Guess who sold ENSO’s last unit?

The Stroupe Group is very pleased to announce that ENSO is now 100% sold, and we were the ones who just sold the last unit.  In addition, we sold twice as many ENSO homes as other outside agent, including this lovely two-story unit you see here!  

Thank you very much to all our ENSO buyers!  We also want to mention the high level of professional service we received from ENSO’s sales associates, Emily, Javila and Angela.  Our deepest thanks to all of you!

Built in 2009, ENSO was developed by Vulcan Real Estate and is comprised of a 19-story residential tower and adjoining 16 floor commercial building.  Callison Architiects and Interior Designers  created a truly spectacular environment by marrying high-end touches with green living.  The ENSO is LEED Gold Certified.

The ENSO is located on the edge of the Denny Triangle at 820 Blanchard Street, well-positioned between the South Lake Union and Downtown neighborhoods.  With the meteoric rise of businesses, retail and restaurants in the South Lake Union area, plus the conveniences of Downtown nearby, ENSO is situated among the best of all worlds.  It is also steps away from the South Lake Union Streetcar line, and a short walk from Lake Union Park.  

There are plenty of wonderful condominium homes on the Seattle market, and we’re in the know about all of them.  Let us work on a home for you!  Call us at 206.910.5000, or drop a line to urgent@stroupe.com

Olive 8 – Your chance to own a piece of “The Sky”

Realogics Sotheby’s International Realty became Olive 8’s new listing agent on January 1^st, and it is open for business!  Dubbed “The Sky Collection”, up for sale at Olive 8 are homes located from the 27^th floor and up. Tap on this Olive 8 link to check out a five-minute video with author and syndicated columnist Tom Kelly.  He examines the new condominium development market in Seattle, specifically focusing on this exciting property.  

The video also refers to the amount of new condominium homes available in the Seattle area, and below is a copy of the graph as referenced by Dean Jones, Principal and Owner of Realogics Sotheby’s. 

Courtesy of Realogics Sotheby's International Realty

Note the amount of available condominiums in orange, in comparison to the number of condominiums that were converted to apartments (apartment conversions) in green. As a result, Olive 8 represents 25% of the available new condo market.*

Olive 8 is a 39-story luxury hotel/condominium building on the corner of Olive Street and 8^th Avenue in downtown Seattle. Atop 17 floors occupied by the Hyatt at Olive 8 hotel, it includes one-bedroom and two-bedroom luxury view homes, plus three world-class penthouses. Your new home at Olive 8 will boast panoramic views and high-end touches, combined with world-class hotel amenities and services. Better still are special privileges for homeowners including private elevators and controlled access, a 24-hour concierge, a private residential club lounge and discounted rates at Elaia Spa.

Fans of green living are in for a delightful surprise with Olive 8, the first hotel/ condominium building in Seattle to receive an LEED Certification (Silver)!   Its green roof, one of the largest in Seattle, provides an urban habitat for birds, bees and butterflies while reducing storm water runoff to city sewers. Olive 8’s dedication to the environment also results in 36% less water usage (approx savings of 2.4 million gallons annually) and 23% less power usage.  

Olive 8’s environmental stewardship also reaches far beyond its walls. It was the first Seattle building to participate in King County’s Transfer of Development Rights program. In exchange for building higher, developer R.C. Hedreen Company contributed nearly $1 million to preserve 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat.

We’re busy retooling our own websites for the new Olive 8 opportunities.  In the meantime, you can stay in touch on the latest Olive 8 news, or schedule a private tour with us by contacting this Stroupe Group link.   

*Units are identified as being sold as a non-refundable earnest money deposit (pending) or closed.  Please note that title reports are often late with real time information and often show fewer homes sold than actual. 

Olive 8’s New Listing Agent? Realogics Sotheby’s!

Realogics Sotheby’s International Realty is ending 2010 on a very high note, and it could result in an amazing buy for you in 2011.

An exclusive listing agreement was signed last week with developer RC Hedreen Company to sell all of Olive 8‘s remaining inventory, now starting from the 27th floor and up.  Olive 8 is a 39-story, 229 unit mixed-use condominium and hotel ( Hyatt at Olive 8 ) high-rise located at 8th Avenue and Olive Way in downtown Seattle.

In order to maintain 50% project sales as required by Fannie Mae lending guidelines, 32 units at Olive 8 were recently sold at auction to replace mostly investor presales that were unable to close in today’s credit environment. The auction helped establish a base for current market values, enabling RC Hedreen to restructure its construction debt with US Bank, providing a long term runway to sell into an improving marketplace.

“We’ve eliminated many of the pressures that we faced, so it’s now time to realign values for today’s market,” said Dick Hedreen, RC Hedreen’s chairman. “2011 represents a new beginning for Olive 8 and Realogics Sotheby’s International Realty is uniquely positioned to lead us through a successful sellout.”

Dean Jones, Principal of Realogics Sotheby’s International Realty, added that there is a finite supply of new construction condominiums in downtown Seattle. No new developments have broken ground since the credit crunch in 2007 and since that time, several condo projects reverted to apartments and sold to REIT’s, reducing inventory.

According to Jones, fewer than 450 new condominiums remaining unsold in the city center and most pundits agree it could be many years before any new condominiums are developed. RC Hedreen and Realogics Sotheby’s are researching home values by retaining appraisers and meeting with real estate brokers and potential homebuyers to reassess the marketplace. Olive 8 is expected to be reintroduced to the public in 2011 with new lower pricing.

“I’m confident that our business philosophy will make perfect sense to those homebuyers that have been waiting on the sidelines for an opportunity,” says Hedreen. “And considering that our available inventory now starts on the 27th floor, we saved the best for last.”

We are in the process of retooling our own websites for the new Olive 8 opportunities. If you would like to stay in touch on news or private tours when Olive 8’s new releases come on market, please contact us at this Stroupe Group link.   

Cristalla’s Green Wall is Changing Color (while staying Green)

As you walk past the south end of the Cristalla, you can’t help but notice a big green wall with soft brown panels creeping up from below.  These are the final steps in constructing a permanent south wall for the building, now underway through CDK Construction Services.

At the time the Cristalla was finished, the south wall was sheltered by an adjoining building set to become the 2015 Second Avenue project. That building was razed during the downtown condo boom, with construction permits filed and things going nicely in 2008 (it was even scheduled to open in 2010). However, like most projects later that year, the recession hit and everything stopped. This left the Cristalla with a now- exposed south wall.  Resulting weather damage finally caused management to repair damages and work on a permanent fix. Now that the south wall will be permanently protected, the Cristalla will no longer have to worry about major maintenance problems or structural concerns—which will also bring a sigh of relief to potential buyers and their lenders.

The green part of the wall is a rain screen manufactured by Knight Wall Systems. Rain screens are exterior infrastructures which sit away from an outside wall’s weather-resistant barrier.  They create a cavity allowing moisture to pass through and away from the building. The resulting airflow between the rain screen and the wall accelerates residual moisture evaporation. There’s also room for additional insulation, which increases energy efficiency and adds LEED credits to the building.

Another LEED feature is the brown part of the wall. North Clad® composite panels have a recycled content of approximately 30%+ pre and post-consumer recycled content. These lightweight panels reflect energy from the sun, reduce heat absorption and are graffiti-resistant. Aesthetically, it’s beautiful material, creating an illusion of a fabric-covered wall. Noel Foster, CDK project manager, added that they’re very pleased with the results.

The Cristalla South Wall project is well ahead of schedule and should be completed in September. The 2015 Second Avenue project is still in play, but no resumption date has been announced.