The Sanctuary To Come Back At 40% Below Last Prices

64300 0 The Sanctuary To Come Back At 40% Below Last Prices

Urbnlivn just got word that the loan on one of our favorite projects, The Sanctuary, has been acquired and that it is going to be marketed at up to 40% below original prices:

“While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.

The Sanctuary is expected to be reintroduced to the market by late summer 2011 once the construction is completed and the pricing is finalized. Get an inside look at photos and previous pricing from Urbnlivn’s 2009 tour.

FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sydnie Moore (619) 823-8448

LOAN ON THE SANCTUARY MULTIFAMILY PROJECT ACQUIRED;
HOMES TO BE MARKETED AT UP TO 40% BELOW ORIGINAL PRICES

Resource Transition Consultants, LLC, Receiver to Oversee Completion of Construction;

Realogics Sotheby’s International Realty Tapped as Exclusive Listing Broker

(July 7, 2011) SEATTLE, WA – The senior development loan on The Sanctuary — a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community — has
been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial
institutions. According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.

Guardian Real Estate Services, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker. Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.

Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece — when complete in fall of 2011. “While
the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at
below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.

Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine.
The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • Robert

    Yeah, nice 40% price drop, I’m sure.  The old prices were for homes 1543 – 2622 sq. ft.  Looks like the homes got smaller?

  • harry

    Those floorplans are the same ones they had previously – I doubt very much they gutted the entire building and rebuilt it just to squeeze an extra 10% out of the floorplans.

    I sort of liked this place but the lack of light in the units got to me – as part of the restoration they couldn’t add windows so all of the units are somewhat gloomy. Also, what is future maintenance going to look like without an HOA for an older building like this? Now the developer is gone, I assume there is nobody to cover a warranty.

    A 10 year property tax break would be pretty amazing though…

  • harry

    After all that, they appoint Realogics Sotheby? Pass…

  • harry

    Fine print from the FAQ on their website = no warranty

    “RTC will be offering homes in The Sanctuary “as-is” without warranty. Buyers will receive the benefit of any transferable manufacturers’ warranties, which are typically in place for appliances. A receiver has statutory immunity from liability, including any claims by buyer, provided that the receiver complies with its statutory obligations and directions from the court.”

  • Supersonic

    So weird. You can buy a basic warranty for $300 and give it to your customers as a closing present. Why would they not do the minimum and give a purchaser this? Who is sell ing these now that Windermere gave up on them?

  • The MD

    Oh, so now that Windermere, Matrix  and several other groups have passed Realogics takes it on. I guess that’s because they don’t really have to SELL them- they just need to spend plenty of money “marketing” them as they evidently continue to do with  Olive 8, 1521, &  Escala- the most crassly/expensively marketed condominiums in the city. It’s inherent that they are making a bundle as marketing/sales force “to the stars” and don’t care if it’s a valid product.

    We toured back when Windermere had this property & the guy at the place was totally tongue in cheek about it- He knew how ridiculous these quasi townhomes were. Now we’re told they are modern works of genius. It should be a retirement cerntre for nuns and priests who love stairs.

  • FannyVashon

    Doomed to fail. Again.

  • Dan I

    A perfect retirement home for priests & nuns- who like stairs.

  • Randy19

    Wow, I thought they were beautiful and highly functional.  Typical on-line haters.