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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.

average performance of leed certified homes

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?

New Full-Service Grocery Store to Open on 3rd and Pike

April 18, 2008 by  
Filed under 1521, 2200Westlake, 98Union, AVA, Newmark Tower

grocery bagGrocery shopping has been a challenge for many downtown area residents, but owners of the historic Kress Building signed a 35-year lease with The Myers Group who will be operating the 18,000 square foot supermarket. Currently there’s really only 2 places to buy groceries downtown; Ralphs on 3rd and Lenora and the new Whole Foods at 2200 Westlake in the Denny Triangle.

Now those who will be living at the Newmark, 98 Union, Fifteen Twenty-One, AVA, Olive 8, and the Four Seasons will be able to conveniently do their shopping just a block or two away from home.

Newspaper articles announcing the much needed addition confirmed that the new store will not offer parking, but plans to offer delivery.

Fifteen Twenty-One – 1521 2nd Ave., Seattle, WA 98101

1521 banner

Address: 1521 2nd Ave., Seattle, WA 98101
Neighborhood: Downtown

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DESCRIPTION

Designed by Weber + Thompson Architects, and developed by William Justen, 1521 is a 38-story luxury high-rise located on 2nd between Pike and Pine Street. Each floor is designed to only accommodate 3 to 5 homes ranging from 1,659 to 2,958 square feet with exclusive interiors designed by Susan Marinello. The building also boasts protected water views over Pike Place Market with floorplans designed to maximize view potential. In addition to achieving LEED Silver status, the project also features high technological, engineering, and space-planning standards. Amenities include a porte-cochere, rooftop terrace, fitness center, yoga/pilates studio and playroom for children. Original pricing started at $1 million to more than $9 million.

PICTURES

Porte Cochere left Porte Cochere center Porte Cochere right

Kitchen left Kichen center Kitchen right

Living left Living center Living right

BUILDING DATA

  • Year Built: 2009
  • Number of Units: 143
  • Number of Stories: 38
  • Exterior: Cement/Concrete, Metal/Vinyl
  • 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, Children’s Playroom, Club House, Concierge, Disabled Access, Elevator, Exercise Room, Fire Sprinklers, Game/Rec Room, High Speed Internet Available, Lobby Entrance, Porte-Cochere, Security Gate

NEIGHBORHOOD BUSINESS

  • Benaroya Music Hall
  • Genghis Khan
  • Green Room
  • Happy Gifts
  • Liberty Loans
  • OK Grocery
  • Only in Seattle
  • Osaka Grill & Teriyaki
  • Pike Place Market
  • Showbox Theater
  • Subway
  • Tropical Deli
  • Westlake Mall

VIEW NEIGHBORHOOD MAP

ADDITIONAL OPINIONS & REVIEWS

seattle condos and lofts biz journals emporis nwsource urbnlivn seattle condo review stroupe blog entries

*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.

Big Week for Downtown Real Estate – Buyer’s Moving Off the Sideline

February 12, 2008 by  
Filed under 1521, ESCALA, Gallery

Dean Jones with Realogics (award-winning marketing catalyst for residential and mixed-use real estate) informed us of some great news regarding new construction sales. News and media headlines have sidelined buyers this season and new construction sales are generally not accounted for in Seattle’s NWMLS pending and sold statistics. So here’s the inside scoop:

  • 3 homes have already sold at 1521 for an approximate $3 $9 million.
  • There has also been a number of sales made for GALLERY.
  • Equinox chalks a sale.
  • Escala still consistent in sales.
  • Bravern in Bellevue has also made an approximate dozen sales just over the weekend and they’re booked with appointments all month.

However, Dean also informed us that credit and construction costs require new construction high-rises to be priced in the $850 to $900 per square foot to pencil. Hint: an exception may be AVA.

new construction sales chart by realogics

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