity of life, a sanctuary for the human spirit, and a valuable national resource.”  Its jury was impressed by the exterior space flexibility, “which gives the project richness and a joyful appearance.”   Both high and low-density projects for public and private clients were considered which, along with architectural design features, also included how well the projects fit into the neighborhood, open and recreational space, transportation and quality of life. 

Eleven Eleven East Pike meets LEED requirements for Development Density, Site Selection, Alternative Transportation and Storm-water Management. There are five homes remaining, with sizes ranging between 623 to 754 square feet, and prices run between $229,950 and $314,950. An extra $15,000 buys you a parking space.  

For more information or to schedule a private showing, you can either call us at 206.910.5000, or send an email to urgent@stroupe.com

For One-of-a-Kind Giving: Try an Artwalk!

Among Seattle’s great neighborhoods are a dozen monthly Artwalks, and they’re ready for holiday shoppers!  All types of media are featured, but most Artwalks also have music, food and special events, too. Artwalk hours are from 6-9 pm unless otherwise noted. Below is a timeline of what’s happening when during December, as well as when Artwalks are held year-round. Click on the neighborhood name for their weblink.

December 1^st (first Wednesdays)

Wallingford – One of the largest of the neighborhood art walks, most located right on 45^th St N.

 

December 2^nd (first Thursdays)

Pioneer Square – This venue is so big, it’s best to check their website where you can choose what kind of art you’re searching for.

Chinatown – This month, they also have Shop-o-Rama events on Saturdays from December 4-18.

 

December 3^rd (first Fridays)

Fremont – You don’t need a First Friday to party at Fremont, but this month also hosts the Annual Lenin Lighting!  Join the fun at 5 pm and stay for shopping at many venues.

 

December 9^th (second Thursdays)

Capitol Hill –Hours for the Blitz Capitol Hill Arts Walk runs from 5-8 pm.  Wander around more than 50 venues, with activities varying every month.

West Seattle – Over 60 merchants covering West Seattle Junction, Alki Beach, Admiral District, Morgan Junction, Fauntleroy District and Delridge.  This month’s hours are extended for late night shopping.

 

December 10^th (second Fridays)

Greenwood/Phinney –Located along Phinney Ave N and Greenwood Ave N.

 

December 11^th (second Saturdays)

Ballard — Start at the south end of Ballard Ave, work your way up the street to Market and beyond!

Central District   — Held at 23^rd Ave and E Cherry St from 1-5 pm.

Georgetown – Art Attack at over 30 venues, covering the neighborhood, the Horton Building, south of Corson and North Airport Way.

 

December 16^th (third Thursdays)

Belltown – Art, food and music all around Belltown.

Upper Queen Anne – No active website available.  Look for the balloons in front of participating venues along Queen Anne Ave N.

 

If you’d like to see all the Artwalk information at a glance, Seattle Councilman Nick Licata has a great arts link.  Check it out for all kinds of Seattle culture information. And happy shopping!

First Hill Streetcar: Funded and Moving Forward!

This was a great week for rail news! We posted an article on high-speed trains a few days ago and now we have word that the Sound Transit Board has finalized $132.8 million in funding for the First Hill Streetcar line. Covering a 2 ½-mile route, construction is expected to begin in 2011 and finish in 2013.

Plans are to link the First Hill Streetcar line to the Capitol Hill and Chinatown/International Districts. Stops are planned at nearby light rail stops, the medical centers of Harborview, Swedish, and Virginia Mason, plus Seattle Central Community College and Seattle University.

Monies for the line were approved by the voters two years ago, but initial plans were being made to put an underground light rail stop on First Hill. This has now been officially scrapped due to construction problems and the cost to cover them.  Steps are now being taken to select a general contractor/ construction manager, and is expected to be awarded the week of December 13^th.

Finally, before the first shovel of dirt is ceremoniously turned for the First Hill line, the City Council needs to decide two outstanding issues.  The first is where to place the terminals in Pioneer Square.  Community meetings will be set up with local residents and business leaders to determine the best locations, and then submitted for a vote. The second is for a maintenance yard and barn. Two sites under consideration are the city’s Charles Street Shops at South Dearborn and 8^th Avenue South, and at a block bordered by East Yesler Way, Boren and 12^th Avenues, plus East Fir Street.  The latter choice is owned by the Seattle Housing Authority, and would need their approval.

Down the track, the First Hill line could be extended another half a mile at its most northern stop on Capitol Hill, as well as extending a mile into downtown to connect to the South Lake Union line.  The extensions would need federal funding, but it’s expected that their grants of up to $75 million could cover both projects.  

For more project info, just click on this link.

Eleven Eleven East Pike – Still available, but not for long!

You have ten chances left to live in a work of art.  Two-thirds of this remarkable building’s homes are already sold. Priced to sell at 35% off the original price, and taking FHA financing, it’s a great time to get in on a Seattle original. 

Eleven Eleven East Pike (Eleven Eleven) have open one-bedroom loft floorplans and is the debut boutique condo project of local award-winning Seattle architect Tom Kundig of Olson Kundig Architects. Kundig is famous for combining architecture with invention in his designs, or “working art”, and Eleven Eleven received special attention. Each unit has an exclusive “puzzle wall” system.  With a track running along the ceiling and wheels along the bottom, you get a wall you can move around, giving you choices in how to shape your interior spaces. Kundig also introduces his original “Urban RV”.  Another piece you can move around, you can transform the Urban RV as you need to into a coffee table, a kitchen island, or even a desk.  The kitchen has stainless steel appliances, and a rooftop garden offers a peaceful place to enjoy the famous Seattle views.

Another closeout incentive includes a Smart Car “Smart fortwo” vehicle for selected homes.  Smart Cars, manufactured by Daimler/Chrysler, are the country’s most fuel-efficient, non-hybrid, gasoline-powered vehicles.  And here’s a piece of trivia for you: it was first developed in the late 1980’s by the makers of the Swatch watch!  They wanted to create a small but stylish city car, using the same manufacturing and personalization methods that were so successful with their watches.  Soon known as a Swatchmobile, the concept was first sold to Volkswagen, and eventually wound up with Daimler.

Eleven Eleven is located in the heart of Capitol Hill’s Pike/Pine corridor, central to a number of art venues, restaurants and retail stores. Trader Joe’s, Capitol Hill Arts Center, and Seattle University are all nearby.  Home sizes range between 612 to 795 square feet, and prices run between $239,950 and $359,950. Make your move today by filling out our contact form at this Stroupe Group link!

“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.

Bulk Buy Sells 20 out of 30 Units Released!

Congratulations to Realogics for making an impressive amount of sales at The Decatur and Eleven Eleven East Pike with their Bulk Buy sales program!  Neither building had previously had any sales for the year.  Since releasing 21 condos at Decatur and 9 others at Eleven Eleven, 20 buyers have snatched up the opportunity.

Based on the 20 sales to date, [Sam] Cunningham (Managing Broker and Partner of Realogics Brokerage, LLC) estimates buyers purchased at prices that were between 25 and 30 percent off previous list prices, depending on the product. The pending block of sales are also helping unit appraisers by using an inter-building value matrix instead of relying solely on surrounding market comps. Third party comps alone may temporarily suppress unit values, given the increased activity of condo auctions and short sales within the marketplace.

If you have been considering the option of taking advantage of this program, please read the full press release and contact us for more info.

Another Unique Project Offers Bulk Buy Option for Buyers!

Eleven Eleven East Pike is also taking part in the “bulk sales” approach in efforts to sell one-third (nine) of their vintage designed homes in one of Capitol Hill’s most trendy areas.  Auctions don’t typically do as well if it’s not one of the first to take place, so the bulk buy strategy seems to be getting some momentum when it comes to reducing prices and attracting new buyers.

With the first release of homes being released at prices between $255k and $379k, price reductions are down 20 to 25 percent from their original list price.

As with the bulk buy option that was set up for Decatur, buyers can get in for a refundable deposit of only $500 until the end of the month, and they must be scheduled to close by November 30th.

Developer William Justen is also reported in a DJC article expressing some concern for needing to take this approach since the address is somewhat of a boutique project designed by an acclaimed architecture firm.

“It doesn’t seem to matter what a buyer is willing to pay anymore, it only matters what an appraiser thinks because that affects what a lender is willing to lend,” said Justen. “The reality is that our industry is being commoditized by the lender community, and that means that a niche development like Eleven Eleven East Pike, which was never designed for the masses, is nevertheless being held back by a homogeneous appraisal market”.

The project is certainly unique with its red exterior, custom-designed puzzle walls, along with Cupcake Royale occupying its retail space.  The project is located on a section of East Pike Street filled with eclectic shops like the Ferrari/Maserati/Alfa Romeo store, a couple of different record stores, tons of pubs, and just as many small diners.

Other projects designed by Olson Sundberg Kundig Allen Architects include 98 Union, Hillclimb Court, Pike and Virginia Building and the redesign of Merrill Place–all very desirable properties with unique boutique addresses.

Psychic Readings This Weekend at ArtHaus Condos

A vintage conversion on Capitol Hill named ArtHaus is taking an interesting approach to get new buyers to come take a look at their artful remodel this Sunday from 1-4.  Not only is the boutique condominium community featuring a gallery of art by Angela Berri, but also a master psychic and clairvoyant named Judith Ballard.

ArtHaus has studios, one and two bedroom homes offers fantastic light and layouts that are nicely priced starting in the 200’s. Floor plans range from 414-1368 square feet. Other features include:

• Gorgeous original oak floors with different golden finishes in most homes
• Italian ceramic tile (18”) flooring in kitchen and baths
• Contemporary lighting in each home
• LG washer/dryer in each home, except Penthouse has Bosch
• Designer interior paint with light colors to reflect a contemporary palette
• Beautiful period details throughout including 16” moldings in the living room with coved ceilings, and ogee arches (as seen in photo below) at the entries to most units, some even have two!
• Secure entry with buzzer, individual security access in each home
• Cable ready
• Very pet friendly

So, be sure to get your reading this weekend. I know I’m curious!

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