Sunday Seattle Times – Free scooters, no HOA for 2 years and more

Sorry for not posting more! And I know its Thursday today but better late than never. Here are the notables in the ads in last Sunday’s Seattle Times.

Azul Flats: ‘Priced for Quick Sale!’

Carbon 56: ‘No home owner dues for one year’

Cosmo: ‘The Penthouses – Move In Today’

Fini: ‘30% Sold Grand Opening Week’

Live Historic: ‘You’re either different, or you’re not.’ I’ve been hearing their ads on the radio recently. Surprised they don’t have a better website but I guess it’s coming today.

Press: ‘No homeowner’s dues for 2 years on all 2 bedrooms + $4,000 buyer bonus on all homes!’

Sapphire Condos: ‘Condo Event of the Decade! Last Chance! Save Thousands!’

Tobira: ‘Beautiful homes, unbeatable location and a FREE scooter! Up to $10,000 buyer bonus.’ Nice, I can get a condo with a buyer bonus and a scooter!

Twenty-Two West Lee: ‘Over 60% Sold!’

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Dan C

    Sounds like the desperation is building….

    I can’t wait to get a $400,000 condo for $275,000.

  • Dan C

    Sounds like the desperation is building….

    I can’t wait to get a $400,000 condo for $275,000.

  • brian

    This is a pretty funny quote from Live Historic’s page for the Nord (which is on 1st in P Sq) –

    “This rare offering is comprised of 7 freshly restored homes, some with quite fascinating street views.”

    They’re trying to sell condos based on views of people urinating and vomiting in the street? That worth wayyyy more than $10k or a scooter!

  • brian

    This is a pretty funny quote from Live Historic’s page for the Nord (which is on 1st in P Sq) –

    “This rare offering is comprised of 7 freshly restored homes, some with quite fascinating street views.”

    They’re trying to sell condos based on views of people urinating and vomiting in the street? That worth wayyyy more than $10k or a scooter!

  • chris

    Try a $275 condo for $275

  • chris

    Try a $275 condo for $275

  • Dan C

    Chris,

    Very true…it will be nice to see normal prices again. I was being sarcastic.

  • Dan C

    Chris,

    Very true…it will be nice to see normal prices again. I was being sarcastic.

  • joesixpack

    It’s fun to fantasize about lower prices people, but do the math. Construction prices are up 40% in less than two years. The cost of entitlement is up substantially. Inflation is here whether we want to admit it or not [check your receipts for gas and groceries against prices two years ago if you doubt this]. The Seattle market has a lot of steam left because we already had our recession, there is not enough housing [of the right kind of housing] to keep up with the growth in our region, people are moving back to ther urban center from the freaking burbs…ad infiitum. Those who get in the game by finding view properties in the best locations will be thanking themselves in a few years – those that wait for prices to come down will be left in the dust. If you think $500 a foot is expensive, take a look at San Franciso or NY because that is where we are headed. Seattle has some extraordinary bargains if you invest the time to find them and those who take the time will be amply rewarded. Those who complain about appreciation, prognosticate or wish for the collapse of some imaginary bubble, or wait on the sidelines will be…left on the sidelines. In 30 years of investing in all kinds of up and down markets I have never lost a penny while my friends that have failed to invest in real estate continue to whine about why life is not fair. All markets, real estate included – never goes straight up, the business cyle is alive and well, but over the long haul its the very best way to enjoy appreciation, particularly because you can live in it and enjoy tremendous tax advantages to boot. But don’t listen to me, I am just joesixpack.

  • joesixpack

    It’s fun to fantasize about lower prices people, but do the math. Construction prices are up 40% in less than two years. The cost of entitlement is up substantially. Inflation is here whether we want to admit it or not [check your receipts for gas and groceries against prices two years ago if you doubt this]. The Seattle market has a lot of steam left because we already had our recession, there is not enough housing [of the right kind of housing] to keep up with the growth in our region, people are moving back to ther urban center from the freaking burbs…ad infiitum. Those who get in the game by finding view properties in the best locations will be thanking themselves in a few years – those that wait for prices to come down will be left in the dust. If you think $500 a foot is expensive, take a look at San Franciso or NY because that is where we are headed. Seattle has some extraordinary bargains if you invest the time to find them and those who take the time will be amply rewarded. Those who complain about appreciation, prognosticate or wish for the collapse of some imaginary bubble, or wait on the sidelines will be…left on the sidelines. In 30 years of investing in all kinds of up and down markets I have never lost a penny while my friends that have failed to invest in real estate continue to whine about why life is not fair. All markets, real estate included – never goes straight up, the business cyle is alive and well, but over the long haul its the very best way to enjoy appreciation, particularly because you can live in it and enjoy tremendous tax advantages to boot. But don’t listen to me, I am just joesixpack.

  • jasonC

    I’ve been in the Nord and the Betsy Ross and if anything the website is underselling their charm and uniqueness. Had I known the Betsy Ross was going to go condo who knows? Paul and I might have passed on the Trace. I’m curious to see what they’ve done with the units and the rooftop deck there.

  • jasonC

    I’ve been in the Nord and the Betsy Ross and if anything the website is underselling their charm and uniqueness. Had I known the Betsy Ross was going to go condo who knows? Paul and I might have passed on the Trace. I’m curious to see what they’ve done with the units and the rooftop deck there.

  • chris

    “take a look at San Franciso or NY because that is where we are headed”

    Really? Seattle is as in demand as SF or NY. I beg to differ.

    you’re right about replacment costs, but that doesn’t explain new construction selling for $700-$800 psf (that’s a hefty margin over the $450 it takes to build highrise all in) or the $600 for 5-over-1 (replacement at $300). Or how about conversions at $500+ psf when they were purchased for $200-$240psf?? I disagee that replacement cost completely buttresses prices.

    Look at the Olivian (Ten 20) under construction. Will rent for, say, $3.00 psf. less expenses/vacancy $2.20 psf at a 5.5 cap is $480 psf in value. Sure, they’re banking on rent increases in the future, but that could just as well convert to condos and undercut prices at Olive 8 next door.

    What if construction prices drop marginally or stay level for a while – chinese hiccup? new production coming online?? then you’ve overpaid for stagnating asset with high transaction costs and low liquidity

  • chris

    “take a look at San Franciso or NY because that is where we are headed”

    Really? Seattle is as in demand as SF or NY. I beg to differ.

    you’re right about replacment costs, but that doesn’t explain new construction selling for $700-$800 psf (that’s a hefty margin over the $450 it takes to build highrise all in) or the $600 for 5-over-1 (replacement at $300). Or how about conversions at $500+ psf when they were purchased for $200-$240psf?? I disagee that replacement cost completely buttresses prices.

    Look at the Olivian (Ten 20) under construction. Will rent for, say, $3.00 psf. less expenses/vacancy $2.20 psf at a 5.5 cap is $480 psf in value. Sure, they’re banking on rent increases in the future, but that could just as well convert to condos and undercut prices at Olive 8 next door.

    What if construction prices drop marginally or stay level for a while – chinese hiccup? new production coming online?? then you’ve overpaid for stagnating asset with high transaction costs and low liquidity

  • Jason

    By living in an apartment, I save about $1800/mo versus a comparable condo next door. That’s about $20,000 a year in cash that I can put in a 5% savings account. After five years I’ll have $100K free and clear to do what I want. You’ll own less than 1/6 of that dream condo and you’ll have 25 years left on your loan.

    But hey, enjoy that scooter.

  • Jason

    By living in an apartment, I save about $1800/mo versus a comparable condo next door. That’s about $20,000 a year in cash that I can put in a 5% savings account. After five years I’ll have $100K free and clear to do what I want. You’ll own less than 1/6 of that dream condo and you’ll have 25 years left on your loan.

    But hey, enjoy that scooter.

  • richard

    But dont listen to me, I am just joesixpack.

    The only worthwhile line of advice in that post.

  • richard

    But don’t listen to me, I am just joesixpack.

    The only worthwhile line of advice in that post.

  • jo

    bitter renters always make for such entertainment

  • jo

    bitter renters always make for such entertainment

  • richard

    jo, that is weird. Kicked any dogs lately for enjoyment?

  • richard

    jo, that is weird. Kicked any dogs lately for enjoyment?

  • EconE

    I’m a tickled pink renter.

    The units in my building are asking/sold recently for $750-800/sf. + all the other extras.

    I’m renting for $2.22/sf (2 year lease) and it includes WSG and gas for my fireplace and cooking.

    Can’t complain…not bitter at all….why should I be…it’s just a vacation rental and it’s pretty nice.

  • EconE

    I’m a tickled pink renter.

    The units in my building are asking/sold recently for $750-800/sf. + all the other extras.

    I’m renting for $2.22/sf (2 year lease) and it includes WSG and gas for my fireplace and cooking.

    Can’t complain…not bitter at all….why should I be…it’s just a vacation rental and it’s pretty nice.

  • 10yearsdowntown

    Joe sixpack’s words rang true to me. I have purchased three condos downtown in the past 10 yrs; Pike lofts, Bellora, and Cristalla and have made as much equity (hard cash as I sold two, and NO MONEY shared with the IRS as an added benefit!) almost as much as I have made in total salary.

    Past history does not predict the future…but I agree Joe gives strong arguement about our favored Metro for inmigration. People hestitated to buy last year because of all the negative national press…the Seattle market had another double digit apprecation June 2006 to 2007. I believe the wild ride IS over…and a return to normal times.

    Look for new construction at $600 a foot, well built, and well located. (Chris emailed about the overpriced stuff out there at $700 or $800) and you are buying right.

    An experienced buyer in the market

    Ps…Downtown next to the new library may be one.

  • 10yearsdowntown

    Joe sixpack’s words rang true to me. I have purchased three condos downtown in the past 10 yrs; Pike lofts, Bellora, and Cristalla and have made as much equity (hard cash as I sold two, and NO MONEY shared with the IRS as an added benefit!) almost as much as I have made in total salary.

    Past history does not predict the future…but I agree Joe gives strong arguement about our favored Metro for inmigration. People hestitated to buy last year because of all the negative national press…the Seattle market had another double digit apprecation June 2006 to 2007. I believe the wild ride IS over…and a return to normal times.

    Look for new construction at $600 a foot, well built, and well located. (Chris emailed about the overpriced stuff out there at $700 or $800) and you are buying right.

    An experienced buyer in the market

    Ps…Downtown next to the new library may be one.

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

    The Nord came out with it’s first MLS listing today. Price is low and the website claims to offer 2 years of prepaid parking. Wonder if that parking pass can be kept even if the owner doesn’t live in the property?

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

    The Nord came out with it’s first MLS listing today. Price is low and the website claims to offer 2 years of prepaid parking. Wonder if that parking pass can be kept even if the owner doesn’t live in the property?

  • J-Ro

    I bought my first condo 4 years ago and was scared to death since i could barely afford my rent and all the newspapers said the bubble was bursting. Well thank God I bought it anyway, I had it for two years and sold it a day after capitol gains. I sold it for $180,000K over my purchase price. Then I rolled it into a bigger house that I had originally wanted and now it is worth over $100,000K of what I bought it for. Oh by the way, my savings account that I earn 5% on made me basically nothing in retrospect of what the real estate market has made me. FYI – the government taxes you on the amount of interest that you earn. By the time you see what goes in your pocket you will want to cry. I am so grateful I do not feed into the media and let someone else dictate how much money I can make in the real estate market of Seattle.

  • J-Ro

    I bought my first condo 4 years ago and was scared to death since i could barely afford my rent and all the newspapers said the bubble was bursting. Well thank God I bought it anyway, I had it for two years and sold it a day after capitol gains. I sold it for $180,000K over my purchase price. Then I rolled it into a bigger house that I had originally wanted and now it is worth over $100,000K of what I bought it for. Oh by the way, my savings account that I earn 5% on made me basically nothing in retrospect of what the real estate market has made me. FYI – the government taxes you on the amount of interest that you earn. By the time you see what goes in your pocket you will want to cry. I am so grateful I do not feed into the media and let someone else dictate how much money I can make in the real estate market of Seattle.

  • briceachang

    Tobira: ‘Beautiful homes, unbeatable location and a FREE scooter! Up to $10,000 buyer bonus.’ Nice, I can get a condo thrift savings plan with a buyer bonus and a scooter!Twenty-Two West Lee: ‘Over 60% Sold!’

  • briceachang

    Tobira: ‘Beautiful homes, unbeatable location and a FREE scooter! Up to $10,000 buyer bonus.’ Nice, I can get a condo thrift savings plan with a buyer bonus and a scooter!Twenty-Two West Lee: ‘Over 60% Sold!’