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

1521 Second’s VIP Event featured Canlis Glass

Canlis Glass and Opus NW (Presented by Realogics and sponsored by Seattle Magazine) held an intriguing VIP, red carpet, fully catered event on Wednesday at Fifteen Twenty-One.

Featuring a collection of glass art by Jean-Pierre Canlis, developer William Justen introduced him to a crowded 2,999 square foot penthouse of approximately 300 attendees on the 38th floor.  Before that, Justen took a moment to explain his intent on merging his two passions: urban residential development and visual arts.  “Fifteen Twenty-One was a natural choice as it is itself a glass sculpture for living”, he said.

Canlis then gave a brief overview of his inspiration for the estimated $250,000 in original works created just for the event.  Most works (dynamic 400 foot high gallery with a backdrop of Elliott Bay and city lights) were inspired by water and waves in action with the wind.   The majority of the work is engraved, hand-cut with a diamond bit wheel taking an upwards of 100 hours per piece after it is blown.  Canlis (and his wife Leigh) spent a month this past winter living in Venice and working side by side in Murano, Italy with maestros in the art of glassblowing.

The concept of the partnership of art and Fifteen Twenty-One was to illustrate “art in place” vs. sitting in a showroom.  The two-level penthouse will be open to the public during the vertical art walk event taking place on September 26th and 27th from 11am to 5pm.

*Homes are penthouses on every level, and average $1.88 million (two-thirds alreadysold).  Other art installations include several model homes by Susan Marinello, Alchemy Collections, BO Concepts and SAM Art Museum.

*Those interested in viewing the art in the two-level penthouse will be allowed that opportunity during the vertical art walk event taking place on September 26th and 27th from 11am to 5pm.

Additional free public viewing opportunities are available during the open house weekend on Saturday, September 26 and Sunday, September 27.  Those interested in attending these free open house events are encouraged to call (206) 443-1521 or visit www.1521second.com.

Ocean Studies | Breathe Series

Ocean Studies | Breathe Series

Vision of Canlis Glass:

Founded by Leigh + Jean-Pierre Canlis with a vision for the future of glass, Canlis Glass expands the limitations and pushes the boundaries of what is known as traditional in the glass art world. Translating simple, clean forms found primarily in nature into glass artwork, J.P.’s innovative and abstract approach, coupled with Leigh’s eye for design and business savvy, set them apart from their contemporaries.

The Canlis Glass Gallery + Studio is located at 3131 Western Avenue, Suite 329, Seattle, WA 98121. Hours are Tuesday through Saturday from 10am to 6pm and by appointment.

Both Leigh and J.P. were great hosts and extremely passionate about their work.  Please give them a click -> www.canlisglass.com

Team 1521: From Start to Finish – Time Lapsed Video

In combination with the completion of Four Seasons, a hard hat tour for Olive 8 & Rollin Street, the last couple of weeks have been rather exciting for Seattle’s new construction.  Even better news is that they’ve all sold impressively well, and Fifteen Twenty-One is no exception.  Today, there’s only 8 currently available in the 143 unit high-rise.  Four Seasons has 10 remaining of their 36, and Olive 8 had reported they sold approximately 75% of their 231 available units when we toured about month ago.

The team that made it all possible is also one of the most experienced and reputable groups of professionals anyone could ask for.

Architecture

Blaine Weber/Weber Thompson Architects – Project architect and founding principle at Weber Thompson Architects, the award-winning firm has also designed the 5-star Hotel 1000/Madison Tower on 1st Avenue, the much anticipated AVA, and one of Seattle’s most cherished condominium high-rises The Cristalla (from which Mr. Weber had lived before 1521).

Interior

Susan Marinello Interiors – Another local based firm who has an impressive portfolio designing upscale residential, commercial, hospitality projects. .Susan has also trophied her work at the Four Seasons Private Residences, The Condominiums at One Lincoln Tower, and the Hyatt Regency.

Development

Opus/Samis Land Company – Opus (one of the top ten developers in the country) worked together with William Justen (managing director of Samis) who is one of the states largest commercial landowners and has made a significant impact on Seattle’s urban development.

Enjoy this 10-second time-lapsed video of 1521’s construction:

Intracorp Application to Potentially “Trump” Justen Co. Proposal

The Seattle Times has reported that Intracorp is having a new proposal reviewed for a taller tower at 1915 2nd Avenue. Their current land-use permit, which will expire in Nov. 2009, was approved to build a 240-foot tower. Now, Intracorp is looking to build 400′ residential tower which may prevent the Justen Co. from building their proposed hotel/condo project at 1931 2nd Ave., due to an 80-foot separation standard set by the City Council.

According to Intracorp’s Seattle president, Mike Lierman, zoning changes and current market conditions since the initial design review have given them reason to explore other options.

2015 Second Ave. Design Proposal Highlights

Previously known as the 2nd and Virginia twin towers, the developer (Justen Company) and architects (Weber Thompson) will only be focused on the north tower as a result of negotiations with the Landmarks Board Architectural Review committee. The proposal states that the 1931 Second Avenue address will be diverged to develop further strategies on preserving the Terminal Sales Annex–classified as a historic landmark.

In the meantime, 2015 Second Avenue will reside on the northwestern block at the intersection of 2nd and Virginia. Currently a parking lot , the proposed high-rise will be situated south of the Cristalla, and east of One Pacific Tower. Plans also show that the building will take full advantage of the city’s revised restrictions on height with 39 stories, and toping off at 400′ with an additional 40′ of rooftop screening.

Currently, the intersection consists of the Moore Theater (SE), the Whiskey Bar and apartments (NE), a low-rise commercial building (SW) and large parking lot (NW). With the addition of a residential lobby and street level retail, that area of downtown should liven up a bit with more pedestrians.

Birds Eye View West	Birds Eye View North

Plans boast townhome and work studios floor plans for the five floors above the street level.

The year posted on various sites about the project claim that construction will end in 2010, but the recent credit crunch has proven to create some curious speculations on Seattle’s real estate market. Although the high-rise presents itself as a great new addition to the Seattle skyline, it will be difficult to get excited about considering delays on the development of other projects.

As with all other condominium developments, we will be watching the proposals progress, and posting any status changes our Development Status for New Construction page.

Design Proposal by Justen Company and Weber Thompson (pdf)

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

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

CONDOS FOR SALE

Here you can find all active listings at Fifteen Twenty-One. 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 Fifteen Twenty-One condos for sale as soon as they hit the market. Membership also includes a monthly review of all activity for this building.

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

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

*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.