Good Morning,

An update on Alex at First and Bell is owed to you, and thank you for your patience, as we all muddle through a sluggish downtown Seattle real estate market. We are thrilled that the final stage of the construction at Alex is in sight, and we wanted to share some information about that with you.

On the construction front: You may have noticed that a portion of the scaffolding has come down on the lower north side of the building and we predict that by the first of next week the upper levels of scaffolding will come down as well. Today, the welders are commencing the installation of the juliette balcony rails, which will add much interest to the appearance of our Alex! The windows on the east side of the building will be buttoned up by the end of May, and we are awaiting the power supply which will allow us to begin tours via the elevators.

In June, new sidewalks, curbs, and gutters will be installed along 1st Avenue and on Bell Street. Furthermore, all new concrete will be poured down half of the west side alley.

On the sales front: The developer is not RACING into selling in this market, for obvious reasons. And, while we are prepared and excited to begin work on individuals’ units and to prioritize any unit for which someone is committed to purchasing due to his/her special timing needs, our aim is to take the time necessary to produce the highest quality building and to simultaneously optimize the timing of our Grand Opening with the market conditions. Having said that, if we should not launch our opening until middle or late summer, we would still like to assure you that if your needs dictate an earlier purchase, we may commence the selling process at your convenience.

When we begin selling at the site, we expect to have three models available to show you. One will be shown at the standard level of finish, another will be at an upgrade level of finish, and of course there will be a luxury level of finish. All customization will be welcome and encouraged. We expect to generate a price list that will reflect the unfinished units, such that our buyers may then select their preferences in finish quality. We are as anxious as you are to reach that point in time when we may publish our prices! Thank you for your patience, here.

We have commenced evaluating our pricing on the units at Alex, and, while we are not prepared to release any information on the subject just yet, we want to drive home the understanding that we are going to be pricing “reasonably” for our current market. We hope to make these gorgeous homes in prime Belltown a value to the new residents.

I welcome questions via telephone or email and would enjoy speaking with you about your individual situation. For those of you who are new to our email updates, please alert me if you would like to be removed from our contact list.

Sincerely,
Maureen

Update: I closed the thread for comments since it wandered so far off topic.

We expect to have some units completed and to commence the selling of the units around May.

If you foresee the need to combine multiple condominium units to suit your needs, please contact me, such that we may do so economically and in a well-thought out fashion.

From their marketing team:

Great news all! Our Alex project will be going condominium!! In looking at the long-term condominium absorption for the downtown area, our builder, his bank, and the appraisers are all in agreement that this project will make for a successful condominium.

At present, the interior framing is well under way on the lower levels, the brick exterior is starting to take shape, and our estimated completion date is approximately March 1st, 2009. We are considering commencing the selling of the condominiums in early to mid January, which is just around the corner. We have drawn up some preliminary pricing based on the past quarter’s condo market performance, and we will continue to make pricing adjustments as needed to mirror the market goings-on. Thus, the final prices are not yet available. Thank you for your patience on this front. Now that we know our direction, the Alex marketing materials are being produced and we will soon have something tangible for you to look at.

Here’s a photo from November 1st of the construction:

Bonus link: Condo Market Deterioration Shows Signs of Slowing, Says NAR.

This just in from The Alex in Belltown:

Due to the volatility of our market at present, the Alex Condominium is being evaluated in terms of its best use for the current downtown Seattle demand. The builder is watching the market very closely and will be deciding whether to sell or lease (with option to purchase) the units. The building will be the fantastic building we have promised you, with fabulous finishes, extraordinary views, and of course the best location in downtown Seattle, First and Bell; that will not change.

We apologize that we will likely not be in the position to make our final decision about this issue until the first quarter of next year. Thank you for your patience and understanding..

And to the Eastside site agent I meet at the bar tonight… You’re lucky I’m not so drunk as to blog all your secrets.

• Wendy on Alex Condos Update
• Ben on Alex Condominium – Belltown

600 to 1200 square feet for $500,000 to $2 million. Concrete and steel. Sounds like my kind of project.

Intrigued I visited the site and emailed them to set up an appointment and it looks like it will be awhile before we get more info:

We have just started announcing Alex to the public, and at this point we have very little specific information to offer. I actually just commenced my own training on the building :) What I can offer to you is the assurance that I will contact you via email or telephone with any information/literature that becomes available shortly after the first of the year. Likewise, I will start meeting with prospective buyers after the first of the year, providing hard hat tours and selling the units around May.

You may or may not know that we have broken ground and are scheduled for completion in the fall of 2008. There will be 34 homes in a very intimate and elegant, classic building located at First and Bell. The finishes will be Four Seasons quality…..and arguably better – truly unprecedented materials in the Seattle market. It is going to be fabulous and I will share more information with you, as it becomes available.

Smart of them to wait until the spring.