FatReport – Hot or not?

People have been chatting about The FatReport in the comments, so it’s time to start blogging about what they’re publishing.

Selling well

Here are some projects that have been selling well.

  • Cosmo – 239 of 250 units sold
  • Meritage – 46 of 48 units sold
  • Mosler – 136 of 150 units sold
  • Parc – 136 of 185 units sold

Lots of inventory

Here are some projects that have lots of inventory left. It’ll be interesting to see what tactics they use to move inventory.

  • Harwood – 58 of 105 units sold. It feels like I’ve been getting flyers about this development for as long as I have been living in Seattle.
  • Trio – 26 of 116 units sold. Why has this development struggled while others like Parc (sold 136 or 185 units even though the price per square foot is higher) and Moda have succeeded?
  • 5th and Madison – 47 of 126. Other downtown projects have succeeded. I suspect this one is ‘too downtown’.
  • Lumen – 59 of 94. Guess there’s only some many true modernists living in Seattle
  • Queen Anne High School – 53 of 137. I think the bulk of the units not selling appeal to a younger crowd but that crowd doesn’t want to live o ntop of Queen Anne.
  • Domaine – 25 of 92. No one wants to live on Aurora?
  • Three19 – 10 of 16. Too much pressure from Capitol hill conversions.
  • Brix – 42 of 141. Still a bit early to tell on this one.

Capitol Hill

What I found really interesting is seeing the success of the conversions on Capitol Hill. When I was shopping around in February and the Meritage ($460/SqFt) came on the market there wasn’t really any other options on Capitol Hill. The Braeburn had pretty much wrapped up and their was no other inventory coming online. However that quickly changed as spring turned to summer and we saw a lot of conversions hit the market. Places like Plaza Del Sol ($474, 76 of 81 sold), Mezzo ($519/SqFt, 18 of 27 sold), Bolero ($434/SqFt, 71 of 75 sold) and now Press ($520/SqFt, 28 of 141 sold). Also interesting to note that Three19, new construction that came on the market after Meritage but about the same time as the conversions has had a hard time selling ($443/SqFt, 10 of 16 sold) despite an attractive price per square foot.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • Sea~Condos

    My feeling on some of the current inventory:

    Trio – overpriced for a woodframe building. They are priced similar to the Parc, yet the Parc offers a concrete/steel building and better location and better finishes. This building should have been priced similar to the Matae/Matisse building, which was sub-$400/sf for new construction, yet only subpar construction. I have watched the TRio all summer, and they have been very slow to sell. This builder has never built downtown in this market, and obviously did not do his market research. He should have hired Williams or Real Marketing.

    5th and Madison – this is not selling for many reasons in my opinion, not just because of the location. I think the location is great, but for the price they are offering, they are not even on par with other similarly priced buildings. The builder is cheap, as is evident in his finishes. When I first went to the sales center opening, I couldn’t believe how cheap the bathroom and kitchen finishes were. I returned there a few weeks ago and they had made changes to finishes (shower door changes and bathroom changes), which led to more sales I imagine. Anyways, I recall at the opening of the sales ctr that some guy working there told me that 5th and Madi does not even compare to Olive8 (he had worked at both), although the pricing was similar. I’m sure buyers did comparisons, and chose Olive8 or Cosmo instead.

    Lumen – This place is too trendy. Anything that is too trendy will inevitably lose its appeal as time and style changes. I think this buy is risky, especially if you consider its value in 5-10 years.

    Just some of my thoughts.

  • Sea~Condos

    My feeling on some of the current inventory:

    Trio – overpriced for a woodframe building. They are priced similar to the Parc, yet the Parc offers a concrete/steel building and better location and better finishes. This building should have been priced similar to the Matae/Matisse building, which was sub-$400/sf for new construction, yet only subpar construction. I have watched the TRio all summer, and they have been very slow to sell. This builder has never built downtown in this market, and obviously did not do his market research. He should have hired Williams or Real Marketing.

    5th and Madison – this is not selling for many reasons in my opinion, not just because of the location. I think the location is great, but for the price they are offering, they are not even on par with other similarly priced buildings. The builder is cheap, as is evident in his finishes. When I first went to the sales center opening, I couldn’t believe how cheap the bathroom and kitchen finishes were. I returned there a few weeks ago and they had made changes to finishes (shower door changes and bathroom changes), which led to more sales I imagine. Anyways, I recall at the opening of the sales ctr that some guy working there told me that 5th and Madi does not even compare to Olive8 (he had worked at both), although the pricing was similar. I’m sure buyers did comparisons, and chose Olive8 or Cosmo instead.

    Lumen – This place is too trendy. Anything that is too trendy will inevitably lose its appeal as time and style changes. I think this buy is risky, especially if you consider its value in 5-10 years.

    Just some of my thoughts.

  • http://seattlesavvy.blogspot.com Justin Bowers

    NOT! Yeah, um… I’m not too confident that FatReport is anything to use for investment projections considering that The Cosmopolitan may have sold 95% of it’s presales, yet there’s 63 back on the market as of today. I post daily for new listings, pendings, price changes and solds on my blog: Today’s Listing Status for Seattle Condos.

  • http://seattlesavvy.blogspot.com Justin Bowers

    NOT! Yeah, um… I’m not too confident that FatReport is anything to use for investment projections considering that The Cosmopolitan may have sold 95% of it’s presales, yet there’s 63 back on the market as of today. I post daily for new listings, pendings, price changes and solds on my blog: Today’s Listing Status for Seattle Condos.