Seattle Condo Review: Blog with News & Advice about Seattle Condos - The Conversation

Comment by Wendy on "Seaboard Condo #1002"

Wendy — 2009-07-09T16:56:50-07:00

http://www.sonypictures.com/movies/panicroom/

Comment by Greg on "Seaboard Condo #1002"

Greg — 2009-07-08T11:21:17-07:00

Ok, I give up! What's a 'panic room"?

Comment by :( on "May 2009 Seattle Condo Market Stats"

:( — 2009-07-06T18:40:27-07:00

The median condo price was $249,000, down 16 percent from last June

Comment by seattlemeyer on "Lumen Auction"

seattlemeyer — 2009-07-06T08:04:58-07:00

high price prison anyone?

Comment by very disappointed on "Lumen Auction"

very disappointed — 2009-07-04T11:46:51-07:00

I second that!

wouldn't say bountiful amenities, who uses a media room or lobby? and for 700- 800 hoa a month, i was hoping for a spa

very disappointed

Comment by Cliff on "5th and Madison Update"

Cliff — 2009-07-02T10:35:53-07:00

Level 9- I am the garage manager for this building. The security at this facility is second to none and if an issue is presented it is rectified. Grill gates are closed after 7:00pm for access only by card holders. A maintenance man walks the garage continuously cleaning up any debris etc. I receive a report if any transient type debris is found (there is none). With our security and garage attendants consistintly patrolling,I am confident in saying that we have one of the lowest incidents of unwanted guests. The homeless at the library are not an issue, they are simply homeless, talk to them and say hi they say hi back. They actually read.

Comment by Rich on "Seattle Condo market: Bottom, anyone?"

Rich — 2009-07-02T09:53:57-07:00

There is no way we are bottoming withe amount or inventory, finished lots and Commercial Space availble. The continued downward spiral of deflation will continue. Cheaper prices for the middle class is a good thing but if you bought after 04 you probably have a mortgage you cannot afford. Houses are 4 walls and a roof. They are shelter and sometimes an ok investment over the longterm.

Comment by Rich on "The Enclave on Lake Union"

Rich — 2009-07-02T09:42:45-07:00

An investment is all about buying the property right. These things will NEVER cashflow as an investment at $1 million plus. You would have to rent them out for close to 10k a month. They are not waterfront and back up to an industrial office building where people stare down at you. They are too big and are missing the market completely IMO. I think they paid too much for the dirt and now have to try and get money out of it. Good luck pre-selling million plus townhouses in this market without a model. I doubt they break ground before summer of 2010. Great project though, just bad timing.

Comment by Disappointed on "Lumen Auction"

Disappointed — 2009-07-01T21:10:37-07:00

With its modern fixtures and soaring ceilings, Lumen appears to be a welcome oasis, located steps away from QFC (just below), Seattle Center, Highway 99, and the Bill and Melinda Gates location (currently under construction). The residents are friendly; the amenities are bountiful. And with attractive new auction prices, it seems that the American Dream is once again accessible.

HOWEVER, in light of the enduring state of our economic landscape, it is truly disappointing to see the property developers, auction house, and lenders continue to perpetuate cloak and dagger tactics - flagrantly ignoring the very causes of our current, dire state. Nothing made this more clear than the "How to Bid at an Auction" seminar held at the Lumen Lounge the evening of 7/1/2009.

With tougher lending standards, and many employers reducing/stalling headcount to mitigate lingering poor company performance, it is understandable for prospective buyers to express pragmatic concerns: "What happens if approval falls through even after pre-approval?"…."Where does my earnest money or 5% deposit go if I lose my job before closing?"…."What average interest rates is the lender seeing/providing these days?" In this landmark time, the worst case scenario is more and more prevalent, so "what if?" These are reasonable questions, by reasonable people, taking appropriate steps to avoid the mishaps that plagued real estate all-too-recently.

Every one of these valid questions was danced around and/or flippantly evaded. The most direct answer provided by the auction and lending team was that if a buyer was operating "out of the goodness of their heart" (how that is determined is beyond me, as there is no explicit criteria for this) but are unable to complete the purchase (say, to losing a job - a very real possibility looming over many today), the developer has discussed (strictly in conversation), that the earnest money would be refunded. It should be noted that no documentation supports this statement, thus it is a matter of "word." It should ALSO be noted that the developer, on their "word", stated that no condos would be sold prior to auction; as of 7/1/2009, TWO units have actually been sold outside of the auction.

So who wins? Buyers, who cannot get straight answers? Current homeowners, eager to see increased occupancy - only to risk new waves of defaults? Or The Triad: developer, auction house, and lender, who tout their commitment to putting clients at ease, yet cannot address genuine client concerns?

Comment by Andy on "Gallery update- Belltown condos"

Andy — 2009-07-01T10:27:30-07:00

The pricing shown in your sheet is still lower that what Gallaery are offering today, despite two rounds of price cuts. Did they bump the prices in 2007?

What is the rental cap at Gallery?

Comment by Andy on "5th and Madison Update"

Andy — 2009-07-01T09:09:55-07:00

Chris - the developer is starting to get realistic on 5th and Madison prices. I spoke to a Williams agent on the weekend and they said to expect some bargains here soon as they move to clear the inventory.

One of the 5th floor condo's has been discounted under $400k and they just repriced another one today down to $470 a square foot which isn't bad.

The owners trying to sell probably aren't too happy.

Comment by Wendy on "Ruby Condos"

Wendy — 2009-06-29T23:07:09-07:00

State Farmers Insurance and Dentist. One of them is still in negotiation.

Comment by Gabe on "Ruby Condos"

Gabe — 2009-06-29T08:36:56-07:00

Hi Wendy,
I noticed the other day that three of the commercial condos at Ruby have sold. One looks to be for a restaurant called Ravish. Do you know what the other two will be?

Thanks.

Comment by Eastlake Real Estate on "The Enclave on Lake Union"

Eastlake Real Estate — 2009-06-28T10:39:23-07:00

Boutique or not, waterfront real estate on Lake Union is a limited supply. These will be great long-term investments.

Comment by Red frog on "The Enclave on Lake Union"

Red frog — 2009-06-28T00:06:01-07:00

I definitely would like to see floor plans before commenting...I do hope that the rooftop terrace has a (partial) roof to make it usable on rainy days...the use of "boutique" this boutique that always amuse me as, in France, this word is used, very often pejoratively, to mean a plain small store, as in "so and so has a boutique selling tacky souvenirs". No connection whatsoever to style, luxury etc. Mind you, very recently a small, somewhat stylish, moderately-priced hotel in Paris has been referred to as "un Boutik hotel de style USA"... yes, with a K!!??

Comment by craig on "First Church Converting to Townhomes"

craig — 2009-06-25T07:29:08-07:00

agree, it's almost like it's in a church or something.

Comment by Tomb Raider on "First Church Converting to Townhomes"

Tomb Raider — 2009-06-22T15:13:29-07:00

I toured them yesterday. It's a really cool concept, but they are a bit tomb like. I think the idea would fit in better if you lived in a city you wanted to shut out of your life. Most of the living spaces are windowless and underground feeling.

Comment by YaYa on "Live Historic: Belboy Conversions"

YaYa — 2009-06-22T14:53:35-07:00

The DeLorges is not in foreclosure.

Comment by Darien on "It's only a bear market if you're downsizing..."

Darien — 2009-06-22T14:34:26-07:00

Sell and rent for the next 3-5yrs. RE Agents will NEVER tell you it is a bad time to buy. All last year they have been saying 'we are at the bottom' or 'buy nor or else'. Reality is prices keep sliding with no real end in sight. With Microsoft and Boeing laying off and economy getting worse, this is not going to get better anytime soon. At best, we have a L shaped recovery with no real rise till 2012 or later

Comment by Esol Esek on "First Church Converting to Townhomes"

Esol Esek — 2009-06-22T10:34:53-07:00

anyone who pays 1 million for this dump when they could live on the lake is a moron...

Comment by level9 on "5th and Madison Update"

level9 — 2009-06-21T16:48:26-07:00

the major problem here at 909 5th is security.

since the library tightened up security and they opened the new federal court park across the street there are too many homeless/drug addicts loitering and never any police. the parking levels at 909 are apparently an attractive place to shoot up, have sex or relieve oneself. as a result it is highly unsafe and also unsanitary. more than once i've found needles, condom's and human waste near my car. i also have seen several people sleeping in here.

yes, there are camera's but what they really need to do is lock down the parking level. because it is shared by the condo and the building next door, and open to the public, anyone can wander in any time of the day or night. it's a no-brainer but it costs $$$ so it will continue to be a problem.

Comment by CSP on "Seattle Heights"

CSP — 2009-06-21T13:21:10-07:00

I've lived in the building since 1998, so I survived the great renovation. That was a pain, but the results are worth it. With the new doors and windows, my electric bill (which includes heating and cooling) runs about $10-$15 a month for a 2-bedroom-2-bath unit. The fees may seem high, but cover a variety of amenites such as 24-hour concierge, swimming pool, water-sewer-garbage and more. The board is outstanding--the president is an architect with a great deal of experience with high-rise condos. In sum, it's a great and established building where you don't have to worry about future scaffolding and renovations.

Comment by Chris on "5th and Madison Update"

Chris — 2009-06-18T17:15:25-07:00

Negative on the good deals, they still have the 2007 move-in pricing on the units! After nearly 2 years!

Comment by d on "The Florentine- Pioneer Square Condo"

2009-06-18T09:55:11-07:00

those poor bums
their westerly views r, going ...going
and now
Gone!

Comment by smoothsailing on "5th and Madison Update"

smoothsailing — 2009-06-18T09:09:20-07:00

i rented at 5th and madison up until march. it seems like a lot of the building is renters.

there are still a lot of empty condo's. the top floor is entirely unsold as far as I could tell. you should be able to get a good deal.

overall the building and location is ok but not great. there isn't much in the way of amenities.

major problems is the parking is completely unsecured (open to public most of the time) and i saw bums wandering around there several times (the library is a major bum magnet). lucky i don't drive but this was a common complaint. i did hear about the breakins in the storage units in the parking level. if you have a car or need the storage then it would suck.

apparently they are going to fix the ventilation issue. mine got better when the smelly renters next door moved out. you can always open a window.