Enso and Trio lower prices

We’ll probably see a wave of price drops and bigger buyers bonus as we approach the end of the year and everyone tries to close out their books on a high note (or maybe the sky is falling.)

Enso

I am surprised to see Vulcan/John L Scott drop the price of their representation Enso unit, 820 Blanchard St #1503, $30,000, from $690,000 to $660,000. I wonder if they have price reduced other non-MLS inventory as well?

Trio

Trio at 3104 Western Ave looks almost done (marketing remarks say November occupancy) and it looks like the builder is motivated to move some units; one unit had a $80,000 drop.

27156272 1 Enso and Trio lower prices

#302. $395,000 to $349,000.

#203. $629,950 to $549,950

#522. $306,950 to $279,950

#419. $624,950 to $609,950

#401. $349,950 to $339,950

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.

  • Jon H.

    Matt,

    We didn’t lower prices, but we changed the unit on the MLS as the 16th floor is not available until Phase III begins.

    1503 is priced at $660k… No price reductions…

    Jon

  • Jon H.

    Matt,

    We didn’t lower prices, but we changed the unit on the MLS as the 16th floor is not available until Phase III begins.

    1503 is priced at $660k… No price reductions…

    Jon

  • http://twitter.com/mattgoyer mattgoyer

    Ah, I see. Why not just pull the listing and create a new one then?

    I guess we’ll have to change our Redfin Email alerts to notify not just on price and status changes but other changes as well :).

  • http://blog.mattgoyer.com Matt

    Ah, I see. Why not just pull the listing and create a new one then?

    I guess we’ll have to change our Redfin Email alerts to notify not just on price and status changes but other changes as well :).

  • Jon

    I should have done that, but I made a mistake.

    I am about to fix it now:)

    Jon

  • Jon

    I should have done that, but I made a mistake.

    I am about to fix it now:)

    Jon

  • Eric K

    Since Enso is a combined residential/commercial development, will Vulcan retain ownership of the land and lease it out to the Enso homeowners association?

    Based on the dues:
    $548/747 = $0.71 psf per month for 1503 at Enso
    vs $362/682 = $0.53 psf per month for unit 3709 at Olive8

    It seems like there must be some major expense at Enso that makes the dues so high.

    Jon – can you shed some light on why the dues are so high?

  • Eric K

    Since Enso is a combined residential/commercial development, will Vulcan retain ownership of the land and lease it out to the Enso homeowners association?

    Based on the dues:
    $548/747 = $0.71 psf per month for 1503 at Enso
    vs $362/682 = $0.53 psf per month for unit 3709 at Olive8

    It seems like there must be some major expense at Enso that makes the dues so high.

    Jon – can you shed some light on why the dues are so high?

  • Jon

    Eric,

    At Enso, the association is responsible for Water, Sewer, Garbage, Insurance on the building (including Earthquake), heating the hot water for heating, hot water, cooling the cold water for Air Conditioning, gas, maintenance of the common areas which include an approx. 2000 sq/ft work out facility, guest suite, media room, entertainment room with indoor/outdoor fireplace, gas grill on the rooftop deck, water feature, three high speed elevators (like you would find at the Columbia Tower), limited service concierge, lobby with gas fireplace, LID and MID assessments, general maintenance fund, full time engineer to ensure working order of systems in the (what we aim to be) LEED Silver certified building, and general cleaning of the building inclusive of window cleaning & common area maintenance.

    The building has a unique homeowner structure due to the commercial element, but the homeowner’s will own the associated land with the condominium.

    Have you visited the Discovery Center?

  • Jon

    Eric,

    At Enso, the association is responsible for Water, Sewer, Garbage, Insurance on the building (including Earthquake), heating the hot water for heating, hot water, cooling the cold water for Air Conditioning, gas, maintenance of the common areas which include an approx. 2000 sq/ft work out facility, guest suite, media room, entertainment room with indoor/outdoor fireplace, gas grill on the rooftop deck, water feature, three high speed elevators (like you would find at the Columbia Tower), limited service concierge, lobby with gas fireplace, LID and MID assessments, general maintenance fund, full time engineer to ensure working order of systems in the (what we aim to be) LEED Silver certified building, and general cleaning of the building inclusive of window cleaning & common area maintenance.

    The building has a unique homeowner structure due to the commercial element, but the homeowner’s will own the associated land with the condominium.

    Have you visited the Discovery Center?

  • http://twitter.com/mattgoyer mattgoyer

    Jon,

    I see that today you did drop the prices on some of those 2200 units you’re acting as agent on :).

  • http://blog.mattgoyer.com Matt

    Jon,

    I see that today you did drop the prices on some of those 2200 units you’re acting as agent on :).

  • Jon H.

    Yes, we did drop the prices a bit… not by much, but some. We have a lot of activity on those units… so I am hoping that this puts us over the edge:)

    Jon

  • Jon H.

    Yes, we did drop the prices a bit… not by much, but some. We have a lot of activity on those units… so I am hoping that this puts us over the edge:)

    Jon

  • Dan

    Hi Jon,

    When it says “HOD paid for 1 year”, are the units the new buyers exempt from paying to the association at all, or are they being given a credit… meaning someone is putting in that unit’s contribution into the assoc fund?

  • Dan

    Hi Jon,

    When it says “HOD paid for 1 year”, are the units the new buyers exempt from paying to the association at all, or are they being given a credit… meaning someone is putting in that unit’s contribution into the assoc fund?

  • Jon H.

    Dan,

    The seller will credit the buyer the cost of the one year’s worth of homeowner’s dues. They can direct escrow to pay the association directly for the year, or they could take it immediately to cover part of their closing costs. It’s just a matter of how you structure the contract when writing an offer.

    The association must be paid… no one receives an exemption. Three truths in life: Death, Taxes and Homeowner Dues!

    Does this make sense?

    Jon

  • Jon H.

    Dan,

    The seller will credit the buyer the cost of the one year’s worth of homeowner’s dues. They can direct escrow to pay the association directly for the year, or they could take it immediately to cover part of their closing costs. It’s just a matter of how you structure the contract when writing an offer.

    The association must be paid… no one receives an exemption. Three truths in life: Death, Taxes and Homeowner Dues!

    Does this make sense?

    Jon

  • newbuyer

    Anyone heard any final word on Amazon consolidating in the SLU? I thought that news was supposed to come out this week, but I have not heard anything as of yet.

  • newbuyer

    Anyone heard any final word on Amazon consolidating in the SLU? I thought that news was supposed to come out this week, but I have not heard anything as of yet.

  • Eric K

    Thanks for the clarification, Jon.

    It looks like the primary reason for the difference is dues is the cost of the exercise room (separate $50 fee at Olive8) and the difference in units. Enso only has 59% as many units (135 vs 231) and thus the per-unit cost would be greater for fewer units.

    I already have a condo that I bought in 2003, and I won’t be in the market for another one until 2009. I want to get as much out of the $250k tax-free gains on a primary residence for 2 of the previous 5 years, so I’ll keep my existing condo for 2-3 years after buying a new one. My existing condo costs much less than renting a comparable unit, so I’ll just wait and save up money for the next down payment.

  • Eric K

    Thanks for the clarification, Jon.

    It looks like the primary reason for the difference is dues is the cost of the exercise room (separate $50 fee at Olive8) and the difference in units. Enso only has 59% as many units (135 vs 231) and thus the per-unit cost would be greater for fewer units.

    I already have a condo that I bought in 2003, and I won’t be in the market for another one until 2009. I want to get as much out of the $250k tax-free gains on a primary residence for 2 of the previous 5 years, so I’ll keep my existing condo for 2-3 years after buying a new one. My existing condo costs much less than renting a comparable unit, so I’ll just wait and save up money for the next down payment.

  • Dan C.

    Amazon is indeed consolidating SOMEWHERE…they haven’t signed a thing yet. There is talk of them building a campus on the grocery distribution site in Bellevue near 520 as well. Regarding the Interurban buildings in SLU, they haven’t even turned the parking lot yet, so it would be 2-4 years before the building is done.

    There is also talk of a joint Starbucks-Amazon campus in SoDo near the current Sbucks headquarters.

    I wouldn’t make your RE decision based on a company consolidating though…

  • Dan C.

    Amazon is indeed consolidating SOMEWHERE…they haven’t signed a thing yet. There is talk of them building a campus on the grocery distribution site in Bellevue near 520 as well. Regarding the Interurban buildings in SLU, they haven’t even turned the parking lot yet, so it would be 2-4 years before the building is done.

    There is also talk of a joint Starbucks-Amazon campus in SoDo near the current Sbucks headquarters.

    I wouldn’t make your RE decision based on a company consolidating though…

  • newbuyer

    already bought in SLU, just wondering what is coming next. It seems like every time we look, there is another reputable business moving into that area too. In fact, we just walked around the area the other day and were stunned by how many new buildings are already up. Things are moving fast there.

    Have you read Crosscut Seattle? There is an interesting article concerning Amazon’s possible move to SLU. http://www.crosscut.com then look for “amazon moving to SLU” written on Oct. 1.

  • newbuyer

    already bought in SLU, just wondering what is coming next. It seems like every time we look, there is another reputable business moving into that area too. In fact, we just walked around the area the other day and were stunned by how many new buildings are already up. Things are moving fast there.

    Have you read Crosscut Seattle? There is an interesting article concerning Amazon’s possible move to SLU. http://www.crosscut.com then look for “amazon moving to SLU” written on Oct. 1.

  • http://mikeplummer.com Mike

    Trio has dropped #302 all the way down to $309,000 now at $355/sqft. The unit is actually 870 sqft according to the Trio site, not 900 sqft as stated in the MLS listing.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1317669

  • http://mikeplummer.com Mike

    Trio has dropped #302 all the way down to $309,000 now at $355/sqft. The unit is actually 870 sqft according to the Trio site, not 900 sqft as stated in the MLS listing.

    http://www.redfin.com/stingray/do/printable-listing?listing-id=1317669

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