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More $1,200/Sq. Ft. Eye Candy

March 31, 2010 By 7 Comments

Would you spend $1,200/square foot at the Four Seasons or at First Hill Plaza?

Here’s a new “sub-penthouse” in First Hill Plaza that just came on the market boasting over $1.3 million in renovations and priced at $2,375,000:

40487 2 0 More $1,200/Sq. Ft. Eye Candy

40487 11 0 More $1,200/Sq. Ft. Eye Candy,/a>

40487 4 0 More $1,200/Sq. Ft. Eye Candy

2 beds, 1.75 baths, 1,850 square feet.

appraisals2172 7 More $1,200/Sq. Ft. Eye Candy

Current average appraisal:

$1,783,333

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Filed Under: First Hill Plaza Views: 806
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.

  • dante

    A 1982 era concrete building with a swimming pool on the top floor. Can you imagine what will happen in a quake?

  • brian

    I don't think you have to worry about 1st Hill Plaza in the earthquake. Over-engineered is the kindest description of the building I can think of.

    But those views are unbelievable and if you're in the building you don't have to see the building when you look out.

  • seattlesavvy

    I swear, I'm not being biased! The First HIll unit is awesome. Must see if anyone is in the market at that price point. Best views in the city if you ask me.

  • Axe

    First Hill Plaza is an odd duck. They did a nice job on this remodel but the common areas and the exterior were very dated last time I was there. Some of the condo interiors in this building would win a bad taste award.

    This price is certainly stratospheric. I can't see it selling above $1000 sq ft given what else is available at that price point, unless perhaps you are a wealthy doctor who wants a place on the hill. It's not like Madison has developed into an attractive street.

  • seattlesavvy

    Good point on Madison. However, there's not too many good views and that seems to increase value more than anything else. Also, you're right about the interiors. I'm pretty sure this particular seller has actually remodeled a few units in that building. But, I would say that the price on this one is a combination of having one of the best views money can buy, and the extensive amount of upgrades he did.

    I didn't recall the common areas standing out in anyway whatsoever as being dated. The fitness room is…smaller, but you're looking out to Mt. Rainier from the highest residential point in Seattle. Sure would inspire me to get on the treadmill a little more. Not sure how a pool can look better or worse. It's clean, and…same floor as fitness. The business center/meeting room is normal. Nice large table and chairs. Can't remember what the carpet looked like, so I think that's good. lol

    Now the lobby, looks really nice. Has a nice porte-cochere, the concierge seems to always have extra chocolate chip cookies, and the courtyard is well manicured. Also, there's only one other address in the area with a tennis court, and it's not as convenient.

    The listing agent had some nice photos taken of the amenities if you're interested, but not sure how to reference the site displaying them without being disrespectful of Matt. You can email me privately for the url if you're interested.

    But, I'd personally like to not only see the guy sell the place, but see somebody buy it as well. He seems to be rather passionate about his hobby remodeling. I know that he doesn't have to sell it, but is rather done as much as he can to it and probably just wanting a new project. Pretty sure it's his baby.

    The leather floors in the bedroom are very cool and another unique feature, is that I think he may have modeled what looks like the vanity in the bathroom off the doors from the entrance to Frye Art Museum–which is just a couple blocks away.

    http://carlwilliamsinteriors.com/ has more pics.

  • sst

    what's the logic behind doubling your investment in a condo with extravagant remodels? real estate 101 is not to over-invest in the property. at the four seasons, i can see the 'snob' factor of this (although that hasn't helped them given their financial woes). but spending over $1m remodelling a 30 year old condo on first hill? what were they thinking?

  • seattlesavvy

    probably thinking, “i like this building. i love this view. i'm going to make it extra nice.” more than likely it was a place of personal comfort, and not an issue of, “how much can i make?”