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Ten Twelve First Raising Prices?

November 29th, 2009 · Comments · By Matt

Over the weekend Ten Twelve First raised prices on three units. Maybe they expanded these to be full floor units?

#3500 went from $1,750,000 to $15,600,000.

#2700 went from $3,500,000 to $4,500,000.

#2600 went from $1,750,000 to $3,500,000.

Completion in 2012.

Update: Here’s an email I received from Breffni J. McGeough:

Good Morning Matt, Thank you for your contact information and expression of interest in www.tentwelvefirst.com We are still at the very earliest stages of entitlements but am happy to answer any questions you may have anytime. Right now we have two penthouses at special pre sale pricing but essentially the units will be priced at $6,600,000 to $15,600,000 26th through the 35th floor or $1,000,000 premium per floor as one moves up the top ten floors. One home per floor, 6000 sq foot with glass on all four sides. Fully furnished, 100% turnkey, move in ready. The Tentwelvefirst will be the building name and the Top Ten Floors or the residences will be called “The Top Ten Tower” The 12′8″
floor to ceiling heights will be like no other Penthouses in the city. The automated parking for 4 cars and 4 bicycles per Penthouse will be a first for Seattle. Again, Matt, if I can answer any other questions, please feel free to call or email anytime. Delivery is expected in the spring of 2012.

Cheers
Breffni

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  • breffni
  • breffni
    And Yes Matt, the price increases reflect "Full Floor One Home" design rather than numerous condos on each floor.
    Cheers
    Breffni
  • breffni
    Hello Dork
    As I mentioned above in my email to Matt, The owners are at the "very earliest stages of entitlements" and the plans are in Pre-Sale-Stage and the architect and
    lenders are reviewing all plans and specs at this writing and I will keep you posted
    on the outcome. Business is tough these days and nothing like getting a jump on
    it when one can , especially when you have this level of product to market even if
    there are only Ten units to sell. Sorry if I upset you for whatever reason it might be.
    Breffni
  • breffni
    Thank you very much seattlesavvy for the Elmo youtube. I have saved it to my desk top and will play it now and then as we all need a little more Elmo these days.
    Thanks
    Breffni
  • breffni
    Attention Condokiller: Sorry for the confusion on my pricing practices. In addition to listing each condo unit as a stand alone listing, I simply join together as many units as I may have listed in a given building to present the larger options for the condo buyer looking for a larger unit with more bedrooms, parking etc. There are few really large condo options available in Seattle at any one given time , hence the higher and lower prices you may see on a given listing. The price reductions and raising might seem like game playing to you but it is just that simple, the adding or subtracting of any given combination of a number of units depending on which unit (of the combo) has sold or a new listing being added to the mix. One family own 4 or 5 units in the Madison Tower with various family members and staff living in the same building and most on different floors. The 1521 lawsuit you mention is simply a developer delivering to my clients, units with 7' entrances after selling them 8' entrances and this will be 12 to 18 months out before reaching a conclusion. I hope this gives you a clear picture.
  • ice
    I think it's borderline delusional to think that any penthouse buyer would go to the trouble of buying four or five sold units in a three year old building like Madison Towers and getting all of the HOA, permit and construction work done necessary to combine them into one mega penthouse.

    There are no large condos? Are you kidding? The market is flooded with penthouse properties that have been unsold for years, so why would someone go through all that pain? I can think of at least five buildings with unsold penthouses up to and including 10,000 sq ft.

    Hell, Howard Schultz still has the unfinished mega penthouse at Millenium listed on the MLS going on eight years!

    Can anyone quote a single example of a successful penthouse combination and remodel like that in Seattle in a building less than ten years old? I don't think it has ever happened. It's simply easier to buy a space that was designed to be a 4000 or 8000 sq ft home than combining multiple condo's.

    I see Breffni McGeogh's MLS listings like this all the time and now I automatically dismiss all of his listings because I assume they are all bogus like the non-existent penthouses.

    I am surprised speculative properties like this are allowed on the MLS at all. I'm used to seeing empty lots with unapproved plans, but this takes it to a whole new level.
  • breffni
    When you are ready to put your name to what you say, I will explain everything to you and in the mean time, take your anger and your misery to your mother and she will explain to you that what you do is awful for you and for me. You hide behind a thin paper
    machea mask with only your bulbous lips showing and protruding with no name on them, just large popping lips jabbering away with no name and no value and you are the same human that cuts people off on the freeway as they try to get off on an exit and you are the one speeding up to block them for no reason other than to supply the feed you need to be who you are. The free unknown no name prick that lives only because you have air into your lungs as does a rat or the bat. That's who you are and your mother is the only one who can help you, not I, not the minister, the pope, the police man the doctor
    and or the rabbi , you are who you are and the spirits know it and you know it too. I dare you ask your mother to call me and chat. I dare you as I am sure she has a lot of little stories about you that would explain why you do not identify yourself mister > and with this I wish you well you poor little thing.
    Best
    Breffni
  • wales
    LOL. Way to melt down in public dude!
  • EconE
    Tsk Tsk Breffni.

    You're coming on here and being a bit of an asshole now aren't cha?

    Most of us have been around for a while.

    We know what's up.
  • breffni
  • skip
    OMG. This guy is so full of it. The project isn't even financed.
  • seattlesavvy
  • DORK
    Very interesting. How does one raise prices on a theoretical, pie-in-sky project that has no financing, no developer, and that has not even been submitted for permits? At least...that is what my real estate friends told me over cocktails this evening.

    @condokiller: who is "Breffni"?
  • condokiller
    Breffni plays games like this all the time. As well as the 1521 lawsuit, he was an early speculator at Madison Towers/Hotel 1000 and did exactly the same thing.

    e.g.1000 1st Ave #2101 (MLS 28193248) was sold in Oct 2006 for $1.6m but was listed at $11m, $12m and $13m in 2008 before returning to $1.8m in September.

    I've never understood it because King County records show other units on the 21st floor are sold, so it can't be combined into a mega-penthouse?

    For the record, Ten Twelve isn't even a real project if you ask me - pure speculation.
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