Archive for the 'New Construction' Category

Aug 26 2010

Olive 8 Luxury Conominiums going to auction

These condos are located atop the Hyatt Hotel and include many amenities.  Olive 8 indicated it will auction 34 units on Sunday Sept 19,2010 at 1:00 pm.  The Auction website is  This is just one more auction in the Seattle area in the past year.  Continue Reading »

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Oct 11 2009


I’ve been watching an interesting chain of events unfold since attending the highly successful Gallery and Brix Auction. In the 10 day since, Brix has sold ten more condo homes and Gallery, eight. The pricing set at the auction remains in place and, with the seller determined to fill the buildings in the next couple of months, patient buyers who have held out for fair deals are being rewarded.


Excited auction buyers came well prepared, most putting down 20 percent – certainly the tax incentive was part of the motivation. And, very few investors bought units, which in other times would be the other way around. As Ken Stevens, CEO of Accelerated Marketing Partners, put it: “The auction added a dimension of transparency to the process and sellers aren’t going to go right back to the original pricing… they are now willing to accept the mandate for this new pricing for the remaining inventory. It’s the only way the trust factor will return.”


For those looking to purchase a condo home at this time, there are two big incentives to consider (not including the $8,000 tax credit due to expire in November): the first is that in my opinion there is no way these buildings can be replaced for the cost at which the condo units sold. Which leads to the second: that buyers can feel really great about making a very secure investment. Gallery currently has about 15 condos left to sell, and Brix, about 20. Going…going….?

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Sep 27 2009

Seattle Gallery Condo Auction Results

The Gallery Auction was held tonight at the Hyatt hotel in Seattle.  I attended with a buyer who was interested in a unit at this condominium.  There was a full room of people, it looked as though there was close to 350 seats and they were all filled.  Some of the bidding seemed to be emotional and the following table shows the results of the auction.   All the units sold and there were multiple bidders on all of the units.  Four units were added just prior to the auction.  Click on chart to enlarge.

Gallery Auction Results

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Sep 02 2009

Condo Auctions Include Belltown’s Beautful Gallery Units

If you’ve convinced yourself that you need to give up your dream of living in downtown Seattle, in a luxury condo with a view, here’s a chance to rethink that. Multiple units of different sizes in Belltown’s upscale Gallery building are going to auction on Sept. 27 with a wide range of affordable starting bids.  Schnitzer West, the Northwest development company, is including units in Gallery in its auction plan (along with Brix – see previous Blog), in the hopes of shrinking Seattle’s condo vacancy rate. When we see this begin to happen, then we know the market is beginning its climb toward stability and we’ll all see prices level out. For now, both first-time homebuyers (remember that $8,000 tax credit due to expire on Nov. 1), as well as those looking for a way to move up, will see the Gallery condo auction as a unique opportunity worth jumping on. Gallery condos, at 2911 Second Ave. offer upscale urban living in Continue Reading »

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Jul 05 2009

Seattle Green Buildings –– Meeting the Gold Standard of LEED (Part II)

Published by Michael Kass under LEED, New Construction

Is actually isn’t easy being green, validating the theme of a certain puppet frog …

In fact, while any builder can claim their building is “green” just by including some recycled materials, there are certain standards and awards that designers, architects, and builders can strive for. If you’re truly aiming to live in a green building, look for those with LEED approval.

 LEED is the gold standard for green––its acronym stands for Leadership in Energy and Environmental Design. A LEED certification comes from the U.S. Green Building Council (USGBC), which is an alliance of leaders––10,000 international membership organizations––from every aspect of the building industry who first gathered in the late 1990s to come up with a rating system for “green” buildings. Builders can build to the high standards Continue Reading »

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Jun 29 2009

Seattle Green Buildings – What Does that Really Mean? (Part I)

Green is the new buzzword in new Seattle condo building construction –– just in case you haven’t noticed. But what makes a building “green” and who gets to make that claim?


Basically, a building that is designed, built, or fixed up for a new purpose in a resource-efficient way can call itself green. Some builders stretch the limits of the word… they may use a few materials such as bamboo flooring and water-saving plumbing and call it good (i.e. green). Others may take the concept seriously and meet certain global objectives, including using materials that protect both the environment and the long-term health of the occupant.


To truly be a green building it all needs to start at the ground level, with the owners, the designers and the architects. The building needs to be sustainable, which means it has to reduce its overall impact on the environment. Energy use, water use, integrated systems throughout the structure are the fundamentals of green building, and what ultimately affect its surroundings.


If you’re interested in living in a green condo building, here are a few questions you can ask when shopping for your next living space:

  Continue Reading »

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Jun 20 2009

GREEN LAKE – The Big Hole Mystery

Published by Michael Kass under New Construction

One of Seattle’s most desirable neighborhoods, Green Lake is also a perfect mirror of the real estate times. Anyone who has been living in the area, or heading over to work out on the 2.8 mile paved loop around the lake can’t have helped but notice buildings going up, and BIG holes being dug down.


The biggest question mark right now is, of course, what’s up with the city-block-size hole at the corner of Woodlawn Ave. NE and NE 71st St. – the site of the old Vitamilk Dairy complex? Vitamilk (a family run business that operated from 1940-2003) still owns the three-acre site, which will be developed by Lorig Associates into a mixed-use property named Park 71.


Included in the grand plan: a three-story complex with underground parking, a major anchor tenant (such as a high-end grocery Continue Reading »

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Jun 12 2009


Thornton Place Condos offer Summer Incentives for Easy Breezy Northgate Living


Thornton Place is the new buzz around Northgate – one of six Seattle neighborhoods identified for urban renewal by the Mayor’s office. It’s big, it’s classy, it’s convenient, its design is sleek and airy, and its mixed use, community-focused goals are bound to set a precedent in the greater Seattle area. Six separate buildings constitute a European-style village where staircases weave together private areas with the open space plaza, all incorporated within the natural parkland surrounding Thornton Creek. 


Seattle-based and family-owned Lorig is a highly respected developer with a track record of community involvement. Mithun, who designed the REI Continue Reading »

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