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‘Convertible to condos’ sign of a weakening market?

By May 8, 2007

Are apartments that are built to be ‘convertible to condos’ a sign of a weakening condo market? I’m aware of two projects on Capitol Hill but I’m sure there are more.

12th and Pike Lofts

This first project is one I became really interested in as an alternative to Trace Lofts at 12th and Pike tentatively named the Agnes Lofts. In the end because I got a shot at #201 I decided to go with Trace but if I hadn’t I might very well have rented here.

  • Developer: Liz Dunn of 1310 E Union
  • Finished end of August
  • 24 units
  • Wood with some steel construction
  • Double one and one-plus bedrooms with 1.5 baths
  • 600-950 square feet
  • $1,300 to $2,400/month
  • No west facing views
  • Convert in 2-4 years
  • No balconies but 4′ sliding doors with a railing directly in front
  • Rooftop deck with BBQ, views, plantings and BBQ
  • Kitchen finishes: White cabinets, horizontal uppers and open shelving (in stainless stell)
  • Stainless appliances
  • Grayish linoleum countertop with steel back splash
  • Black track light with brushed nickel track heads will be mounted to the underside of the loft (wood decking)
  • Mezzanine loft area bathrooms will be ful size with double sinks and wall mounted faucets
  • First floor units will have concrete floors and hardwood mezzanines
  • Second and third floors will have hardwood throughout, most likely bamboo
  • See more renderings

It sounds like a really nice project.

East John Court

I found out about this project from the Capitol Hill Seattle Blog. I don’t know much about it but it certainly looks nice in this rendering.

From the Studio Meng Strazzara website, 15th Avenue East & East John Street:

We are designing this 33-unit brick apartment building in the Capitol Hill neighborhood. The apartment is laid out so that it could be converted to condominiums. This building has one floor of underground parking, ground floor commercial retail space, and three floors of apartment units.