I shouldn’t be giving in and posting this press release from 1521 but it’s too good to pass up!
What exactly are they promoting? Creating a micro climate, what’s that? Closing on their 86th sale? That they’re only 60% sold? $160 million in sales? Not having lowered prices?
Seattle’s Fifteen Twenty-One Second Avenue Establishes a Real Estate Microclimate
New Sales, Home Prices and Value Appraisals Remain Strong Despite Market Slowdown
SEATTLE – August 13, 2009 – Opus Northwest announced today that it closed on its 86th sale at Fifteen Twenty-One Second Avenue, bringing the project’s total sales to date to approximately $160 million. The award-winning condominium tower at the edge of Pike Place Market in downtown Seattle has now closed more than 60 percent of all homes. With five additional closings scheduled this month and more scheduled next month, Fifteen Twenty-One Second Avenue’s sales volume makes it one of the most successful projects on the West Coast.
“Closing the majority of homes in any development is a material benchmark because it shows that the market values have been established,” said Tom Parsons, senior vice president and general manager of Opus Northwest. “Clearly, we’re bucking the trend with several new sales each month supported by appraisals at or above our asking prices. Homebuyers repeatedly affirm that the quality of our finishes, the efficiency of our floor plans, our location, our views and the overall design of the building is unmatched in the market.”
In contrast to other developers in downtown Seattle and Bellevue lowering prices to stimulate sales, both pricing and traffic have been steady at Fifteen Twenty-One Second Avenue, which has averaged a new offer to purchase every week since January. Opus Northwest confirmed that it received two new offers today and that the number of new buyers visiting the project is increasing. Parsons attributes the ongoing market success to product differentiation and consumer confidence in the project eliminating the fear that home prices may drop in the future.
Fifteen Twenty-One Second Avenue is the first “tall and skinny” residential tower added to the Seattle skyline under the new high-rise residential zoning code. In creating its sculptural design, architects eliminated decks in favor of indoor/outdoor solariums, and created large, open living spaces with floor-to-ceiling glass enhancing the protected Puget Sound views available in the majority of the residences. The finishes and features of each home create the experience of a “penthouse on every level.” All homes have two bedrooms and boast larger floor plans (averaging 1,905 square feet). The project is also the first luxury high-rise residential tower in Seattle to achieve a silver LEED rating. Remaining homes at Fifteen Twenty-One Second Avenue range in price from $1.1 million to more than $5 million.
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1 Tim S // Aug 14, 2009 at 11:49 am
Seems like decent news in a bad market for me. Glad to see they are doing better than other downtown condos like Olive 8, Escala, etc.
2 Phil // Aug 14, 2009 at 12:06 pm
What I think they are saying: is that all 'luxury' high-rise condos are not created equal, and that their's is at the top of the heap.
Shorter 1521 press release = We don't need no stinking price cuts!
3 christiangustafson // Aug 14, 2009 at 10:36 pm
How long before Olive8 is full of Section 8s?
My office window looks out on Olive8, and most of the condos have the blinds drawn all the time. I have only seen live people in a couple of the units. The hotel looks like it's doing okay for now, though.
4 Cannes // Aug 19, 2009 at 11:29 am
Olive 8 has sold 16% as of this week, and all of the pre-sales have either closed or walked away. Olive 8 is not such a bad building – it's just terrible timing to be selling high priced real estate at bubble era prices in the middle of an economic implosion. At $300 a sq ft Olive 8 would sell like hot cakes.
Escala is certainly in trouble, and I can't imagine 1521 is happy with 40% of their building being empty and unsold. Enso is claiming 60% pre-sales but they are probably in the same boat as everyone else, because most of those pre-sales will walk away when they no longer qualify for financing. The only upside on Enso is Vulcan's deep pockets would prevent a foreclosure.
5 peckhammer // Aug 19, 2009 at 12:06 pm
“The only upside on Enso is Vulcan's deep pockets would prevent a foreclosure.“
Vulcan does not own Enso, so there is no “upside.” Enso is an LLC., which protects Vulcan if they choose to pull the plug.
6 Chris // Aug 19, 2009 at 3:57 pm
Enso is rewriting all of the outstanding contracts with lower prices. Reductions are in the 20-25% range. Their yield will be much higher than Olive 8's.
7 GoCougs // Aug 20, 2009 at 6:38 am
Yield on what? Their equity investment? That was gone long ago…they are just hoping to get out of these condos alive right now.
8 Chris // Aug 20, 2009 at 8:04 am
Yield in terms of the number of contracts that are closed on.
Olive 8 claimed they were 80% presold, yet here we are four months after opening and only 16% of units have been closed. So the yield is 20%.
9 GoCougs // Aug 20, 2009 at 1:38 pm
Yield on what? Their equity investment? That was gone long ago…they are just hoping to get out of these condos alive right now.
10 Chris // Aug 20, 2009 at 3:04 pm
Yield in terms of the number of contracts that are closed on.
Olive 8 claimed they were 80% presold, yet here we are four months after opening and only 16% of units have been closed. So the yield is 20%.
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