Open House: Market Place North, #C-8 – Sunday, Nov 13th

Market Place North ~ 2021 First Avenue ~ Unit # C-8

$674,000

MLS# 241926

Sunday, November 13, 2011 ~ Open from 1:00 to 3:00 p.m.

Your Hosts are James Stroupe and Julie Roh

206.910.5000  ~  james@stroupe.com

206.354.1030  ~  julie@stroupe.com

Like to entertain?  Or escape?  Welcome to your slice of paradise with this 2-bedroom, 2-bath, 2-level home! It features 1,581 square feet of spacious and gracious floor plan with tall ceilings, custom office, loft, wood burning fireplace, and A/C.  Market Place North also has an on-site manager, concierge, secured parking/storage plus beautiful courtyards.  Your HODs not only include water, sewer and garbage, but electricity and heating as well. 

Just one block away from Pike Place Market, Market Place North was designed by local architect Bruce Lorig.  The building is easily recognizable because of its slanted design, along with some of the most desirable million-dollar views in the city. 

You can check out Market Place North’s Walk Score® of 97 and a perfect Transit Score™ of 100 link to get an idea of the restaurants, world class arts, local bakeries, quaint boutiques, coffee shops and so much more that the neighborhood provides.

We look forward to seeing you on Sunday! If you can’t make it this weekend but would like to schedule a private tour, just contact us at the phone number or email address above, or drop us a line here at urgent@stroupe.com.

Fall for New Pricing at Fifteen Twenty-One Second Avenue!

If your American dream is to live in one of the best condominium communities on the West Coast, your dream just came out with new pricing.

Fifteen Twenty-One Second Avenue, arguably one of the West Coast’s most successful high-rise communities, has released revised pricing on its remaining homes.  As follows, in order of square footage:

 

 

 

 

 

 

 

 

 

Designed by Weber + Thompson Architects, and developed by William Justen, Fifteen Twenty-One Second Avenue is a 38-story luxury high-rise community located on 2nd between Pike and Pine Street. Each level is designed to only accommodate 3 to 5 homes. The property also boasts a Seattle rarity:  protected water views over Pike Place Market.  Its floorplans are designed to maximize visual potential, and its exclusive interiors are designed by Susan Marinello.

In addition to achieving LEED Silver status, Fifteen Twenty-One Second Avenue also features high tech, engineering, and space-planning standards.  And check out this list of amenities!

 

 

 

 

 

 

 

 

 

 

Located between Pike Place Market and the Retail Core, and with a Walk Score® of 95 and a Transit Score™ of a perfect 100, Fifteen Twenty-One Second Avenue is steps away from the best that the Belltown/Downtown Seattle area has to offer in shopping, restaurants, services and entertainment.

With 117 homes sold (84%), it’s a great time to make your move into one of the best communities in Seattle. Check out our website, then call us at 206.910.5000, or drop a line to urgent@stroupe.com for more information or to schedule a private tour.

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.

Four Seasons: Back on Course

Thanks to successful restructuring  with a prominent Seattle investor group led by Jolene and Bruce McCaw, The Four Seasons Hotel and Private Residences Seattle is back on firm, long-term financial footing.

“The cloud over this project has lifted. Working closely together, our partners have created a great global solution to Four Seasons Seattle’s financial challenges,” Bruce McCaw said. “This landmark development is solidly back on track, giving our guests, residents, prospective residents, the local real estate market and Seattle community confidence that Four Seasons Seattle is positioned as the preeminent luxury address in downtown Seattle.”

Built during the height of downtown’s recent construction boom, the $180+ million project opened in the fall of 2008, just as Seattle’s real estate market started to visibly crumble. The project went into default a year later in December 2009, unable to meet the terms of its previous loans. The project faced possible foreclosure or bankruptcy, an untenable prospect to the investors, which include a number of prominent Seattle families and residents at Four Seasons Private Residences Seattle.

“To protect and preserve this true Seattle icon, our investor group remained firmly supportive throughout this lengthy process, and we all worked very hard to reach a great solution for the Four Seasons Seattle investors, homeowners, contractors and lender,” McCaw said.

Under the restructuring announced on April 26th, affiliates of the Seattle Hotel Group LLC, owner of Four Seasons Hotel and Private Residences Seattle, invested additional funds and negotiated new terms with its construction lender, Washington Real Estate Holdings, LLC, which has agreed to extend the senior debt on terms and rate more closely resembling conventional first mortgage debt.

Craig Wrench, president and CEO of Washington Real Estate Holdings, said, “As a local company, we wanted to ensure the long-term success of this great property, and we’re proud to be a partner in the solution. This puts an end to the uncertainty that’s been swirling around this project.”

Washington Real Estate Holdings, headquartered in Seattle, invests in real estate assets throughout the western United States.

The investor team also settled a lawsuit brought by building contractor Lease Crutcher Lewis and liens against the property by Lease Crutcher Lewis and its subcontractors. Terms of the settlement were not disclosed.

Bill Lewis, president and CEO of Lease Crutcher Lewis and an original and continuing investor in Four Seasons Seattle, said, “Everyone gave up something, which was challenging, but ultimately this is a reasonable outcome for all parties. This is a great project that opened at a challenging time in the market. This restructuring solution is good for the project and good for Seattle’s real estate market.”

McCaw added, “I would like to thank both Washington Holdings and Lease Crutcher Lewis for their constructive efforts to resolve these complex issues. There were so many moving parts to this deal; this is a remarkable outcome.”

 Other details of the restructuring:

• The McCaws will lead a new ownership management board that will control the development. Original managers John Oppenheimer, Tom Alberg and Paul Schell support this management transition plan and remain investors. In addition, Alberg will participate in the new management board.
• Substantial financial reserves are in place to meet loan payments, homeowner association dues, capital improvements, etc.
• The McCaws’ team, led by David Brady, worked with restructuring specialists Ragan Powers at Davis Wright Tremaine and Michael Newsome of Zachary Scott.

Widely embraced by international business and leisure travelers and the Seattle community, the Four Seasons Hotel Seattle has been exceeding expectations. Management of the hotel, under seasoned general manager Ben Trodd, remains unchanged in the financial restructuring.

“Four Seasons Hotel Seattle is performing exceptionally well, and we are delighted that we have been welcomed back to Seattle in such a warm and positive way by the local community. We will continue to provide our guests with the uncompromising commitment to faultless service and attention to detail for which Four Seasons is proudly known,” Trodd said.

The 147 guest rooms and 36 private residences at Four Seasons Hotel and Private Residences Seattle are ideally situated in the cultural and business heart of downtown, just steps from Pike Place Market, Seattle Art Museum and the city’s best shopping, dining and entertainment venues.

Four Seasons Hotel Seattle offers the consummate Seattle experience. The modern waterfront hotel has a full spectrum of amenities that incorporate the best elements of the Pacific Northwest, such as sweeping views of Elliott Bay, poolside lounge, spa treatments that feature indigenous ingredients and a signature restaurant, ART, which just announced an exciting new menu that continues to highlight fresh, local ingredients.

Residents of Four Seasons Private Residences Seattle have access to 24-hour dedicated residential concierge service, valet parking, 24-hour room service and the hotel’s full spectrum of amenities and services. The private residences range from 1,300 square feet to more than 7,500 square feet and from about $1.5 million to more than $10 million. To date, 25 of the 36 private residences have been sold, closed and occupied.

Realogics Sotheby’s International Realty is selling the remaining residences.  For more information or to schedule a private appointment, please call us at 206-910-5000, or send an email to urgent@stroupe.com

Luxury Condo Sales Up 177%!

In a further sign of a market turnaround, Northwest Multiple Listing Service has released data showing that 23 luxury condominiums, priced at over $1 million, have closed during the first three months of 2011!  This compares with only 13 sales in for the same period in 2010.  Better yet, another 13 multimillion-dollar homes are currently pending. This will provide a strong lead-in for second quarter, and it’s a powerful indication that a luxury home sales trend is firmly in place– and accelerating.

Why now?  More market liquidity because contingent homebuyers are successfully selling their homes, enabling them to now buy a condo. Mortgage financing has loosened up over the past year for qualified buyers.  The economic outlook is improving, and so is buyer confidence.  Seattle enjoyed a number of huge commercial real estate transactions in 1Q11, and job opportunities are resurging.  

Those are all good reasons, of course, but more telling was the shift in momentum when November 2010’s Washington State Ballot Measure I-1098, which would have imposed a state income tax, took a pounding at the polls. We heard from a number of buyers, primarily from outside Washington, whose decision to purchase a multimillion-dollar home was contingent on the outcome of that vote. Not having a state income tax is an influence which may have been flying under the radar for some time, but it is now proving to be a real dealmaker in deciding to buy a Washington State property. Out-of-state buyers are snapping up homes for business, pleasure, or both. Baby-boomers are booming here too.  Retirees are either looking to downsize to condominiums, or to spend time in multiple homes in different states. All in all, prospective buyers are getting more savvy about investing in Washington State– no income taxes, sharpened prices and a lock-and-leave lifestyle.

And the good news keeps coming. The Washington State Department of Licensing reported a 25% increase in drivers license registrations as of February 2011, compared with 2010 (based on a rolling 12-month period). One-third of 11,237 new state residents relocated to King County.  And, thanks to the 2010 U.S. Census, Washington State grew enough over the last decade to snag another congressional seat, plus another vote in the Electoral College.

No high-rise condominium project has broken ground in Seattle since 2007.  That’s when the housing market peaked, and a global credit crunch either deferred or canceled dozens of projects. It’s safe to say that Seattle was saved from overbuilding! 

We now find that the majority of the most premier, view-oriented units have been quietly absorbed. Inventories at the most preferred properties are finite and prices are firming up. There’s a flight to quality, and sales occur where the value is present.  Some examples:

•  Fifteen Twenty-One Second Avenue, a tower averaging nearly $2 million per unit, is 77% sold with seven new sales pending during the past 45 days alone.

•  Olive 8 has sold 18 homes since the New Year, with only a few of the coveted northwest corner units remaining.

 • Escala has effectively sold out of its larger west-facing plans.

•  Fifty homes have either closed or sold at Bellevue Towers since the beginning of this year.

 • Harvard & Highland, which opened in November 2009, have closed 22 of their 38 homes, with five pending.

•  200 West Highland, which went on the market in November 2010, is down to only two homes out of an original number of 17. 

Currently, 65 condominiums priced at over $1 million are on the market  in King County.  There are all kinds of wonderful places for sale, and we’re in the know about which ones can best fit your lifestyle.  Send an email to urgent@stroupe.com, and let us work on the perfect home for YOU!

Fifteen Twenty-One Second: How “Design Matters”

“Design Matters” is a new video series on the attributes of Fifteen Twenty-One Second Avenue, bearing testimony that the unique qualities of Fifteen Twenty-One have earned them their distinctive market niche, which has continuously held its value in spite of the current condominium market.

The six spokespersons representing different design attributes on the Design Matters series (note that the starred* names are also Fifteen Twenty-One homeowners) are:

1.0 – Architecture / Blaine Weber*, Architect and Principal of Weber Thompson Architects

2.0 – Interior Design / Susan Marinello, Interior Designer of Susan Marinello Interiors

3.0 – Amenities & Lifestyle / William Justen*, Project Visionary and Longtime Downtown Resident

4.0 – Development Practices / Tom Parsons, Developer and Senior Vice President of OPUS Group

5.0 – Community & HOA Operations / Amanda Ciliberto, Chef Concierge for Fifteen Twenty-One Second Avenue

6.0 – Mortgage Lending / Jeff Bell*, Preferred Lender and Partner with Cobalt Mortgage

The contributors cite numerous tangible and intangible attributes that set the project apart including: transformative “tall and slender” architecture; protected water views; all larger format homes averaging 1,988 sq. ft.; the first-of-its-kind “Glass Rooms” in the homes; a uniform “all penthouse” approach to design; a strong sense of community; and a sales focus towards principle residences helping to maintain established market pricing.   This has led to numerous awards and acknowledgments by industry judges at regional and national development competitions held by such organizations as NAIOP, Multifamily Executive Magazine, The Pacific Coast Builder’s Conference and The National Association of Homebuilders.

Right off of Pike Street, Fifteen Twenty-One is within easy walking distance to Pike Place Market, the Seattle Art Museum, plus a number of shops and restaurants in the best of Belltown.  Only 3 to 5 homes are located on each floor (143 units on 38 stories), ranging from 1,659 to 2,958 sq ft.   Their claims of being “The West Coast’s Most Successful High-Rise Condominium” are well-founded because they paid off their $176 million construction loan in the fall of 2010.

Fifteen Twenty-One also has a great list of amenities including a 24-hour concierge, security controls, conference space / digital boardroom, rooftop terraces with wide-open city, water and mountain views, a rooftop Sky Lounge, spa-worthy residential fitness center plus a yoga and Pilates studio, playrooms for kids and a convenient pet area.

With over 75% of its homes sold, public records confirm that Fifteen Twenty-One has closed more in-city condominiums valued above $1 million than all other new construction condominium developments in the city combined.   Some of this is attributed to overwhelming consumer preference to the matchless design characteristics, plus protected water views programmed several years ago. 

We at the Stroupe  Group are very proud that we have helped many buyers purchase homes at Fifteen Twenty-One Second Avenue, and they still express their satisfaction over their decision to buy.  We continue to be positive about this project, and firmly believe that this is one of the nicest condominium developments in Seattle.  Check out the Design Matters series for yourself, then send us an email at urgent@stroupe.com for more information or to schedule a private tour. 

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!

Open House – Sunday, November 21

Watermark Tower – 1107 1st Avenue, Unit #1702 – Open 2 – 4 p.m.

$485,000 – NWMLS #: 028680

 

This lovely 2 bedroom, 2 bathroom home is warm and inviting!  Located on the 17th floor with southeastern exposure and spectacular citywide views. Only minutes away from Seattle Art Museum, Benaroya Hall and Pike Place Market.  This in-city oasis also provides spacious living with open floorplans, plenty of windows, and air conditioning.

Hosted by James Stroupe,  James@Stroupe.com , 206-910-5000

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Grandview – 2201 3^rd Avenue, Unit #2104 – Open 1 – 4 p.m.

$650,000 – NWMLS #: 107494

Truly amazing!  This unit boasts 180-degree views from every room PLUS its three private decks! Lake Union, Space Needle, Puget Sound– extraordinary at this price! 2 bedrooms plus a custom-built office and 2 bathrooms.  Hardwood floors and custom tile flooring complete this graceful home.  Secured parking and entrance.  All this and more at the Grandview!

Hosted by Julie Roh,  Julie@Stroupe.com , 206-354-1030

What Happened at the Waterfront: The Final Four Presentations

Seattle civic involvement was alive and well on Wednesday evening, September 15^th when an audience of  1,200+ filled the main floor of Benaroya Hall’s S. Mark Taper Foundation Auditorium and overflowed into the Founders tier level. All were gathered to listen to the presentations of the final four candidates in the running for Lead Designer of Seattle’s Central Waterfront . Their goal was to present, in 20 minutes, their vision of transforming what will be 20 acres of public lands into “a waterfront for the ages—a place for all to come together and enjoy the waterfront now and beyond” as expressed by moderator Daniel Friedman, Dean of the University of Washington’s College of Architecture and Urban Planning.

We have supplied weblinks for each company, and here’s what they had to say, in speaking order:

Wallace Roberts & Todd – Ignacio Bunster-Ossa, Principal, led the presentation.  WRT created a new waterfront, revitalizing seven miles of the Delaware River, in its hometown of Philadelphia .  Their goal is to bring water into the city, bring the city to the water, and create a heart of the city reflecting the vibrancy of Seattle.  They bring a concept of “What has been, What is, What if, and What will be” to the project and visualize the Waterfront as “an open book written over time”.

james corner field operations – James Corner led the presentation.  Most renowned for designing High Line, an urban park set on top of an old railroad structure in New York. A number of Seattle consultants are involved. They refer to the Waterfront as Seattle’s front porch, and their well-done visual presentation outlined their goals for Green Urbanism, Early Wins (start changing the Waterfront NOW), and Public Engagement.

Michael Van Valkenburgh Associates –Michael Van Valkenburgh led the presentation.  Designed Brooklyn Bridge Park, which will cover 85 acres and 1.3 miles of waterfront. On their team is architect and former Seattle councilman Peter Steinbrueck.  Their goal is to integrate concepts of “Civic, Boundless, Natural and Urban”. They presented their historical research on the Waterfront and were the only ones to really hone in on fiscal feasibility… they ensure the plan we’ll have is a plan we can maintain.

Gustafson Guthrie Nichol –Shannon Nichol led the presentation. Designed Lurie Garden in Chicago’s Millennium Park, but they were the only ones with a global project map, and the only ones who ran through an extensive array of past projects. Their concept is: “The City on the water, with a Bay as its central point and an entire Downtown as its Waterfront”. They were the only ones to mention the earthquake factor.  As the sole finalist headquartered in Seattle, they received a very warm reception.

A decision is expected shortly and we’ll bring it to you when it’s made. If you’d like to follow the news and the current chatter on the project, link onto

http://www.seattle.gov/DPD/Planning/Central_Waterfront/Overview/

http://www.facebook.com/note.php?note_id=467138365241
or  “#seattlewaterfront” on Twitter hashtag. 

To watch the presentations for yourself, below is a Powerpoint link to them, plus a link to raw video footage from the Seattle Channel.

PowerPoint Presentations: http://www.seattle.gov/transportation/waterfront_design.htm

Video Footage: http://www.seattlechannel.org/videos/video.asp?ID=5011031

Fifteen Twenty-One Second Avenue – The Ultimate Success Story!

There’s so much lately about properties in trouble, going bankrupt, or stalled in development that we thought we’d pass along some good news. Fifteen Twenty-One Second Avenue claims it’s “The West Coast’s Most Successful High-Rise Condominium” and you know what? They’re not kidding. We received word that their $176 million construction loan is now down to only $600,000! They estimate that this loan will be fully repaid with the next closing.  Speaking of which, they celebrated their 100^th closing on September 8^th.

Fifteen Twenty-One is a 38-story luxury high-rise located on 2nd between Pike and Pine Street. Each level is designed to only accommodate 3 to 5 homes ranging from 1,659 to 2,958 sq ft. The property also boasts protected water views over Pike Place Market, with floorplans designed to maximize visual potential.  An Open House is scheduled for Saturday & Sunday, September 18^th & 19^th from 12 -4 .  If you’d like more information about this property and what else makes it so special, just fill out our contact form at this Stroupe Group link.  Cheers!

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