Olive 8: Living the Turnkey Life

If you’re in the market to buy a second home, Olive 8 has something special for you! A quarter of Olive 8’s recent sales have been to second homebuyers seeking an urban resort lifestyle, complete with access to hotel amenities and services. As a result, Olive 8 developer RC Hedreen Company has announced a marketing partnership with Alchemy Collections to offer turnkey furniture packages, with full price offers on remaining open one bedroom floor plans. 

Olive 8 is unique in the Seattle condominium marketplace in that the 229‐unit condominium is built above the Hyatt at Olive 8 hotel. Amenities include concierge and room services, a 65‐foot saline lap pool, complete fitness center, restaurant, bar and lounge. Its residents‐only great room on the 18th floor has a billiards room, media room, catering kitchen, outdoor terrace with BBQ’s, and even a dog run.

Olive 8’s location is an amenity in itself. With a Walk Score® of 98 and a Transit Score™ at a perfect 100, Olive 8 is within walking distance to downtown Seattle shopping centers, major department stores, theatres and parks. The South Lake Union Streetcar is a couple of blocks away, and there is easy access to I-5. Life at Olive 8 is also environmentally friendly. It was the first hotel/condominium development in Seattle to receive LEED Certification (Silver).

All in all, Olive 8’s Turnkey Package is yet another sign that the Seattle condominium market is not only stabilizing, but that buyers are beginning to view real estate as a lifestyle choice, and not just a commodity.

Olive 8’s Sky Suite Collection starts at $370,000 for a 650‐sq. ft. home offering high-end appliance and finishes, plus awe-inspiring views of the downtown Seattle skyline and Elliott Bay. With a 20% down payment, furnished homes are available for just $1,961 per month including principal, interest, HOA dues, gym membership and real estate taxes (assuming a 5/1 ARM at just 3.0% interest or 3.267% APR). For more information or to schedule a private tour, please call us at (206) 910-5000 or send an email to urgent@stroupe.com

Olive 8: A Sales Spring, and a Spring Event!

Signs that the selling marketplace is rebounding continue at Olive 8, where 25 new condominium sales have been accepted since January 1!

Sharper prices, record low interest rates and improving consumer confidence helped garner robust sales momentum in downtown Seattle. A new report released last week by Realogics Sotheby’s International Realty tracked the supply and demand of new downtown condos.  It indicated that 40% of unsold developer-owned inventory was sold during the past year, resulting in only 342 new condominiums available within the center city!   The news is the same for the condo resale marketplace– new listings and available supply are at their lowest levels in over two years.

With literally no new Seattle condo projects on the horizon, what’s currently have on the market will have to satisfy buyer demand for some time to come.  How significant is this?  New construction condo prices have corrected back to “pre-boom” levels but new construction delivery levels are now “pre-millennium”! 

Watch for supply and demand price hikes to hit the condo marketplace, just as it’s now happening with the apartment sector. Prices are stabilizing and there’s even been competition for more-preferred inventory. As the market continues to improve, asking prices and selling prices will continue to narrow, with fewer concessions being made. 

However, you still have a great window of opportunity at Olive 8. Called The Spring Event, Olive 8 has one-bedroom residences, starting on the 28th floor, for just $395,000. Two-bedroom residences start at just $825,000. Need more?  Try this– The Spring Event’s incentive program provides for no closing costs and special financing starting at just 1.25% (2.821% APR) for qualified purchases. Also, the seller will pick up HOA dues and health club membership fees for the first year.

The Spring Event is set to expire on Tuesday, May 31, 2011, but you still have time to get in on a great opportunity to live in one of the finest condominium communities in Seattle.  Give us a call at (206) 910-5000 or drop us a line at urgent@stroupe.com for more information or to schedule a private tour.  See you soon!

Happy Birthday to Us! Reflections on Year One

February 23^rd marked the first anniversary of the Stroupe Group’s partnership with Realogics Sotheby’s International Realty, and we’re very happy with how things are going!

Since opening for business, Realogics has doubled its roster of brokers, earned several high-profile project accounts and recently opened a second office on Bainbridge Island.  Its brokerage participated in approximately $120 million in real estate transactions during the past year, representing all price points including record sales in both condominium and single-family categories in Seattle. While very engaged with the local real estate community, its global reach provides visibility to Seattle-area properties worldwide. 

As for the Stroupe Group… well, we have great news, too.  We enjoyed our best year ever in real estate.  We have also been able to bring a broad international exposure to our team.  The best example of this was our recent 10-unit buy for a foreign investor in Olive 8!  We are very proud and honored for the accomplishments we’ve enjoyed over the past year. 

We gained market share in 2010 by focusing on distinctive properties across all price segments.  It’s a new economy to be sure, but success has been built upon Sotheby’s 266-year heritage, and exercising the Brand gives our office unparalleled consumer awareness and reach.  Inventories range from affordable in-city resale condominiums to a new waterfront estate with an asking price of $28.8 million. Trendgraphix confirms our success, as you can see by the following charts.

As these graphs show for 2010, we were the leading brokerage for property listings in downtown Seattle and among the most accomplished sellers of new construction.  We should note that while Teambuilder Jls handles sales for the Escala property, Realogics manages sales for Four Seasons Private Residences, Fifteen Twenty One Second Avenue, and Olive 8.  We believe that the housing market began to stabilize in 2010 and will continue through 2011, helped in part by a noted rise in relocating buyers from out-of-state or internationally. 

Our collective presents a vertically integrated real estate solution comprised of market research, product development, full-service marketing and sales.  We are very proud of our one-year mark in the Seattle real estate arena.  We invite you to learn more about Stroupe Group and what we can do for YOU by contacting us at 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. 

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: Auction Results and Stats

Success!  Over 200 bidders filled a room at the Hyatt at Olive 8 on September 19 to try and snag a deal on 32 units from Floors 18 – 26 that were on the block. By day’s end, very happy new owners walked away with homes averaging 30% off the original price. Here’s a list of the sale action, sorted by square footage.

Sales are subject to seller acceptance and escrow closing.

We are fairly certain this information is accurate… if it changes, we will repost.  We continue to pride ourselves on accurate information.  During the auction, six units were removed from the auction (four 1-bedroom units, two 2-bedroom units).  As the auction progressed, the four 1-bedroom units returned for bidding. By the end of Sunday, all but four units had acceptable bids and the celebration began for those lucky buyers.  The remaining four units were short of the reserve bid.  The seller has a few days to decide what to do with those units.

Although it took an auction to do a significant move of inventory for Olive 8 management, the number of bidders that registered and appeared may be a sign that the Seattle real estate market is entering a more positive phase. In addition, over 1,500 potential buyers viewed the properties prior to auction, which could serve as a great base for future Olive 8 sales down the road.

The number of participating bidders also says something else about Olive 8. They confirm that Olive 8 is a special property, with a wonderful downtown location and a dizzying list of amenities including services through its downstairs neighbor, the Hyatt at Olive 8.  A little over 100 units remain for sale. Check out our website, olive8seattle.com for more details, then fill out our Contact link.

Olive 8: Anatomy of an Auction

We’ve been telling you in previous posts how special the upcoming Olive 8 auction will be. Located in the heart of downtown Seattle, Olive 8 has amazing views and numerous amenities, all at once-in-a-lifetime prices. However, the clock is ticking… the auction is on Sunday, September 19^th, at 1:00 p.m. sharp but more importantly, you must be pre-registered by Thursday, September 16^th at 6:00 p.m. If you still have questions or even qualms about the auction process, so maybe our handy-dandy guide below will help:

Review the Properties – Check out our link at olive8seattle.com, where you’ll find details of the 34 homes from Floors 18 through 26 that are on the block. Under “The Auction”, there’s a .pdf with unit floorplans. Then, hit our big green contact button and tell us which ones you’d like to see. When we meet, we’ll first discuss what you’re looking for in a home, then physically tour the properties to see which best fit your lifestyle needs and financial means.

Financing – You must be pre-approved through one of two lenders, Bank of America Home Loans or Wells Fargo Home Mortgage. Even if you’re a cash buyer, assets must be verified through either of these two lenders. By doing this, you will know that everyone at the auction will have the ability to bid.  Have a pre-approved credit line ready and bring the letter with you.  If you choose to use either one of the lenders, then the seller is offering a $5,000 credit towards non-recurring closing costs (subject to lender guidelines, please check for details). Don’t forget that financing is subject to credit approval, loan document completion and property appraisal. Finally, you will need to bring a cashier’s check for $5,000 plus a personal check for the remaining balance of your earnest money.

Pre-Register – All buyers must be registered in order to attend and bid. The form is simple, and on our website under “The Auction” tab. On auction day, check in for your bidder package. The doors open around 11:00 a.m., but you should arrive no later than 12 noon. Your window to register is a now a short one…  forms must be submitted to the Auction Office prior to 6:00 pm on Thursday, September 16th.  You will not be allowed to register at the door.

The Auction Team – The auction will be conducted by Kennedy Wilson, an international real estate investment and services company based in Beverly Hills, CA. Assisting the auctioneer will be professional floormen to make sure that all bidders are recognized and all bids are reported. Floormen can also answer questions before and during the auction, including asking the auctioneer to pause if needed.  

Before Bidding Begins – The auction will start promptly at 1:00 p.m. with opening remarks summarizing terms of sale, bidding method, and any last-minute changes or disclosures. This only takes a few minutes, ending with the auctioneer conducting a practice auction session.

Be Ready To Bid – You wouldn’t think auctioning 34 homes would go by quickly, but it’s estimated that the entire event should only run an hour. Our meetings with you will also include your bidding strategy, and we’ll be at your side when your condo number is called.

Start the Bidding – Get ready to chime in with your price! If you make a mistake, just correct it with either the floorman or the auctioneer. The auctioneer will say “sold” or “high bidder” as soon as it’s determined the final bid has been made.  When you hear, “Going once, going twice…third and final call”, that’s the cue the auctioneer is prepared to announce a winner. He’ll most likely say something to the effect of, “Sold subject to seller acceptance”.  At that time the buyer will go to another room and sign a contract based on the winning price. Within the next few days, the buyer will know whether or not they’ve made the reserve price.  Seller has the option to counteroffer to meet its minimum reserve if needed. If this does occur, buyer does not have to accept the counteroffer.

The auction will take place at the Hyatt at Olive 8, 1635 8^th Avenue in downtown Seattle. Coincidentally, this is the base of the Olive 8 building and part of its great amenities package. Give our website a spin and call us right away!

What Do Olive 8 Homeowners Say? Plenty!

We can’t tell you enough about how exciting the upcoming Olive 8 auction will be.  September 19^th is the date when 34 condominiums go on the block. This auction will offer you a once in a lifetime opportunity to move into one of the most exciting living experiences in Seattle.  But don’t take our word for it. Here’s some current owner feedback:

• Amenities – What a list to choose from! They enjoy the exercise facilities with a state of the art gym, swimming pool, yoga room and private sauna/steamroom access.  It’s a great place for pets, too. A secluded exercise and grooming area assures them that Olive 8 pampers their four-footed residents, too.
• A Hotel as a Downstairs Neighbor – You can’t beat living above the Hyatt at Olive 8 Hotel. Owners love to go downstairs to the restaurant for a quick meal, or unwind at the coffee and wine bar.  Don’t feel like dressing to go out? Order room service! Too tired to clean? Call for housekeeping! As one couple said, “…it’s like living in ‘Lifestyles of the Rich and Famous’!”
• Views – For one owner, waking up to a view of Mt. Rainier is not a bad way to start a morning.  She also loves the light that fills the rooms of her home. Any of the stunning Seattle views can be admired either from the large picture windows, or from the privacy of your own deck.
• Neighborhood – One couple mentioned that that they “live in the most electric part of Seattle”. Others mention that they love the location, that “you can go downstairs and walk to everything”.
• The Homes – Owners also love the high-end appliances, the generous use of marble in the baths, the nuanced finishes, and the overall style of the floorplans.

If you’re interested in becoming another happy Olive 8 owner, take a tour of our Olive 8 website, then fill in the Contact tab.  Specializing in the downtown Seattle condominium market since 1994, we at the Stroupe Group have participated in a number of auctions and would be happy to answer any questions you may have.  —

Okay, so you’ve decided to participate in the Olive 8 Auction. What’s Next?

You’ve checked out our Olive 8 website. You’ve reviewed the amenities of both the condominium and its link with the Hyatt at Olive 8. You’ve read all about Olive 8’s Silver LEED certification and their dedication to green living.  You’ve even looked over the floorplans for the 34 units up for sale AND, you’ve decided to take the plunge and put in a bid on Sunday, September 19^th.

What’s next?

A  Realtor® with proven auction experience is the best source to guide you through the bidding and closing process. That’s what you’ll get when you sign up with us. We at the Stroupe Group have specialized in the downtown Seattle condominium market since 1994, and have represented bidders on a number of successfully closed auction transactions.

We don’t start our work when the auction doors open, either.

We’ll do a thorough discussion with you upfront as to what you want and don’t want in a home. We’ll then review the Olive 8 units up for auction, and place values on those specific to your wants and needs. We’ll then take a physical inspection tour with you on the unit(s) you’re interested in to make sure the investment you’re about to make is one you are thoroughly happy with.

Now, suppose we go back to the bidding list and you like Numbers 9 and 14. You may prefer Number 9 but 14 may come up first… we will help you outline a “pecking order” and advise you on a bidding strategy come auction time.

We’ll help you wade through financial aspects of an auction. As you review the Terms and Conditions, you’ll discover it can seem a little daunting.  Plus, you’ve just picked up the part about the unpublished reserve selling price.  How can you get the Olive 8 unit you want at the right cost for you?  Moreover, how do you get in the winning bid and close the deal?

From peruse through purchase, we will start you on the auction process and be with you at every step. We’ll answer all your questions, put you at ease with the auction process and most importantly, help you get what you want at one of the premier condominium properties in Seattle.

The auction is just around the corner.  Fill out the Contact Us tab at www.olive8seattle.com and we’ll be in touch with you right away.

Your dream home at Olive 8 is waiting. Let us help you make that dream come true.

Olive 8 Auction Details? Find them on our website!

Olive 8’s auction of 34 condominiums on Sunday, September 19^th promises to be the real estate event of the year.  Condominiums previously priced from $395,000 to $1.23 Million will be on the block, with some bids starting as low as $160,000.

What’s your first step in getting into the auction process? Visit our special Olive 8 website, where we’ve accumulated all the auction details. www.olive8seattle.com contains detailed information about:

• The Auction – Details on the upcoming event, including a pdf downloadable brochure, including a registration form. If you would like to be represented by the Stroupe Group, download this form.
• Auction Listings – The 34 units for sale plus floor plan design, views, number of bedrooms/baths, square feet, plus the previous and starting bid price.
• Living Green — Olive 8 is the first condominium/hotel combination building in Seattle to receive a LEED certification (Silver). If you have a desire to live a more green lifestyle, what Olive 8 offers is a must-read.
• Neighborhood – At the corner of 8^th Avenue and Olive Streets in downtown Seattle, this section details Olive 8’s easy access to transit and freeways, plus many attractions within walking distance including restaurants, shopping, even jogging/biking trails. All this can be found within walking distance.
• Amenities – A staggering list of Olive 8 amenities, including those shared with the Hyatt at Olive 8 Hotel.   The interstate is also just a few blocks away, and the Sound Transit station is just a couple block.
• Floorplans – Detailed floorplans of the Olive 8 units for sale.

So take a tour of our Olive 8 website and fill in your contact information at the Contact Us tab.  Specializing in the downtown Seattle condominium market since 1994, we at the Stroupe Group have participated in a number of condominium auctions and have helped our clients successfully close on their dream of a lifetime. Let us help you with your dream, too.

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

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