Photos of Veer Lofts in South Lake Union

Vulcan’s PR Firm, Fearey group, sent over a bunch more pictures of Veer Lofts for those interested. View the album.

Roof top deck:

406683204 KipBA S Photos of Veer Lofts in South Lake Union

Den in the full loft:

414390537 3ewZp S Photos of Veer Lofts in South Lake Union

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.

  • stone

    MD what difference does it make? Who cares. I appreciate Jo’s comments, whether I agree or not. certainly helped me understand the folks on the other side of real estate table a bit better.

    Matt is not the police and Jo do elaborate – cause that is totally out of bounds. I really enjoy this site and I think it is actually good for real estate folks, because honestly a lot of folks who post on here are either owners (like matt) or potential owners (such as myself,although..). Sigh. Its been a crazy two years of being fed a lot of real estate food that I knew was bs but everyone was calling it a cherry sundae and saying it smelled sweet. I’m glad I listened to my instincts and avoided the hype. When I think of some of the marketing I’ve seen that is just insulting of intelligence, its mind boggling.
    I would think by reading this site marketers would be able to make improvements in their pitch, separate the good comments from the grains of salt. But honestly, having a half a million dollar price tag, crap finishes (not saying the veer does, but we’ve all seen ones that do) weak amenities, bad construction, and then we’re supposed to just drink the kool-aid? there are some great projects that are expensive, but with everything done right, so you don’t feel you’re getting shafted.
    I’m not a bubbler – its just basic econ that anything that runs hot is necessarily going to run cold, its just how steep the fall is and predicting its occurrence.

  • stone

    MD what difference does it make? Who cares. I appreciate Jo’s comments, whether I agree or not. certainly helped me understand the folks on the other side of real estate table a bit better.

    Matt is not the police and Jo do elaborate – cause that is totally out of bounds. I really enjoy this site and I think it is actually good for real estate folks, because honestly a lot of folks who post on here are either owners (like matt) or potential owners (such as myself,although..). Sigh. Its been a crazy two years of being fed a lot of real estate food that I knew was bs but everyone was calling it a cherry sundae and saying it smelled sweet. I’m glad I listened to my instincts and avoided the hype. When I think of some of the marketing I’ve seen that is just insulting of intelligence, its mind boggling.
    I would think by reading this site marketers would be able to make improvements in their pitch, separate the good comments from the grains of salt. But honestly, having a half a million dollar price tag, crap finishes (not saying the veer does, but we’ve all seen ones that do) weak amenities, bad construction, and then we’re supposed to just drink the kool-aid? there are some great projects that are expensive, but with everything done right, so you don’t feel you’re getting shafted.
    I’m not a bubbler – its just basic econ that anything that runs hot is necessarily going to run cold, its just how steep the fall is and predicting its occurrence.

  • http://twitter.com/mattgoyer mattgoyer

    I don’t want to be the comment police; let’s not pick on the people commenting here, instead let’s be both critical yet constructive of the projects not the people.

    As for JO: I’ve met JO in person several times. He’s a condo owner and does not work in the real estate industry unless he’s changed jobs recently.

  • http://blog.mattgoyer.com Matt

    I don’t want to be the comment police; let’s not pick on the people commenting here, instead let’s be both critical yet constructive of the projects not the people.

    As for JO: I’ve met JO in person several times. He’s a condo owner and does not work in the real estate industry unless he’s changed jobs recently.

  • rick

    it’s the same people posting negative stuff everytime….it’s hard to even look at this site anymore. while i don’t mind reading everyone’s viewpoint, the cynicism is rampant.

  • rick

    it’s the same people posting negative stuff everytime….it’s hard to even look at this site anymore. while i don’t mind reading everyone’s viewpoint, the cynicism is rampant.

  • The MD

    Home/Condos at margins relative to earned income and relative to the finishes = Happy bloggers….. Home/Condos at margins that make no sense whatsoever with crappy finishes = realistic and honest bloggers (or, as some would say, “cynicism.”). When the developers and marketers decide to finally “get real,” I truly believe much of the cynicism that is currently observed will ultimately be dissolved. This is exactly HOW the market corrects itself. Otherwise, we’d all just continue to sit back and take the b.s. that marketers and developers have fed the market for the past four years.

    Sidenote… I wonder how the price of oil having dropped to almost HALF what it has been in the recent past will affect construction prices. Well, I DO KNOW how its affected construction prices. Developers are actually re-bidding their developments for construction as they understand their costs for build-out has dropped significantly (about 18%) over the past 5 months. That being said, how is this going to affect the Seattle condo market in the future with the developments that were built at construction costs that were higher? Will these developers have to take a “loss?”

  • The MD

    Home/Condos at margins relative to earned income and relative to the finishes = Happy bloggers….. Home/Condos at margins that make no sense whatsoever with crappy finishes = realistic and honest bloggers (or, as some would say, “cynicism.”). When the developers and marketers decide to finally “get real,” I truly believe much of the cynicism that is currently observed will ultimately be dissolved. This is exactly HOW the market corrects itself. Otherwise, we’d all just continue to sit back and take the b.s. that marketers and developers have fed the market for the past four years.

    Sidenote… I wonder how the price of oil having dropped to almost HALF what it has been in the recent past will affect construction prices. Well, I DO KNOW how its affected construction prices. Developers are actually re-bidding their developments for construction as they understand their costs for build-out has dropped significantly (about 18%) over the past 5 months. That being said, how is this going to affect the Seattle condo market in the future with the developments that were built at construction costs that were higher? Will these developers have to take a “loss?”

  • Matthew

    I have to say, I am one of the more cynical posters in the blogosphere, and I don’t mind the look of these lofts at all. They didn’t screw up the modern look nearly as bad as Lumen, and I like the wide open feel.

    I agree with Chris, they could def. use a .5 bathroom downstairs. They aren’t bad, but I wouldn’t pay what they are asking for them. Also I’m not sold on the SLU location either. I’m still of the belief that the SLU concept is going to be a huge failure. But time will tell.

  • Matthew

    I have to say, I am one of the more cynical posters in the blogosphere, and I don’t mind the look of these lofts at all. They didn’t screw up the modern look nearly as bad as Lumen, and I like the wide open feel.

    I agree with Chris, they could def. use a .5 bathroom downstairs. They aren’t bad, but I wouldn’t pay what they are asking for them. Also I’m not sold on the SLU location either. I’m still of the belief that the SLU concept is going to be a huge failure. But time will tell.

  • voight-kampff

    mathew when you say SLU will be a failure, what exactly do you mean, it will become a ghetto? when will it fail?
    -btw-
    while I go to condo blogs for info, I also enjoy a good roasting, not personal attacks per-say, but if ones opinions dont hold up to scrutiny… thats more info!!!…
    In my post about EconE and christian I was kidding, maybe that wasnt obvious?

  • voight-kampff

    mathew when you say SLU will be a failure, what exactly do you mean, it will become a ghetto? when will it fail?
    -btw-
    while I go to condo blogs for info, I also enjoy a good roasting, not personal attacks per-say, but if ones opinions dont hold up to scrutiny… thats more info!!!…
    In my post about EconE and christian I was kidding, maybe that wasnt obvious?

  • Mark W

    Chris writes “…West of Westlake (hey, that could be a good name – condo marketers…) ….”

    WeWe

  • Mark W

    Chris writes “…West of Westlake (hey, that could be a good name – condo marketers…) ….”

    WeWe

  • EconE

    Condo Envy?

    You know…you’re actually right. I did have a recent bout of condo envy. There happens to be a few renters in my complex getting even better deals than I am.

  • EconE

    Condo Envy?

    You know…you’re actually right. I did have a recent bout of condo envy. There happens to be a few renters in my complex getting even better deals than I am.

  • Mark W

    Voight-Kampff writes: “i like the look as well, but I prefer a tru loft ie: old converted building.”

    Back in Dayton, the only lofts I ever saw were in the old converted buildings. So now when I see most of these new construction lofts, they just don’t look right. All that drywall and the polished kitchens combined with a concrete floor and ceiling looks like a slice of suburbia tucked into a parking garage.

    The attempts to add a bit of industrial flair generally fall flat – if there’s that much drywall, you really wouldn’t expect to see a small segment of exposed ductwork. It looks unfinished or out of place rather than industrial.

    If they’re going to put in finished walls, then finish the floor and ceiling. Embrace a finished look.

    If they’re going for an industrial look, then put brick on the walls (perhaps even with a pattern of a bricked-in window). Use glass blocks. Plank-like wood. Beams or trusses. And get creative with the ductwork. Embrace an industrial look.

    But combine the cheapest wall option – drywall – with the cheapest floor and ceiling option – unfinished – and you get… well, you get many of the lofts that appear here.

  • Mark W

    Voight-Kampff writes: “i like the look as well, but I prefer a tru loft ie: old converted building.”

    Back in Dayton, the only lofts I ever saw were in the old converted buildings. So now when I see most of these new construction lofts, they just don’t look right. All that drywall and the polished kitchens combined with a concrete floor and ceiling looks like a slice of suburbia tucked into a parking garage.

    The attempts to add a bit of industrial flair generally fall flat – if there’s that much drywall, you really wouldn’t expect to see a small segment of exposed ductwork. It looks unfinished or out of place rather than industrial.

    If they’re going to put in finished walls, then finish the floor and ceiling. Embrace a finished look.

    If they’re going for an industrial look, then put brick on the walls (perhaps even with a pattern of a bricked-in window). Use glass blocks. Plank-like wood. Beams or trusses. And get creative with the ductwork. Embrace an industrial look.

    But combine the cheapest wall option – drywall – with the cheapest floor and ceiling option – unfinished – and you get… well, you get many of the lofts that appear here.

  • Peckhammer

    ” I could see myself living here.”

    So could I, if it weren’t for the $600K sales price. Although it is close enough to Venik to crawl home from, there is no way I’d plunk down that kind of money on a unit in a wood-frame building.

    At the sales office they were boasting that there aren’t any homeowner dues to pay until 75% of the building has been sold. Since they’ve only sold 58%, I guess you should take solace in the fact that the reserve fund isn’t growing, and that Vulcan is footing the bill for common area utilities.

  • Peckhammer

    ” I could see myself living here.”

    So could I, if it weren’t for the $600K sales price. Although it is close enough to Venik to crawl home from, there is no way I’d plunk down that kind of money on a unit in a wood-frame building.

    At the sales office they were boasting that there aren’t any homeowner dues to pay until 75% of the building has been sold. Since they’ve only sold 58%, I guess you should take solace in the fact that the reserve fund isn’t growing, and that Vulcan is footing the bill for common area utilities.

  • Chris

    Md writes,” costs for build-out has dropped significantly (about 18%) over the past 5 months.”

    We just re-bid our apartment project and prices came down about 5% since 6 month ago. Unfortunately, subs are still pretty busy on large projects begun before the credit crisis went full steam in September….I expect prices to fall a bit more steeply in 6 months. Subs with shorter lead times – windows, plumbing, electric, cabinets/counters – are hurting. Architects are getting really competitive for work, as are surveyors. Credit situation, with enough equity down, is not really that bad.

  • Chris

    Md writes,” costs for build-out has dropped significantly (about 18%) over the past 5 months.”

    We just re-bid our apartment project and prices came down about 5% since 6 month ago. Unfortunately, subs are still pretty busy on large projects begun before the credit crisis went full steam in September….I expect prices to fall a bit more steeply in 6 months. Subs with shorter lead times – windows, plumbing, electric, cabinets/counters – are hurting. Architects are getting really competitive for work, as are surveyors. Credit situation, with enough equity down, is not really that bad.

  • nitsuj

    *picks up a rock and throws it at anyone!*

    OK, not really.

    “I guess I’m in the minority here who actually likes the industrial look of Veer. It’s certainly a lot better than the bland stuff at Parc, Trio, Gallery, etc, etc.”

    I actually like the look as well. Personally I feel like most of what the developers have puked out in Seattle is very homogenous, boring and uninspired, this is at least a little different.

  • nitsuj

    *picks up a rock and throws it at anyone!*

    OK, not really.

    “I guess I’m in the minority here who actually likes the industrial look of Veer. It’s certainly a lot better than the bland stuff at Parc, Trio, Gallery, etc, etc.”

    I actually like the look as well. Personally I feel like most of what the developers have puked out in Seattle is very homogenous, boring and uninspired, this is at least a little different.

  • The MD

    Chris, that’s horrible you were only able to negotiate a 5% price drop in your re-bid. That would essentially make the rebid process not worth it, almost to the point of losing money in the rebidding process (changing of contractors, stopping construction, learning curve for new contractor, etc).

    Rest assured, though, the developers we’ve been dealing with have been averaging 18% reduction in costs in the rebidding process over the past 5 months, with the median reduction hovering around 14%.

    Of course, ultimately the reduction that is realized is in the contractor you decide to go with, as well as the general materials being used.

    Oil price decreases have certainly brought prices down substantially, and suppliers are hurting to make the sale. So, there are several great deal in the industry to be had…. and as you pointed out, its only going to get less expensive moving forward.

  • The MD

    Chris, that’s horrible you were only able to negotiate a 5% price drop in your re-bid. That would essentially make the rebid process not worth it, almost to the point of losing money in the rebidding process (changing of contractors, stopping construction, learning curve for new contractor, etc).

    Rest assured, though, the developers we’ve been dealing with have been averaging 18% reduction in costs in the rebidding process over the past 5 months, with the median reduction hovering around 14%.

    Of course, ultimately the reduction that is realized is in the contractor you decide to go with, as well as the general materials being used.

    Oil price decreases have certainly brought prices down substantially, and suppliers are hurting to make the sale. So, there are several great deal in the industry to be had…. and as you pointed out, its only going to get less expensive moving forward.

  • Mike2

    Nice look, but I can see the need for a remodel in a few years. Industrial sheik comes and goes.

  • Mike2

    Nice look, but I can see the need for a remodel in a few years. Industrial sheik comes and goes.

  • Matthew

    RE: SLU Failure

    Attempting to develop a residential/commercial area from (mostly) scratch into what could be the worst economy and largest housing/asset bubble since 1929 = failure.

    I don’t see any of these SLU projects selling out and many of those coming onto the market in 2009 and after will be a total disaster.

  • Matthew

    RE: SLU Failure

    Attempting to develop a residential/commercial area from (mostly) scratch into what could be the worst economy and largest housing/asset bubble since 1929 = failure.

    I don’t see any of these SLU projects selling out and many of those coming onto the market in 2009 and after will be a total disaster.

  • The MD

    Matthew, AGREED. SLU = DEAD Of course, I never really thought the area was alive in the first place. 2200 had more condos on the market at inception than any other development (well, maybe not quite as much as Cosmopolitan) due to no restrictions on speculators and poor craftsmanship/quality. Because this was the first development to come to market in the SLU area under Vulcan, it pretty much killed the entire SLU concept from that initial offering. How’s that old saying go again???? Oh yes, “Put your BEST foot forward!” Such a rarity to be had in Seattle.

    It seems that developers in this city are always “chasing the market,” meaning they will never TRULY offer the best finishes, but instead they offer “like” finishes that resemble higher quality finishes, and then charge the consumer the higher-quality prices. I believe this will become a thing of the past as consumers will certainly become more savvy in a downturn market. Prices on existing downtown condos are going to HAVE to come way down, or quality/finishes are going to have to come WAY up to compensate the buyer. Simple economics dictates this concept to be true.

  • The MD

    Matthew, AGREED. SLU = DEAD Of course, I never really thought the area was alive in the first place. 2200 had more condos on the market at inception than any other development (well, maybe not quite as much as Cosmopolitan) due to no restrictions on speculators and poor craftsmanship/quality. Because this was the first development to come to market in the SLU area under Vulcan, it pretty much killed the entire SLU concept from that initial offering. How’s that old saying go again???? Oh yes, “Put your BEST foot forward!” Such a rarity to be had in Seattle.

    It seems that developers in this city are always “chasing the market,” meaning they will never TRULY offer the best finishes, but instead they offer “like” finishes that resemble higher quality finishes, and then charge the consumer the higher-quality prices. I believe this will become a thing of the past as consumers will certainly become more savvy in a downturn market. Prices on existing downtown condos are going to HAVE to come way down, or quality/finishes are going to have to come WAY up to compensate the buyer. Simple economics dictates this concept to be true.

  • Chris

    MD, are you a lender?…We have the same GC we’ve been working with rebid the subs, not a GC switch. We had time given the permitting delays – I think DPD staff are on an unofficial work slowdown mode. We had good coverage on the bids, and and prices from the subs were fairly uniform on many fronts. Labor that can do the tricky concrete work is still in short supply. As I said I think that will change.

  • Chris

    MD, are you a lender?…We have the same GC we’ve been working with rebid the subs, not a GC switch. We had time given the permitting delays – I think DPD staff are on an unofficial work slowdown mode. We had good coverage on the bids, and and prices from the subs were fairly uniform on many fronts. Labor that can do the tricky concrete work is still in short supply. As I said I think that will change.

  • The MD

    Chris, okay, I understand now. I didn’t realize it wasn’t a General Contractor switch. We’ve been finding a lot of GCs out there are actually looking for work and are willing to bid the jobs lower to “buy the business.” I do agree with you that labor for concrete work is short supplied right now. From a materials perspective, this is where we’ve seen the most drastic drops, creating an overall bid that generally is much lower than the previous. You are DEFINITELY correct in your assessment that labor will begin to come down as well in the VERY NEAR future.

    As for my profession, I cannot confirm I am a lender. :-) I’m sure you can read between the lines, though…

    Also, I do want to ask if the rebids you received were based on current market rates or projected market rates for materials and labor on a sliding trend? I’ve seen it go both ways or sometimes a combination of the two where it’s “split down the middle.” Would you have this information?

  • The MD

    Chris, okay, I understand now. I didn’t realize it wasn’t a General Contractor switch. We’ve been finding a lot of GCs out there are actually looking for work and are willing to bid the jobs lower to “buy the business.” I do agree with you that labor for concrete work is short supplied right now. From a materials perspective, this is where we’ve seen the most drastic drops, creating an overall bid that generally is much lower than the previous. You are DEFINITELY correct in your assessment that labor will begin to come down as well in the VERY NEAR future.

    As for my profession, I cannot confirm I am a lender. :-) I’m sure you can read between the lines, though…

    Also, I do want to ask if the rebids you received were based on current market rates or projected market rates for materials and labor on a sliding trend? I’ve seen it go both ways or sometimes a combination of the two where it’s “split down the middle.” Would you have this information?

  • Matthew

    Chris,

    I remember a while ago (over a year) you talking about the increased cost in building materials (particularly copper and steel) and how it contributed to the high cost of construction and high prices of units.

    What are you noticing now with demand for steel and copper plummeting and commodity prices deteriorating across the board?

  • Matthew

    Chris,

    I remember a while ago (over a year) you talking about the increased cost in building materials (particularly copper and steel) and how it contributed to the high cost of construction and high prices of units.

    What are you noticing now with demand for steel and copper plummeting and commodity prices deteriorating across the board?

  • Ace

    I missed a flamewar?!

    I have to say I like that Veer took some risks and isn’t totally bland design. The location and details aren’t for me but I’m sure they will work for someone.

    To make the conversation more positive, I also agree 5th and Mad and Mosler Lofts are great looking developments. I’m struggling to come up with another good one though. Olive 8 has potential I guess. I haven’t looked closely at Gallery yet.

    Count me out on lofts in redeveloped old buildings. There are just too many potential problems waiting to happen. I watched the Fenix collapse in Pioneer Square in the Nisqually quake in 2001 and I don’t care to live in a building of that vintage.

  • Ace

    I missed a flamewar?!

    I have to say I like that Veer took some risks and isn’t totally bland design. The location and details aren’t for me but I’m sure they will work for someone.

    To make the conversation more positive, I also agree 5th and Mad and Mosler Lofts are great looking developments. I’m struggling to come up with another good one though. Olive 8 has potential I guess. I haven’t looked closely at Gallery yet.

    Count me out on lofts in redeveloped old buildings. There are just too many potential problems waiting to happen. I watched the Fenix collapse in Pioneer Square in the Nisqually quake in 2001 and I don’t care to live in a building of that vintage.

  • Chris

    MD,

    That’s a very good question. I’ll have to take a closer look at the bids. I know just enough about construction to be dangerous but am mostly working the financing side…

    Matthew-

    copper is down over 50% over past two months. Here’s a good link

    http://www.kitcometals.com/charts/copper_historical_large.html

    I’m doing work a for copper company and its hitting them for sure. Less certain of steel prices as I’ve been paying attention mostly to commodities prices but I’d have to imagine its coming down as well. …well, we have deflation now so I guess most everything is coming down.

  • Chris

    MD,

    That’s a very good question. I’ll have to take a closer look at the bids. I know just enough about construction to be dangerous but am mostly working the financing side…

    Matthew-

    copper is down over 50% over past two months. Here’s a good link

    http://www.kitcometals.com/charts/copper_historical_large.html

    I’m doing work a for copper company and its hitting them for sure. Less certain of steel prices as I’ve been paying attention mostly to commodities prices but I’d have to imagine its coming down as well. …well, we have deflation now so I guess most everything is coming down.