Expected Results of Lumen Auction July 11th

We know it’s old news, but everybody is talking about the auction at Lumen on July 11th.  We’re probably the last to post about it, but just in case you haven’t heard…

Based on Matt’s post about the auction results at Queen Anne High School, Lumen should do well considering the hype that seems to be getting around.  Their HOA dues are significantly higher than most other condo projects, but Ben explains why in a comment left in his post about the event.  Lumen is a unique property, and after the completion of the Bill & Melinda Gates Foundation, it will be across the street from FOUR Seattle landmarks (B&M Gates Foundation, Seattle Center, Space Needle, & EMP–not to mention PNB, Intiman, IMAX and the Science Center).  In addition, the address offers a QFC grocery store at street level, easy access to I-5 (not so easy during rush hour), and a hop, skip and a  jump away from  South Lake Union.

At any rate, if you’re planning on going, make sure you Register.

Lumen Called

…so we went.

Lumen has about 20 or so units left on the market, and for the most part the availability is all across the board.  The only real update we can give on the project is that it’s finished, the QFC is convenient, the entrance to Office Max seems to have moved to the southwest corner of the building, the conveyor belt sushi restaurant is getting some good reviews, and the Bill & Melinda Gates Foundation is coming along just fine.

In fact, the value of location is surely Lumen’s best quality.  Sure, it has some nice amenities like the SkyLounge with full kitchen and movie room, but when it comes to real estate’s #1 rule in determining value, Lumen really does have it.

So, here’s a look at what the location has to offer that many other projects do not:

• Grocery shopping
• Across the street from the Seattle Center (walk to the Bite of Seattle, Bumpershoot, and many other festivities).
• Across the street from a soon-to-be national landmark–The Bill & Melinda Gates Foundation
• On-site Sushi!
• Easy access to I-5
• Hop, skip and jump to several parks
• and restaurants galore.

As far as the units themselves are concerned, you really have to be a fan of concrete since it’s exposed in the floors, walls, and ceilings.  The architecture is modern, the floorplans are very spacious, there’s a few 2-story lofts left, and the units with the folding glass Nana walls are very cool.

Here are some other pics we took during out visit:

Examples and Characteristics of Lofts in Seattle

Most all dictionaries define a loft as a storage area or attic. This can cause some confusion, so I scoured the Internet to find out everything I could to provide the true definition of a “livable loft.” In real estate terms, all lofts feature ceilings 10′ or higher, and with very few exceptions, large windows measuring 6′ or higher. Lofts can also be classified into three styles; New York Lofts, Industrial Lofts, and Modern Lofts.

Examples of Lofts

New York – Also referred to as the “true” loft, the most common trait among this style is the lofted bedroom. This design also has very high ceilings of 15′ or higher, and traditionally excludes interior walls. New York style lofts typically sell at a premium compared to others because the 2nd story is commonly more desirable.

Examples of Projects in Seattle with New York Style Lofts

Site 17	Veer Lofts	Lumen

Industrial – This style of loft may or may not include a 2nd story, but strictly refers to industrial or commercial structures that have been converted (usually by the addition of full baths and kitchens). It’s also very common for this style to include exposed brick walls and/or ductwork.

Examples of Projects in Seattle with Industrial Style Lofts

81 Vine	Jackson Square	Stadium Lofts

Modern – This style falls into the definition of a loft because of ceiling and window height. However, it’s common for this style of loft to have interior walls separating rooms. This type of design has also become a popular trend in new construction and will typically have a less industrial feel.

Examples of Projects in Seattle with Modern Style Lofts

Klee	Mosler Lofts	GALLERY

Characteristics of Lofts

In addition to various styles, lofts have various characteristics that make them even more unique. When beginning your search, the more you know about what you’re looking for, the less time you’ll have to spend searching. Here is a guide to help you add to, or cross off, characteristics on your loft wish list.

Exposed Brick	Exposed Beams	Multi-Level
Floor/Ceiling Windows	Metal Catwalks	Concrete Columns
Exposed Ductwork	Open Kitchen	Concrete Ceiling

This blog is a great place to search for loft style condos in the downtown Seattle area. If an address features loft style units, the building has been categorized in the “Condo Categories” drop-down menu in the left column of this blog. All condo projects have also been categorized by amenity, location by street, zip code, architect, neighborhood, and more.

If you’re interested in taking a look at some of Seattle’s lofts for sale, contact to arrange a day and time that fits your schedule.

LEED-Certified Condos Yeild Higher Return

The new generation of buyers are demanding green built features when shopping for their first home, even though it can cost them up to 25% more. Builders are now being forced to make the additional up front investment in construction costs (averaging 2%), but Wikipedia states that they will eventually yield over 10 times that amount over the life cycle of the building. Additionally, developers receive additional incentives from state/local government that help boost press and public interest. Studies also show that LEED-certified buildings average $11.24 more per square foot, and have a 3.8% higher occupancy than non-LEED built homes.

So what is LEED-Certified?

Developed and administered by the U.S. Green Building Council of Washington D.C. (a nonprofit coalition of building industry leaders), The Leadership in Energy and Environmental Design (LEED)™ uses a rating system which offers 4 levels of certification — Certified, Silver, Gold and Platinum. Each certification is designed to represent an “environmentally responsible, profitable and healthy place to live” by measuring building sustainability.

Each level is measured by points in five design categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources, and indoor environmental quality. The higher the level, the higher the expenditure. However, LEED-certified buildings:

• Lower operating costs and increased asset value.
• Reduce waste sent to landfills.
• Conserve energy and water.
• Healthier and safer for occupants.
• Reduce harmful greenhouse gas emissions.
• Qualify for tax rebates, zoning allowances and other incentives in hundreds of cities.
• Demonstrate an owner’s commitment to environmental stewardship and social responsibility.

Here’s a look at what downtown area projects have been, or are striving to be LEED-certified:

2200 Westlake
5th and Madison
AVA
ENSO
ESCALA
Fifteen Twenty-One
Lumen
Mosler Lofts
Olive 8
Veer Lofts

It is surprising that many of the new construction projects haven’t applied for any level of LEED-certification considering that it’s proven to increase sale prices and occupancy. At the same time, an up front investment of 2% for a builder can be quite a bit.

Green Home Checklist
Green Homes 101

While reports on the Internet support that buyers will pay more for a LEED-certified home, and builders will yield higher profits, I’ve had experience where buyers are actually turned off by the idea of having recycled materials integrated into their home’s interior.  Buyer’s also seem to prefer to get more square feet for their dollar rather than a smaller green built home.  What would you do if you could get a new construction 2 bedroom condo for the same price as LEED-certified 1 bedroom?

Lumen – 501 Roy Street, Seattle, WA 98109

Address: 501 Roy St., Seattle, WA 98109
Neighborhood: Queen Anne

CONDOS FOR SALE

Here you can find all active listings at Lumen. If your dream condo is not listed, sign-up to be instantly notified by email.

Sign-Up to receive an instant email notification of new Lumen condos for sale as soon as they hit the market. Membership also includes a monthly review of all activity for this building.

DESCRIPTION

A couple of Lumen’s best features is it’s soaring floor to ceiling windows of up to 20 feet and luminescent exterior walls. Developed by Landstar Real Estate, LLC, Lumen has also been constructed to maximize space with movable interior wall systems and in-line kitchens by award-winning architect David Hewitt of Hewitt Architects and interior designer Garret Cord Werner. Units consist of flats, lofts and townhomes that were originally priced from the mid $200’s to over $1 million. Amenities include a Sky Lounge that boasts “dramatic city views” with lunge space, catering kitchen and private screening room with seating for 12. The Sky Club features a bar, billiard and gaming tables, video and music system. The landscaped interior courtyard features Tivioli lighting, BBQ, fire pit and city views including the Space Needle located just a block away. Near restaurants, entertainment, Seattle Center and the Bill and Melinda Gates Foundation.

PICTURES

BUILDING DATA

• Year Built: 2007
• Number of Units: 98
• Number of Stories: 4
• Exterior: Cement/Concrete, Metal/Vinyl, Glass
• Parking: Common Garage
• Pets: Subj to Restrictions
• H/O Dues Included: Cable TV, Central Hot Water, Earthquake Ins., Garbage, Water/Sewer
• Common Property Features & Amenities: Cable TV, Concierge, Disabled Access, Elevator, Fire Sprinklers, Game/Rec Room, Guest Suite, Lobby Entrance, Security Gate, Private Screening Room, Interior Courtyard, Zipcar

NEIGHBORHOOD BUSINESS

• 7-Eleven
• Hampton Inn
• Horizon Church
• Intiman Theatre Playhouse
• Jewel Alterations & Cleaners
• Pacific NW Ballet
• PhotoVelocity Image Studio
• Seattle Repertory Theatre
• Sushi Land

VIEW NEIGHBORHOOD MAP

ADDITIONAL OPINIONS & REVIEWS

*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.