Ward’s Cove Enclave on Lake Union – I’m on a Boat!

After work, before hockey, I headed down to Ward’s Cove on Eastlake for the Enclave preview event (“this is not a sales event”). I couldn’t say no to high end urban housing that comes with deep water moorage. They even had some boats (“vessels not boats”) on hand; we kept it real and wore flippie floppies.

600244898 oQFWS S Wards Cove Enclave on Lake Union   Im on a Boat!

What’s the deal with Ward’s Cove? It’s a five-acre site with 1000 feet of frontage in Eastlake. It used to be a fish packing place but I guess the family discovered they were sitting on a gold mine so they closed up shop and developed the land. There’s 12 floating home sites starting in the $700’s and there’s 21 fee-simple residences (they were careful not to call them townhomes even though that’s what I think they are.) The first phase of the residences will be priced in the $1.3 to $1.9 mil range.

600248426 ddUKK S Wards Cove Enclave on Lake Union   Im on a Boat!

How are they building right now!? It’s a three phase project. The developer, Trinity, has acquired land for just the first phase (they spent two years looking for the right lot and think this is a once in a lifetime development opporunity) and will build them as they sell them. They like to refer to it as horizontal building. So that instead of building from the ground up, they’re building from south to north. They expect to get the finally permitting by October and start construction then. Phase one will take 12 months to build. They’re also very excited about the low construction costs right now which they save have come down 25-40%. For the first phase they’re going to pass all the savings onto the buyers.

Are people really interested? There were about forty to fifty buyers at the event and they already have five reservations and one of them is for two units. Questions from the audience were centered on the views and the fee-simple nature. Turns out dues will be $180-400 depending on if moorage is rolled in or not. It includes landscaping.This isn’t a condo so each home owner will be responsible for their own maintenance, etc.

600248565 FChZr S Wards Cove Enclave on Lake Union   Im on a Boat!

Good for boaters. The place really is attractive to boaters as there’s deep water moorage for boats up to 110 feet. If you’d prefer to store your boat on land they’ll have a tender so you can zip over to the dry stacks at Seattle Boat Co (they’re pricey though) or they’ll valet your boat over. And if you can’t afford a multi-million dollar townhome and a boat you can enjoy the “theater of the waterway”.

Good marketing. Realogics is good at marketing. They had nice shiny brochures, a combo of 30 foot boat and 60 foot yacht from the Seattle Boat Co., plants in the audience asking strategic questions, and had a neighbor, from a townhome development down the street, gush about how great Eastlake is.

Bottom line. Assuming these things look good, I’d buy here before the Four Seasons, 1521, Enso or Escala! But I’m a sucker for boats (thankfully sold my 23′ MasterCraft last spring before the bottom fell out of the market!)

All my photos.

I’ll try and scan the brochures tomorrow… I’m too lazy to type up the 100 features they list.

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.

  • http://www.seattle-garage-door.com/ Seattle Garage Dude

    Sounds like an interesting housing presentation. Overall the prices aren't that high considering the location and mooring options. Thanks for the informative post!

  • The MD

    Matt, I find it funny how they were asking just $1.125 MM for a house boat on lot 5 over a year ago (before the major collapse of the market). But NOW they have the balls to ask over $1.3MM in a real estate recession for the same house boat on lot 5 (that they still haven't sold, mind you) AND they admit that construction costs have dropped drastically. WTF!?!?!?!? This is a joke!

  • nickglant

    MD:
    You are mistaken. The project in discussion is NOT the houseboat slips. The Enclave are residences along the shoreline at Wards Cove. They will be completed residences and range from 2,500 to 3,100 sq. ft. The price per square foot of under $600/sq. ft. place these waterfront residences in a unique position almost $300/ sq. ft. below their perceived competition in the downtown luxury market.

  • Chris

    unintended consequence of bringing the 3D model outdoors – the shadows showed the office buildings looming over the townhomes….oops

  • nickglant

    MD:
    You are mistaken. The project in discussion is NOT the houseboat slips. The Enclave are residences along the shoreline at Wards Cove. They will be completed residences and range from 2,500 to 3,100 sq. ft. The price per square foot of under $600/sq. ft. place these waterfront residences in a unique position almost $300/ sq. ft. below their perceived competition in the downtown luxury market.

  • Chris

    unintended consequence of bringing the 3D model outdoors – the shadows showed the office buildings looming over the townhomes….oops

  • http://www.aaacaricatures.com grapeapester

    Great Info Thanks So Much!

  • http://www.aaacaricatures.com grapeapester

    Great Info Thanks So Much!