Sanctuary 60% Sold. Price Increases April 30

Thinking of pulling the trigger on a unit at the Sanctuary? Supply is dwindling and price increases coming:

With several more home sales in April and nearly half the units closed, the seller of The Sanctuary has announced price increases, which will become effective on April 30, 2012 on remaining homes.

Click through for the full press release.

Disclaimer: The Sanctuary is an Urbnlivn advertiser

HISTORIC HOMES NOW MAJORITY SOLD
PRICE INCREASES APRIL 30

With several more home sales in April and nearly half the units closed, the seller of The Sanctuary has announced price increases, which will become effective on April 30, 2012 on remaining homes. Broker representatives of the historic town home community recommend that prospective homebuyers advance their offer to purchase this month in order to take advantage of preferred selection and lower pricing.

“The law of supply and demand is playing out at The Sanctuary and our prices will reflect that next month,” says Rob Nall, the seller of the development. “Our success speaks to the unique nature of this offering and I think the rising tides within the overall in-city housing market. As expected, The Sanctuary is proving to be a very desirable address and is admired by thousands of guests and many members of the media that have toured the property. Ultimately, only twelve homeowners will call it home.”

Nall points to the dwindling supply of homes in the central Seattle marketplace, which according to analysis by Trendgraphix suggests a seller’s marketplace. Currently, the months of supply (of available inventory) is roughly half of what it was during the first quarter of 2011 and increased pending sales (with no new construction inventory on the horizon) has nudged buyers off the sidelines.

Since debuting on January 26, seven of the twelve homes have sold and several residents already call The Sanctuary home. The five remaining homes range in price from $749,950 to $999,950 and are generously-scaled from 2,484 sq. ft. to 2,952 sq. ft. Each of the home plans spans multiple levels and several include a private roof top terrace with commanding views of downtown Seattle and the surrounding neighborhood. Its brokers say the combination of compelling architecture, an attractive price per foot and pride of ownership are key factors to the robust sales.

“The Sanctuary offers a tremendous amount of space for the price, which has these town homes comparing more to single family homes than condominiums,” says Carrie DeBuys, the Community Sales Director for the project and a broker with Realogics Sotheby’s International Realty. “There’s simply nothing else on the market that compares with The Sanctuary. And considering that this community has been a century in the making, we may never see another residential opportunity quite like it. I’m not surprised by the price increases and I’d expect to see even greater resale values ahead.”

Built between 1906 and 1911, The Sanctuary has two foot-thick masonry walls that are clad with Bedford limestone and concord granite, the same materials used on such national treasures as the Empire State Building, Pentagon and Washington National Cathedral. In addition to its classical revival architecture, notable building features include soaring stained-glass windows (many of which slide to the side revealing vision glass and opening windows), Corinthian columns at the perimeter walls, and a central oculus that casts light in the central sanctuary, which has become the Grand Atrium – an internal common area for homeowners.

While the structurally reinforced building is a protected landmark (designated by the City of Seattle in 1977), the new construction interiors are built of concrete and steel. Other modern building systems include forced air heating, air conditioning and electronic security systems. An underground, controlled-access garage is connected to the atrium via an elevator. Homeowners may also enter their homes from their own private street addresses, similar in concept to a New England row house.

Home designs vary from open two and three bedroom plans and most include lofts with ceilings up to 35 feet above the main living area. Homes are outfitted with tasteful fixtures and appliances from noted brands as Wolf, Bertazzoni, Liebherr, Asko, Kohler, Hansgrohe, Lacava and Durovit. Artisan touches include exposed, stained concrete flooring and steel-framed stairs with solid wood treads. Some homes also have exposed brick walls and many feature highly-distinctive architectural detailing from the original perimeter of the nostalgic building.

The model homes showcase the interior designs of Robin Chell, furniture and accessories by Alchemy Collections, audio-visual systems and window coverings by WiPliance, art by Fetherston Gallery, and interior and exterior landscaping by Regan & Associates. These select vendors have been made available at preferred pricing to new homebuyers as they personalize their new home.

“It’s really wonderful to witness this inspiring vision come to life after all these years and it’s particularly rewarding to sell these residences to such an appreciative group of homeowners,” adds DeBuys. “I’m going to miss representing this community when it sells out, which appears to be the reality sooner than later.”

View these homes
Open house this weekend (Saturday and Sunday, April 21 and 22) from 12pm-5pm (or by appointment) at 1519 East Denny Way, Seattle.

Prices
Remaining homes are priced from $749,950 to $999,950 – see agent for details.

Information
Call Carrie DeBuys at 206.551.0555 or visit www.LiveAtSanctuary.com

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.

  • Kevin

    Reminds me of that idiot Escala move.  Why raise the price on something you’re not selling?

  • Carbzilla

    Kevin – It’s like Escala heard you: http://www.urbnlivn.com/2012/04/21/escala-raises-prices/

    So ridiculous.

  • GM

    Higher prices, but still no warranties for buyers because it’s a bankruptcy sale. What a deal…

  • Carrie Debuys

    To clarify, The Sanctuary does include a full new home
    warranty as well as a 10-year property tax credit given the historic
    preservation.  Please see the RTC press release and the warranty video
    links below for more information:

     

    http://liveatsanctuary.com/downloads/For-Immediate-Release_The-Sanctuary-50-Percent-Sold-Opening-Month_03-09-2012.pdf

     

    http://www.pwsc.com/videos/
     

  • GM

    AFAIK, the sale documents specifically exclude any liability from the seller/builder due to the bankruptcy and reorg.

    A Professional Warranty Service Corporation warranty is a standard process all the bankrupt builders end up with (see TOUSA etc). I believe the actual insurance policy is held by yet another third party ‘risk retention vehicle’.

    What are the statistics on this type of bankruptcy insurance paying out if there is a major construction flaw in this historic remodel? And what doesn’t the insurance cover? For a start, as far as I know it doesn’t cover liens. Now, there may be no liens on Sanctuary, but I know someone at Mosler who got burned on liens long after they thought the property had settled.

    Personally, if I’m spending that much money on a house, I want to sue the person who sold it to me if something goes very wrong.  Not some corporate insurance entity in another state that was specifically created to avoid risk.

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