I am pleased to announce that we will be holding Danielle open both Saturday April 17th and and Sunday April 18th from 11am to 5pm!

If you plan on coming for a tour please be advised that the community is still a little bit of a construction site and sneakers are recommended. Once you enter the community you will be required to sign a waiver and be handed a hard hat. Although the site is fairly complete, we want to take every precaution to ensure your safety.

Additionally, as there will only be one agent on site (me!), there may be a small wait time between tours. We ask that you keep to the designated waiting area and not wonder the community on your own. You are welcome to call ahead and reserve a time to view as well.

Looks like it should be nice out so we hope to see you all out there!

Their new pricing:

• Studios (578 – 598 sq. ft.) will start from $244,950;
• One bedrooms (614 – 921 sq. ft.) will start from $274,950,
• One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
• Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
• Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
• Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

Inventory will be officially released March 27th, the day before the 5th and Madison auction.

I haven’t visited either project but here are some November 2006(!) comments from a reader named Greg who visited Florera.

Disclosure: Realogics is advertising its Bulk Buy program on Urbnlivn.

100 Condo Units Reintroduced For Sale in Ballard and Greenlake; Up To 35% Off
Developer Offering Bulk Sales Discounts in Exchange for Accelerated Closings

March 9, 2010 (Seattle, WA): Executives at Pryde + Johnson will reintroduce condo sales within two partially leased buildings by offering current tenants and new buyers discounts up to 35% off original list prices. The portfolio of LEED “Silver” targeted homes is located within the Hjarta Condominiums in Ballard and the Florera Condominiums in Greenlake. Inventory will be officially released for sale on March 27, 2010 as part of a bulk sales approach whereas the seller offers a volume sales discount in exchange for quick closings.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

Anticipating the market correction, Pryde restructured debt to lease unsold homes upon delivery in 2009 – many with an option to purchase. All leases expire in 2010 and will not be extended, he said. “We’re offering unparalleled product at a tremendous value,” said Pryde. “This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.”

As a first phase release, 12 homes will be available for sale at Florera along with 18 homes at Hjarta (30 homes total). Additional homes will be offered for sale as they become available and after current residents consider their purchase option.

o Studios (578 – 598 sq. ft.) will start from $244,950;
o One bedrooms (614 – 921 sq. ft.) will start from $274,950,
o One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
o Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
o Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
o Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

Realogics Sotheby’s International Realty will represent Pryde + Johnson in their bulk sales program. The local brokerage firm drove dozens of sales at Eleven Eleven East Pike on Capitol Hill and The Decatur on First Hill using a similar volume sales approach instead of an auction. More information is available at www.CondoBulkBuy.com.

“We help sellers find the market and offer buyers auction-like prices without the gavel,” said Sam Cunningham, broker and partner in Realogics Sotheby’s International Realty. He points to numerous auctions in the Seattle area, which advertise minimum bid prices up to 60% off but after minimum reserve prices and prevailing market demand, result in sales discounts 20 – 35% off previous list prices. “Recently announced condo auctions and price drops in downtown Seattle will help draw buyers off the fence and into the greater marketplace,” he added. “Considering this highly competitive sales environment and perishable tax credits – it’s a great time to be a buyer.”
Pryde + Johnson is passionate about developing high-quality, LEED “Silver” (or above) certified communities that operate with a low carbon footprint and significantly reduce the cost of ownership. By example, more than 90% of the construction waste from Hjarta was recycled while building systems were designed with life spans that far exceed production development. Meanwhile homeowner dues for this amenity-rich project are just $0.32 per square foot per month – about half the operational cost for comparable properties. The first-of-it’s-kind, concrete-and-steel midrise in Ballard was designed to compete directly with downtown Seattle high-rises and supports a fast-growing trend to live in an urban village just outside the city core.

“We got everything right with our projects except the market timing,” said Pryde. “But what’s challenging for developers and their lenders is becoming the perfect storm for savvy homebuyers to realize an opportunity.”

The new construction pipeline has shut down and Seattle’s most popular neighborhoods will soon run short on supply, according to Pryde. “Buyers recognize these deals are as finite as the available inventory,” he added.

About Pryde + Johnson
Pryde + Johnson is a privately owned developer whose goal is to renew urban environments through building practices that protect and care for the environment, support a healthy lifestyle, bring out the beauty in nature, strengthen community ties and provide for the needs of generations to come. Each Pryde + Johnson community is recognized for offering a prime location within Seattle’s most popular neighborhoods, high design and superior quality to production development. The firm has developed more than 800 units of apartments and condominiums over recent years earning a strong reputation for sustainable construction practices, LEED-certified product and community involvement. For more information visit: www.PrydeJohnson.com.

About Realogics Sotheby’s International Realty
Having represented nearly two-thirds of the new construction condominium closings in downtown Seattle in 2008 and 2009, Realogics Sotheby’s International Realty has emerged as the local leader for sales and marketing performance in the city. Managed by Realogics, Inc., the collective presents the region’s only vertically integrated real estate solution comprised of market research, product development, marketing and sales. The firm’s Condo Bulk Buy brand has become recognized as an alternative to condo auctions. Realogics Sotheby’s International Realty is independently owned and operated by Realogics, Inc. For more information visit: www.RealogicsSothebysRealty.com or www.Realogics.com.

Canal Station North continues to have great sales success. We had 12 sales in the month of October alone! With over 85% of our homes sold and occupied you can rest assured you are buying into one of the most successful condominium communities in Seattle.

Here’s a sample of the amazing value you’ll find at Canal Station North.
One Bedroom + Den, Suite 646 at 816 sf is priced at $314,950
Two Bedroom + Den, Sutie 253 at 1079 sf is priced at $379,950

Now is the time to buy! The Government has extended the first-time home buyer program and our developer is offering an additional $9,000 bonus to anyone who purchases a home at Canal Station North through December 2009!

NO AUCTION NEEDED!

Dear Mr. Goyer,

Come to Canal Station and experience a calm buying environment unlike the chaotic auction frenzy of other condominium communities in Seattle. We’ve been selling steadily with over 80% of our homes sold and occupied; therefore not needing to resort to auctions to sell our homes. Why risk paying more than the minimum bid at an auction when we offer fantastic homes with amazing value and location?

Examples of our “Maximum Bid” prices:
Unit 441, Jr 1 Bed, 532 sf – price $219,950
Unit 458, 1 Bed, 730 sf – price $274,950
Unit 540, 1 Bed + Den, 715 sf – price $274,950
Unit 253, 2 Bed + Den, 1079 sf – price $399,950

Be sure to get the home you really want at a price you can count on. At Canal Station, you can rest assured that you are buying into a desirable condominium community.

Buy with Confidence. Choose Canal Station.

First up is, how much would your offer be for condos just under 400k?

One of our agents has this to say:

The condo market is definitely soft in these neighborhoods, and I am finding developers being negotiable; however many seem to only be coming down about 4%-8% off of the list price. Most developers would rather reduce their price by 5%-10% to draw a larger audience before they accept an offer 15% below list price or lower.

With a recent buyer writing about his experience:

For me, after reading a bunch of different sites that are both bullish and bearish I figure that Seattle area has another 5-15% drop still. With that in mind I figured as long as I got a minimum of 10% off the asking I was getting a decent deal. So I tried for 15% and ended up settling with about 13.25% / $53K off asking. In the end all the concessions stayed and we only haggled on the purchase price.

Second post is, Why do appraisals seem so scam like?

Also, I noticed that the NoHo Townhomes have only 1 unit left. Back in the middle of March they had only sold 1 unit.

And I know if this is news or not, but I drove by Hjarta in Ballard (80 units) yesterday and they have a bunch of lease signs up. This must totally suck for the 20 people who bought there and won’t be able to re-sale.

Gotta run and catch a flight to the Bay Area…

I then traded emails with Ted from Trace North about Trace Lofts being featured in a poster about protecting gay space when he mentioned that his sales were off to a good start. So I sent off a few emails this morning to see where everyone was at and it sounds like the last two weeks have been better than all of Q408:

5th and Madison: Sold one around New Years
Brix: 5 offers this month, optimistic that most will stick
Danielle: Interest in a few units up in Ballard
Fini: Down to 4 homes, sold last 2/2 home
Gallery: Closed 3 sales in the last 4 weeks
Trace North: 5 pending (1 going to close today or Monday), 1 in negotiation

(If you’re a site agent and have some news to report email me at mail@mattgoyer.com or post in the comments.)

It certainly mirrors the website traffic and other activity we’ve seen at Redfin. Every week we seem to set a new high in website traffic and tour requests.

If you’re still catching up like I am early in the year King 5 had a video on Home Front: Sizing up the local condo market and the Seattle PI had an article about financing available for developers, Financial freeze stalls developers.

In other condo news a Cupcake Royale is coming to 1111 E Pike and Arthaus Condos will have a physic at their open house from 1 to 4 p.m. this Sunday.

Of the 10 units they’ve sold 4.

As a VIP of Canal Station, we wanted you to know about (and have a chance to get in) prior to going public with incredible new pricing on select homes for sale at Canal Station. On Saturday, September 20th you will see our new ad in the Seattle Times promoting the following:

Suite 242, a Jr. 1 Bedroom priced at $224,950
Suite 345, a 1 Bedroom priced at $279,950
Suite 247, a 1 Bedroom + Den priced at $304,950
Suite 261, a 1 Bedroom + Den priced at $264,950
Suite 455, a 1 Bedroom + Den priced at $344,950
Suite 346, a 2 Bedroom priced at $439,950
Suite 253, a 2 Bedroom + Den priced at $414,950
Suite 356, a 2 Bedroom + Den priced at $474,950

Just remember there are 100 condos for sale in Ballard. Not counting what all the developers are holding back.

Seattle PI has a story with a great headline, Instead of condos, Queen Anne gets cars. Yes, that’s right, we can’t afford condos any more but we can afford luxury cars? Makes perfect sense. The article does mention some inventory numbers:

Among new downtown, Queen Anne and South Lake Union condo projects that have been marketed for at least 11 months, 1,613 of 2,551 total units (63 percent) had sold as of June 8.

Meanwhile, 938 units (37 percent) are still on the market, according to the Fat Report, a weekly publication of the Columbia Real Estate Group and CondoCompare.com.

Next up is an article from the Seattle Times about how quickly we’ve added housing inventory, Seattle’s housing growth is off the charts. In fact:

In just over three years, Seattle already is halfway to reaching its targeted housing growth for 20 years.

And a few sections of town � Ballard, Eastlake, the Central Area, Greenlake, Lower Queen Anne and downtown � already have exceeded their 20-year targets.

Aren’t you glad you didn’t buy a condo in Ballard to flip?

Speaking of Ballard, Edith Macefield passed away. She’s the woman who refused a $1 million to sell out in order to make way for even more Ballard condos. I believe I read in a different article that they designed the building so that they could easily fill in the hole created by her house and that she possibly left the house to a superintendent at the development who was taking care of her.

Moving back downtown, the true urbanites must be glad that Kress Supermarket is now open, Downtown gets a new supermarket.

Posting will be light, I’m off to Vancouver to compete at the Canadian nationals in our J24.