Seattle Condo Blog and Community Information

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….?

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.

The neighborhood that’s considered one of Seattle’s favorite hubs for living (we counted more than 27 seattle condo buildings), dining and nightlife will soon incorporate a park boulevard into the mix. In June, a unanimous vote by the Seattle City Council voted to turn five blocks of Bell Street into a beauty spot, complete with landscaping and attractive night lighting.

Between First and 5^th Avenues, there will be only one lane of traffic (at present there are two) and the sidewalk will extend out to Continue Reading »

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 »