Stroupe Group Lands Bulk Buy at Olive 8

We are extremely pleased to announce that we have successfully closed a bulk buy of ten units at Olive 8!

The buyer is a foreign investor, represented by Julie Roh and James Stroupe of the Stroupe Group. For our buyer, improving market conditions and the investment value at Olive 8 were compelling.  We helped our client make an informed decision using our experience and research tools found at www.stroupe.com   Our buyer could have selected any metro area in the US, but preferred our economic outlook and the fundamentals of supply and demand for in-city condominiums.  It’s a reminder that Seattle is on the radar of many interstate and international buyers; whether it’s for lifestyle or investment purposes. In this instance, Olive 8 provides for both.

We also point to a convergence of sharper pricing, low interest rates, the prospect of job growth downtown, rising rental rates and the fact that no new condominiums are planned for the future.  The new construction supply pipeline is shut down.  Based on trends we watch very carefully, we believe the resale market is going to shore up property values in the near future.  

We are continuing to see clients come to us, asking about current market conditions.  As this latest tranaction demonstrates, there are some opportunities in the market that are worth exploring.  If you would like to schedule a meeting with us to discuss your personal goals, please contact us at (206) 910-5000, or by email at  urgent@stroupe.com.

“Now’s The Time” – Pryde + Johnson Announces Condo Clearance Sale in Ballard and Greenlake

FloreraInGreenlake.com for more info.

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

HjartaInBallard.com for more info.

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.