The Hello Bar is a simple web toolbar that engages users and communicates a call to action.

May 18, 2012

West Edge Sales for 2010

What were sales like this year compared to last?  The year before that?  How about all the way back to 2007? This is a snapshot of a 4 year market survey we have compiled for West Edge by building for each downtown Seattle neighborhood.  By entering your name and email below, you will receive a spreadsheet which clearly outlines how many sales have been recorded for each address and get an inside scoop on which buildings maintain the most value.  To keep abreast of our comparison charts for other downtown neighborhoods, subscribe to our RSS in the top right of our site.

West Edge Yearly Review 2010

An overview of sales for 2010 in West Edge. View by building, number of units sold, volume in sales, sold median, median square feet, and average cost per square foot. Enter your name and email below to view a comparison chart from 2007 to 2010.
WEST EDGEUnits SoldVolume SoldSold MedianMedian Sq. Ft.$Avg/Sq. Ft.
TOTALS41$40,609,590.00AVG: $835402.65AVG: 1,091AVG: $598.43
1521 Second6$10,507,990.00$1,553,045.001,774$875.45
98 Union3$1,398,500.00$449,000.001,263$355.50
Colonial Grand Pacific1$358,000.00$358,000.001,107$323.40
Cristalla14$5,442,500.00$328,250.00700$468.93
FIX0$0.00$0.000$0.00
Four Seasons2$13,498,100.00$6,749,050.004,630$1,457.68
Hillclimb Court0$0.00$0.000$0.00
Madison Tower1$805,000.00$805,000.001,444$557.48
Market Court1$380,000.00$380,000.001,015$374.38
Market Place North1$747,000.00$747,000.001,420$526.06
Market Place Tower0$0.00$0.000$0.00
Millennium Tower0$0.00$0.000$0.00
Newmark Tower4$1,884,500.00$478,500.00786$608.78
One Pacific Tower2$1,830,000.00$915,000.001,443$634.10
Pike & Virginia0$0.00$0.000$0.00
Waterfront Place2$2,000,000.00$1,000,000.002,149$465.33
Watermark Tower4$1,758,000.00$439,000.00822$534.06

Entering your information below will only subscribe you to our exclusive reports unlike our RSS subscription which subscribes you to all future posts on seattlesavvy.com.

Proposed 16-story near new Waterfront.

THIS ONE IS INTERESTING!  I’m personally very excited about watching Seattle transform into something completely fresh and new even though as a city, we’re already fresh and new.  Seattle also doesn’t kid around when saying when it rains it pours with 3 downtown land use bulletins today.  This one, is for a mixed-use commercial and residential (apartments) structure to pop-up west of 1st Avenue just below Highway 99′s offramp onto 1st.

The proposal is to allow a 16-story building containing 9,907 sq. ft. of commercial space with 208 residential units above. Parking for 124 vehicles to be provided within the structure. Project includes 4,500 cu. yds. of grading.

It must be going in the empty lot shown below which is also where one of my favorite “underground” secret spots to hang out is located.  The Owl & Thistle!

I LOVE 1521

william justen

William Justen

Not because their uber luxurious, promise their $1M dollar views to stay as $1M views, because it’s location is nothing short of prime, that the developer, designer and architect represent that which is dot dot dot “Seattle,” that they host awesome events that feed you well or even that well served events even provide a catering staff that prevents you from over eating by cutting you off from phad thai, but mostly because they celebrate life. *Jersey Shore fist pumps

I also have to admit that one of my personal secrets to blogging (which isn’t much of a secret but rather sometimes more of an “ah ha”) is just staying in the loop by subscribing to…everything.

One of my favorite subscriptions is that with 1521 Second.  Anybody who is looking at making a downtown investment should subscribe even if the a minimum price point of $1M isn’t their minimum.  Why?  Because of their people.

Weber Thompson

Weber Thompson

Every what seems to be week or so, 1521 emails a testimonial and will continue to do so until sometime after next year.  The testimonials are those of residents, and even cooler–local merchants.  What the 1521 team did was send a list of questions to homeowners and local merchants in which there are of course those boasting about how convenient it is to grocery shop or how wonderful the views are.  I read every one of em, and I’d like to highlight a few of my favorites.

Resident

Q: What has been the most significant change in your lifestyle since living at Fifteen Twenty-One Second Avenue?

A: The most significant change we encountered was having neighbors that so effortlessly live together in the same community.  We have also found that friendships have flourished having such good neighbors, many turning into fantastic great relationships.  In fact, we recently returned from a European vacation from San Remy de Provence in the South of France with a couple of our neighbors in the building.  Living here has been a blessing, given our hectic schedules.

Merchant

Q: Describe the sense of community you’ve come to appreciate most about the Pike Place Market?

A: I appreciate the support that every business has for each other.  Knowing that every business needs to thrive to be successful for the Market to continue as it is.

Resident

Q: What does the “legacy” of the Pike Place Market mean to you?

A: It is all about the people of all nationalities who labor to bring to the market their flowers, foods and friendship. It is basically the heart of Seattle.

Merchant

Q: Any other experiences about your business in the Pike Place Market that you’d like to share?

A: I met my future wife in the Market and I have many fond memories of working with my Dad and uncle at Don & Joe’s Meats.

Susan Marinello

Susan Marinello

Resident

Q: Many are intrigued about ”city life” – how would you explain the benefits to a friend or family member?

A: The benefits never cease to surprise us:

We rarely drive our cars now as conveniences of every imaginable kind abound within a four-block radius, so we have obviously increased walking, and we are bettering our health as a result.  I can drop art off too get framed, run to the printer, stop by the Post Office to renew a passport, draw cash from the ATM, check out the latest exhibit at the SAM, get my hair cut (and sometimes a massage at the spa), do some leisurely shopping and then off to get the best groceries and produce imaginable.  We then stop for a bite to eat and a glass of wine – all in an afternoon.  It is truly unique.

We walk to work, and we can now sleep in an extra 30-45 minutes because we are so close.  We truly need only one vehicle, and we are considering reducing to a single car between the two of us – a cost-saving and “greener” strategy.

Now that Sound Light Rail is in operation, we walk to the nearest station about a block away and take the train to the SeaTac Airport – no more taxis or shuttles!

The views never stop changing, especially at night.  It is amazing to think our views are forever protected in this building.

That’s why I love Fifteen Twenty-One!  There’s only a handful left and you can pick which one, two or three you’d like to preview on our page just for 1521 Second.  Also, the neighborhood is also an A+.  Learn more about West Edge.

You can also view more testimonials on the following link… Note: I have made an edit to the url to which will more than likely be what’s preserved for longevity.  The “link” originally linked to a image file.  Once there, simply click on an image in the horizontal gallery of people to read everyone’s input.  link

Unlocked Archive: Seattle PI – Newmark Tower 1931 to 1982

The Internet sure can be a blessing in disguise sometimes considering how much strain one can put on their little fingers with all the clicking.  But, sometimes it pays off because you’ll stumble upon hidden little treasures like this blast from the past:

1415 2nd Avenue, Newmark Tower

SOURCE: Seattle PI - The downtown Seattle JC Penney store was open from 1931 to 1982.

The Neighbors project was published weekly in the Seattle Post-Intelligencer from 1996 to 2000. This page remains available for archival purposes only and the information it contains may be outdated. For more updated information, please visit our Webtowns section.

Ok, so maybe it’s not “locked” so you can also see more historic eye-candy from the PI by click here.

Today, it’s more like this:

Newmark Tower on 2nd Ave and Pike

Although a conversion and older building, the address has a lot of value considering it’s desirable location along with the fact you can still secure a $1M view without the $1M price point.

More about the Newmark.

FHA Approvals

Nobody likes somebody who takes credit from another person’s hard work, and an update regarding the expiration of FHA approved units and/or buildings was posted on Ben Kakimoto’s blog earlier this evening deserves a good read.  Ben is even offering to answer any questions one might have over the phone, via email or from comments.  I certainly hate to drive people to a competitor, but I like Ben and he’s one of my favorite people to poke fun to on Facebook.  Please check out his post for more details on the expiration of FHA approvals regarding those which obtained the status before October 1st, 2008.

Fortunately, recertification can be a relatively simple procedure through either FHA’s HRAP or DELRAP approval processes. HRAP approval is done directly with HUD and can take up to 6 weeks; DELRAP is through a direct endorsement lender and can be completed within a week or two, provided the condo conforms to FHA guidelines.

FHA Condo Approvals Set to Expire Soon

Another reason I wanted to highlight Ben’s post is because he brings up a good point about how important it is to make sure this in fact is being taken care of.

Losing FHA approval will make your condo less attractive to buyers as FHA mortgages have become increasingly popular option for buyers over the past few years.

This is certainly an interesting point we wanted to highlight considering our focus on working with buyers.  In the past, FHA approval wasn’t as important as it is today, and for the most part it was the lower-end priced condos that ensured such status.  Today, even more luxurious addresses like ESCALA have moved towards getting FHA approval since it has evolved into such a great option for virtually anybody looking to get financed.

Snaps to Ben for getting this out there!

If you’re wondering what buildings downtown do have FHA approval, we have taken a lot of the guess work out by including it within each building’s unique page listed to the right.   In some cases, it was very difficult to mark a building yes or no given the limited amount of resources to truly verify each.  However, each building listed on seattlesavvy.com will state what we could find through the HUD and MLS websites.

Off the top of my head, here are some buildings that may need to be taken into consideration include:

I may have missed one or two, but this is certainly a good list of buildings that need to get a recertification if they have not already given that it would be of great importance to any buyer we work with.

New neighborhood specific searches for downtown Seattle.

NWMLS IDX: Other than more technology rooted real estate websites like Redfin, seattlesavvy is to my knowledge the first to have downtown neighborhood specific searches, and over the next couple of weeks we'll be narrowing down the simplicity even more. For example Denny Triangle, Retail Core, Waterfront and West Edge make up one search for "Downtown" and we're working towards providing that feature next.

Every successful business online has some secretes to their sauce and in real estate it’s being able to display an active inventory of condos for sale.  Well, that’s the way it used to be.  Today, my opinion is that blogging has become even a more powerful ingredient to a tasty website.  It’s proof that you’re involved with your profession.  It proves that you’re an expert.  It requires a lot consistent attention to your profession’s surroundings.  What’s current?  What’s changing?  Where’s it going?  In real estate it can be particularly difficult because of what things you cannot say which I’m extremely flattered to see Matt Goyer had pointed out here (thanks again!  can’t say how much that was appreciated).

In 2002/3, I had started a blog with Google’s blogger and another site from a real estate template where I simply created pages collecting pictures of all the cool images for condos downtown while exploring a life in San Diego.  It was catering to that niche out of hobby that has resulted into what this site is today and what it will become January 1st, 2011.  That niche is of course downtown Seattle living.   Believe or not, while drinking beer on the beach and almost breaking my neck from the amazing sights of…the ocean, I missed Seattle.  The Teriyaki.  The electronic music, hip-hop and grunge.  The summer celebrations at Seattle Center–specifically The Bite.  The 4th of July.  Pike Place Market.  All the art.  The Green.  The Pavement.  My mother. *sheds tear.

Creating a profession based on what I was passionate about was a no brainer, and this site does just that.  It’s all about the ten neighborhoods where I love to live: Belltown, Capitol Hill, Denny Triangle, First Hill, Pioneer Square, Retail Core, South Lake Union, Uptown, Waterfront and West Edge.  I know these neighborhoods better than I do the back of my own hands.  Later, I’m excited to even attribute personality characteristics to each neighborhood given how unique each of them are.  But, getting to that fun part of seattlesavvy’s development has anxiously been awaiting the ability to provide neighborhood specific searches on active and sold condos.  Yesterday, the best 3rd party vendor for providing such data text me saying it’s ready after my kicking, screaming and later even apologizing for my impatience.

Sample Neighborhood Search

We strive to be, in addition to a couple of our favorite competitors, your number one source for what’s happening downtown.  Be sure to subscribe in the top right area of this site for market updates, and to be one of the first to…Top Secret Project unveils January 2011;)

More active inventory than Realtor.com

More up-to-date listing data than Zillow.com

No duplicated listings or scams like found on Craigslist.com

100 times the service!

Check out our newly updated neighborhood pages that will always be under development (Core Value #2: Committed to Constant and Never Ending Improvement).

  1. Belltown
  2. Capitol Hill
  3. Denny Triangle
  4. First Hill
  5. Pioneer Square
  6. Retail Core
  7. South Lake Union
  8. Uptown
  9. Waterfront
  10. West Edge

For any other real estate professionals reading this that are considering what IDX provider to use, Terry McIntosh with IDXNW is THE man!  FB

A spectacular gallery of downtown Seattle condos by Jacob F. Lucas

Seattle Public Library

Seattle Public Library

I must say, we are very pleased with Jacob’s consistent variety in approximately 30 different building’s we hired him to shoot downtown.  The variety was very important to us, and we wanted someone with an artistic eye in addition to the photoshopping ability you just can’t do without the education.  Jacob had a special style which we like to say added a candy coating to downtown Seattle’s condo buildings.  There’s really no address that you can compare with another.  They all offer a different personality, lifestyle and representation of…you.  Therefore, they all needed to look good.

Tacoma Train Station

Pioneer Square Bus Tunnel

Another important factor in choosing Jacob was that as a licensed agent, there are rules preventing any listing photos with an artistic flair.  Any new listing’s primary photo added to the NWMLS (Northwest Multiple Listing Service) must be an accurate representation of either it’s exterior or view.  Since you can search all active listings on seattlesavvy.com, you’ll see the normal pictures whether you click on what’s For Sale, or what has Sold.  We hope you like the personality Jacob has helped us interpret.  All pictures are featured on the condo pages in the right sidebar of our site.  Each has a fun and informative description, active listings for sale, sold history, neighborhood map and more. Not all of our pics were from Jacob, so we just wanted to say thanks by showing off his seattlesavvy portfolio all on one page.

Please help us say thank you by checking out his Seattle photography website.  We hired him for architectural photos, but the Australian (of course he doesn’t enjoy a beer after a photo shoot) also does listings, weddings and has a pretty good collection of stock photography.

THANK YOU JACOB!

MLS (Multiple Listing Service): An organization that all licensed real estate agents must be a member of and has number one priority when putting a new home on the market.  You can search all MLS listings right here on seattlesavvy.com.  SEARCH ALL CONDOS FOR SALE NOW

Savvy with what’s for sale, but what you’re looking for has yet to come on the market?  Create an account to notified of new listings matching your specific search criteria.

Condos that will benefit most from Seattle’s new waterfront

Seattle’s waterfront is about to change.  The visual scar and obnoxious noise of the viaduct will be a distant memory to future generations.  People from the city and from around the world will marvel at our completed project.   We’ll have to live through the mess of construction but at the end we gain a fabulous reward!

Speaking of reward, I’m urging buyers to consider investments in some of the condo buildings that will most greatly benefit from the removal of the unsightly concrete creature.  There are many to choose from and the increase in value could be very lucrative.  Just imagine having your current neighbor be some big name Belltown DJ who spins techno tunes 24-hours a day at wall pounding volume. It would reduce your value, yes?   Now image the HOA FINALLY kicking that kid to the curb and selling the unit to a quiet, calm and attractive neighbor. Someone with style and world class charm. Do you think that would make the price of your home go up? I’m sure of it!

Which buildings should benefit? Of course everyone within earshot of the nuisance will notice the improved sound quality but the following buildings are close enough to FEEL the difference too:

Pioneer Square Neighborhood

West Edge Neighborhood

Belltown Neighborhood

Waterfront Neighborhood

Is now the time to investigate an investment in one of these communities? Interest rates are ridiculously low and prices have stepped back five-plus years. With this large of a neighborhood upgrade you’d be doing yourself a favor to do some snooping. I’m ready to help.

1521 Second celebrates 100th sale.

Fifteen Twenty-One has in doubt been incredibly successful, and to celebrate that fact they’re holding a building tour/open house this weekend September 18th and 19th.  I’ve attended a couple of 1521′s events and always had a great time.  I even ate really well during an art display by Canlis not too long ago, but I’m not saying this one will be catered.  I can just promise that it will be organized well, and be a very friendly atmosphere.  I think it also speaks volumes that both the architect Blaine Weber and developer William Justen bought (guys?) and live in the building as well.

In celebration of the 100th closing at Fifteen Twenty-One Second Avenue, Realogics Sotheby’s International Realty is hosting a building tour this weekend and launched a new testimonial campaign series on the property website. We invite you to discover why this landmark community has sold more condominiums valued over $1 million than all the other new construction developments in downtown Seattle combined during recent years.

There’s also a great page on their website featuring testimonials from their residents.  Take a look at pictures of their residents and read their testimonials here.

Also, just for fun, an interesting image popped up when doing an image search for 1521.  Take a look.

Review of final pricing from all Seattle condo auctions

There sure does seem to be a lot of excitement regarding the Olive 8 auction which takes place on September 19.  Seattle has had seven auctions for dowtown condominium properties since March of 2009 and hopefully we won’t be seeing any more.  Curious if the history of these auctions have proven to be a significant amount of savings for buyers, I went around and collected all the sales results for six of the seven buildings that went to auction (no results for The Press could be found).  Here is the median for the original list price, minimum bid and final sold price for each condo project.

Auction Date Condo Project Orig List Price Auction Min  Bid Final Sold Price
3/22/09 Queen Anne High School $510,000 $280,000 $355,000
7/11/09 LUMEN $579,040 $260,000 $347,500
9/27/09 GALLERY $491,995 $225,000 $344,000
9/27/09 Brix $475,000 $185,000 $319,500
3/28/10 5th and Madison $607,500 $235,000 $390,500

NOTE: The minimum bid price was approximately 45% off the original list price.  After comparing final sold prices the discount average out to be approximately 35% off the original list price.

Now, if we were to take the median price of $592,950 and apply 35% off, that gives you a 1 bedroom, 1.5 bath with approximately 1,100 square feet on the 24th floor facing south for around $386,000.  If you were to now do a search for units around the area between $375,000 and $400,000 with a minimum of 1,000 square feet, here’s what your options look like.

Not only will several buyers get new construction for less than the price of current resale properties, but buyers for the Olive 8 auction will also be able to enjoy the benefits of living above a hotel.  As of today, the only other places in Seattle where you can live above a hotel are the Four Seasons, Madison Tower and 2200 Westlake which are all priced at significantly higher price points.

If you’re considering a purchase, prices look good.   We can also provide you with more information about the building, the neighborhood and what it takes to write an offer for free.  Contact us if you have any questions.