Lumen Penthouse Finally Done

After years of construction the Lumen penthouse is finally complete.

Surely there’s a story behind this unit. Was it built for the developer who bailed on it when things went sideways?

After a $500K build-out, the LUMEN penthouse is complete. It is unlike anything available in Seattle Metro. Two units have been combined creating a 2,000 sqft modern masterpiece. Terrazzo flooring and structures on main floor. Pedini cabinets. 2 bed, 3 bath. Gourmet chef’s kitchen. Water feature. Private 600 sqft courtyard with custom terrazzo hot tub. 3 car private garage with 600 sqft of storage. Commercial quality air-conditioning and range venting.

The hot tub doesn’t look too comfortable:

Interested? Only $949,990 for 2,146 square feet.

And oh, this unit is an interior courtyard facing unit. No view for you!

Graph of appraisals

Current average appraisal:

$720,000

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About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • JimmyS

    $443 a square foot and $1600 monthly HOA is crazy for a condo at Lumen, which is widely recognized as a failed development that was auctioned off cheap.

    Anyone who has visited can tell you #224 is not really a 'penthouse' per se since it's at the same level as the townhouses and barely two stories above the busy street level.

    The claimed “$500k in upgrades” doesn't change that fact, nor does it magically add a view. In my experience, expensive interior upgrades are usually (a) overinflated numbers and (b) add little real value to the property, because most buyers wouldn't know expensive Pedini cabinets from their elbow. The worst sort of upgrades are audiovisual systems which are immediately outdated.

    The one advantage is that you could live like Jimmy Stewart in Rear Window – in a fishbowl with a view into your neighbors. You would think the “$500k in upgrades” would include actual Lutron blinds but according to the photo's and the listing it only includes the wiring.

    The kicker is the $1685 monthly HOA fees, for a building which doesn't even have a fitness center.

    At the recent auction Lumen units sold for $279 s/f to $350 a s/f. I don't see the justification for nearly doubling the market value for this property, but then I guess a sucker is born every minute.You'd be better off buying a $449k condo and pocketing the $500k and $20k in annual HOA fees for something else, but that's just me.

  • http://SeattleHome.com Sam DeBord, SeattleHome.com

    Lumen is one interesting project. A few really nice units, a few “less-than-desireable” design ideas. Astro-turf in the hallway? Yikes.

  • http://www.urbanpropertyinvestor.com/ urban

    Go to Redfin and look at the aerial photo. That courtyard is horrifying! You are looking straight at the unit across from you… when you dress.. when you eat… when you sleep…

  • lulo

    Yes. This unit was originally being designed for the developer of the property who has chosen not to live there – I think they're the seller.

    Despite being on the courtyard, the placement of this unit actually does afford it a pretty decent view of the Space Needle from the master bedroom (decent does not mean perfect; decent means the upper 1/3 of the structure).

    As for the astroturf – it was one apsect of a botched, developer-chosen art project which was too avant garde for the residents taste (everything but the astro turf was removed well before the building went to auction, by request of residents). I wouldn't be surprsied if the HOA replaces the astroturf within a few years.

  • KMW

    2100 sq ft * $300 per sq ft = $630k. They are asking for $300k over that, si basically a third of the value of this condo is in highly depreciable interior finishes?

    I remember when they pulled this space from auction and I thought it was rich to describe it as a penthouse, but throwing more money at it like this – now that's crazy!

  • Nthwest

    No surprise the developer chose not to live there…would you wanted to be reminded what a bath you took on this project? Unfortunately they are still under the illusion that anyone else wants to pay top dollar for this failed project.

  • http://twitter.com/mattgoyer mattgoyer

    Do tell, what all was removed?

  • lulo

    The 'avant garde' art was a 13' styrofoam carrot (yes, I said carrot), suspended from the wall at about the 2nd level, complete with a big plume of greenery at the end. Beneath the carrot, sat a 2 – 3' tall porcelin rabbit, 'allegedly' sitting on the astroturf. I say 'allegedly', because I never got to see it and have never seen pictures of it. I did see the carrot though and it was quite possibly the wierdest art selection for a common area space, I've ever heard of. There HAS to be an interesting story behind it's selection because it was so odd – a choice by the 'famed local designer' intially marketed in relation to the building, Garrett Cord Werner?

  • lulo

    The 'avant garde' art was a 13' styrofoam carrot (yes, I said carrot), suspended from the wall at about the 2nd level, complete with a big plume of greenery at the end. Beneath the carrot, sat a 2 – 3' tall porcelin rabbit, 'allegedly' sitting on the astroturf. I say 'allegedly', because I never got to see it and have never seen pictures of it. I did see the carrot though and it was quite possibly the wierdest art selection for a common area space, I've ever heard of. There HAS to be an interesting story behind it's selection because it was so odd – a choice by the 'famed local designer' intially marketed in relation to the building, Garrett Cord Werner?