Live on Lake Washington

Well not on it, but across the street from it. In a sweet townhouse. 301 Lakeside Ave S is a 2 bed, 2.5 bath, 3,020 square foot place for $4,300/month. Doesn’t come with moorage but Leschi marina is literally across the street for your moorage needs.

Live in a Firehouse

Unit 210 at “the Firehouse” is a 1 bed, 1.25 bath, 925 square foot place for $2,500 a month. Steps from the shit show of Pike & 11th but in a tranquil setting. We deeply regret not buying the bank owned penthouse that hit the market a few years ago. BIG MISTAKE.

Live in the Banner Building

We love this building. Though don’t love (actually we dislike) the finishes of unit 504. 2 bed, 2.5 bath, 1,687 square feet for $3,500/month.

Can’t afford $9,500/month? Get a roommate. It’s a two bed, two bath, 2,000 square feet.

Disclaimer: I work at Redfin.

2200 11 Ave W Unit A

Open House: Sunday, June 16, 12:00-3:00pm

First up is a newly-listed 3 bedroom townhouse in Queen Anne. Based on the realtor’s focus on the view in the photos, the views are excellent (they truly are), but on the downside the rest of the photos don’t capture much of the home’s interior. From what we can see, it’s a lovely modern interior with hardwood floors, vaulted ceilings, and large windows to show off that awesome view of Elliott Bay and Magnolia. There’s also a bathroom (the master suite, we presume) that has a bathtub right above a large view deck, which is apparently wired for a hot tub or spa.

1717 18th Ave Unit B

Open House: Sunday, June 16, 1:00-4:00pm

Another craftsman townhouse caught our eye, but this time on north Capitol Hill. Also a 3 bedroom unit, this townhouse has a large main level gourmet kitchen adjacent to the living room area. Curiously, the living room appears to have high level cabinets lining the top walls–great for extra storage. Two spacious bedrooms are located on the top level, and the lower level includes a garage and small bedroom and bathroom. Balcony and backyard patio also included, great for entertaining.

1841 16th Ave

Open House: Sunday, June 16, 1:00-4:00pm

One of Seattle’s most notable landmarks,, The Sanctuary on Capitol Hill has a 2 bedroom condo unit open! It’s priced at $1.3M, but it comes with a Historical Landmark tax abatement until the year 2022. In this luxurious unit, enjoy 2,790 square feet of space and high, voluminous ceilings. Also a modern kitchen with steel countertops, a modern marble bathroom, and spacious deck space.

They’re being built, Built Green 5 Star, with concrete radiant flooring, HRV systems, triple pane windows and pre-conduit for solar electricity. Rooftop decks include sink, storage, BBQ hook up and power outlets to extend living space to the outdoors. Floor-to-ceiling windows on each level will take advantage of expansive views toward Lake Union, Queen Anne, Gasworks Park, and Downtown. Each unit is 2 bedroom, 2 bath, with a single car garage.

Disclaimer: the builder is an Urbnlivn advertiser

Olive 8 certainly had its ups and downs. We’ve written about it over 77 times!

Here’s a blast from the past:

October 23, 2006: They add three more floors
January 31, 2007: Developer and contractor part ways
April 30, 2008: Hard Hat Tour of Olive 8
May 2, 2009: Buyers walk from big deposits
June 5, 2009: Williams Marketing gets replaced by CBB
December 14, 2009: Their loan gets renewed
September 19, 2010: 32 units sell at auction
January 9, 2011: Prices reduced 18% in a reset after they switch sales teams for a third time
January 10, 2011: We predict Olive 8 will sell out in 2014 or 2015
March 24, 2011: Announces 1.25% financing
December 2, 2011: We host a party in a penthouse
June, 2013: Sold out

You can check it out Friday 5 – 7 pm, Saturday 1 – 4 pm and Sunday 1 – 4 pm.

If you had asked me I would have guessed prices would have been up, sales up, and inventory flat-ish. So it is hard to predict what the market is doing these days! (So don’t as me for advice.)

Median Sale Price Declined 4.7%

The median price for condos in Seattle was $274,750 in May, down(!) 4.7% from $288,250 in April. Sorry, I can’t explain why it would decrease. Year-over-year median price is up 1.4%, as at this time last year it was $271,000. The median sale price for $/sq. ft. was $342 up from $340 in April and up from $305 a year ago.

Sales Down 13.3%

There was 215 sales in May, down a lot from the 248 sales in April. If we look at the number of business days in April versus May, sales were actually down 17.1%. Last May there was 236 sales.

Inventory Up 17.3 – More Condos for Sale!

On the last day of May there were 460 condos for sale. A nice increase from the last day of April when there were 392. Last May there was fifty percent more condos, for sale, 616 (don’t you wish you were shopping last year?). Nice to see more people putting their condos on the market.

Months of Supply Increasing!

Sale-to-List at 99.7%

Don’t expect a bargain! Condos are selling for almost exactly list price.

Data by Neighborhood

Wondering what your neighborhood or townhomes are doing? Check out Redfin’s spreadsheet with all the details. For many neighborhoods you’ll find 12 months worth of data.

What Does the Future Hold?

The market is going to continue to be hot as the only new condo project on the horizon is Insignia, a $200 million project bringing us 338 condos but they won’t be here until late 2014 (read that to mean 2015). There is also rumors of a condo coming to Ballard. We will hopefully find out more next week!

What Do You Think?

Have you been shopping for a condo recently? What do you think of what’s available for sale? Made any offers? How did those go?

Redfin has a spreadsheet available if you want to dig into the data for for a neighborhood or city not included here (or for single-family home and townhouse data.) You can also checkout the spreadsheet I have for putting the graphs together.

Disclaimer: I work at Redfin.

The Gym last sold in 2011 for $1.75m (initial list price was $2.350m, it took two years to sell) and is now listed at $2.195m. It is hard to believe it has appreciated $445k in two years but I guess we’ll see.

Escala — 88% Sold
269 Total Units, 238 Closed, 5 Pending, 25 Available
Notes from the sales team: We have closed on one of the two commercial/retail units at street level. It was purchased by Roche Bobois and will be there new Seattle store location. We are very close to a deal on the remaining retail space as well as a couple of our remaining PH homes.

Fifteen Twenty-One Second Avenue — 97% Sold
143 Total Units, 142 Closed, 1 available

The Residences at Fairview – 5% Sold
21 Total Units, 9 units in phase 1, 1 Sold at Presale, 8 Available

Fifth and Madison – 99% Sold
126 Total Units, 1 Remaining
Notes: Unit #2304.

Four Seasons Private Residences — 69% Sold Not yet updated
36 Total Units, 25 Closed, 0 Pending, 11 Available
Notes: Still waiting on an update from the sales team. These numbers are from April but I don’t see any recent sales.

Pontedera – 82% Sold
94 Total Units, 77 Closed, 4 Pending, 16 Available
Notes from sales team: Both FHA and Fannie Mae approved. 12 year property tax reduction program for qualified buyers and special financing twith interest rates as low as 2.5% (3.42%APR) on a 30-year fixed rate mortgage and $0 down.

Sold Out

Olive 8
229 Total Units, 1 off the market
Notes: Developer pulled the last unit available from the market and is holding on to it.

Coming in 2014

Insignia Towers
643 Total Units
Notes: The project has broken ground.

Things you should know:

• The numbers only include inventory of new construction sales in these buildings, some may very well have resales on the market that aren’t reflected.
• When I didn’t get a pending number I calculated closed sales as Total-Available
• % Sold = Closed/Total
• If I made a mistake or forgot something, drop me a line at matt@mattgoyer.com. I will correct it and update the post.

1920 4th Ave #2308

The two-bedroom, two-bathroom condo on the 23rd floor was first listed last August for $989,000. Two months later, the price was bumped up by $10,000, followed by a $20,000 jump two months after that. At the start of this year, Escala raised the price on this unit yet again by $20,000 to $1,039,000. And just for good measure, in February, the price was increased another $10,000 for a price per square foot of $653.

I understand the allure of Escala’s ultra high-end finishes, abundant amenities and central location. But I’m not sure I’d pay a million dollars to have this view or, more accurately, to be viewed by hundreds of strangers across the street.

The “Westinly” view

Anyway, I digress. This unit was one of three sales at Escala in the past week. A larger two-bedroom unit on the same floor sold for $1,299,000 or $692 per square foot, while a re-sale on the 11th floor fetched $882,000, just slightly higher than what the unit last sold for in 2010.

As for the other 42 condo/townhouse sales in Seattle, not everyone wanted to pay top dollar to live in the heart of downtown. How about coming home every night to this view of Puget Sound (minus the teel-colored chairs)?

The view at 1210 Alki Ave SW #601

The buyer of this two-bedroom, two-and-a-half-bathroom, top-floor condo on Alki Ave. paid $790,000, about $32,000 below asking. The unit looks a bit dated but the interior finishes and furniture can all be changed. What won’t change, thankfully, are the stunning views from the living room and bedroom. What a great way to unwind after a long day or start a Sunday morning.

Now, let’s go to the other end of the price spectrum, and I mean all the way to the other end. Guess how much this two-bed, two-bath, 1,360 sq. ft. condo between Ballard and Interbay sold for?

3609 14th Ave W #201

3609 14th Ave W #201

You probably guessed too high because the buyer paid $68,000 or $50! per square foot. Now, it’s not as much of a steal as you might think. The listing remarks point out that the unit faces a $105,000 special assessment. Yikes. It helps explain why the list price for this unit started at  $219,000 in October, 2011 and tumbled month after month after month. It also explains why other units in this development, Newell Square, have been a drag on comps in this area of Queen Anne.

Let’s not end on a down note, well at least not that far down. Check out the view from the deck of this Queen Anne townhouse on Olympic Way.

509 Olympic Way W. Unit A

The home, spanning three bedrooms, two baths over 2,040 square feet, sold for $775,000. That’s about $122,000 less than what the seller paid for it at the height of the market in 2007. Still, it’s a respectable showing and congrats to the buyer for snagging a nice home in a wonderful part of Queen Anne. The finishes are very nice as well.

The last sale that caught my end is this two-bedroom condo overlooking Lake Union…

1740 Aurora Ave N. Unit #401

The buyer paid $595,000, $30,000 below asking price. Parts of the interior feel very 80′s – no surprise since the complex was built in 1985 – and the home backs up on busy Aurora Ave. But, you can’t beat the sweeping views of Lake Union, the downtown skyline and the Cascade Mountains. I hope the buyer enjoys the views early and often. There is parking lot right in front of the unit.

See the parking lot in front?

You enter into your own private nightclub & walk through a maze of impeccably built & organized storerooms meandering through the property. Features include a 16 camera surveillance system, 3 electrical subpanels, deep water gray water well, mirrored bedroom, attached carport & much more. Cash buyers only. Huge collection of audio, lighting, & electrical inventory for small added cost.

Wouldn’t you love to know more about the story behind this one? Until someone tips us off to it the photos will have to suffice.

815 2nd Ave North Unit B

Open House: Sunday, June 9, 1-3:00pm

Grey walls with white trimming – these are what initially catch our eyes when we look at this modern Queen Anne townhouse. The grey gives it a glimmering silver appearance in some rooms, whereas in others it looks like they’d reflect the normally grey clouds outside. In other words, the grey is a tossup in our minds, but hey, you can always paint the walls a different color. Besides the grey, we’re loving the newly refinished touches of this 3 bedroom unit, including home theater wiring and speakers throughout the whole house! Comes with a third bedroom that includes a built-in murphy bed.

315 Galer Street #101

Open House: Sunday, June 9, 1-4:00pm

Beautiful, modern, and brand spankin’ new: those are the best words to describe the units in this cluster of 8 new townhomes at the top of Queen Anne. They’re live-work units with only one bedroom, but two bathrooms and prime street-front commercial space perfect for a home office. There are also separate entrances for living and working spaces. On the inside, we love the wood floors, modern kitchen, and best of all two large private covered decks for entertaining.

716 Boylston Ave E #1

Open House: Sunday, June 9, 1-4:00pm

The classically fashionable Harvard Estate Carriage House in Capitol Hill is a community of 24 designer homes, and one is currently available! A two bedroom, two bathroom west-facing home, this unit has hardwood floors and a giant chef’s kitchen, as well as a private patio. What impresses us the most though is the master suite’s lavish bath–when we say lavish, we mean it!

The appeal? Great views on Lake Union. High ceilings. Big deck. And only a half million dollar price tag. The catch? It is a little small. And no garage.

It last sold in 2003 for $382,500. Offers are being reviewed Monday. It will sell above asking is our guess.

Here’s what one of Redfin’s agents who saw it in person had to say:

Very unique home – located on busy street. Lots windows, lots of light. The second bedroom is upstairs in a loft like situation with no privacy door or walls – open to the living room below. Large(ish) kitchen with laminate counters. Skylights in bedroom, bathroom and kitchen bring in extra light. Large beautiful deck off the master bedroom. Nice water and space needle views.

Looks pretty sweet. $370,000 for 775 square feet (+110 square feet). Dues feel a little pricey at $422/month. Last sold in June 2007 for $390,000. Since it has been on the market for seven days already I’m guessing it won’t sell for what they paid in 2007.

Only catch. No parking!

31 Etruria St Unit C

Open House: Sunday, June 2, 1-4:00pm and Tuesday, June 4, 11-1:30pm

If you have an electric car, or a lot of cars, this north Queen Anne home will delight you! It comes with not only 3 off-street parking spaces, but a Blink charging station for electric cars. The home itself is a townhouse with 3 bedrooms and 2.5 bathrooms. The living space is wide open, with the kitchen, dining room, and living room all in one large room. The master bathroom also looks spacious, with a large tub.

611 Post Ave #7

Open House: Sunday, June 2, 1-4:00pm

As a huge fan of modern lofts, this NY style loft in Pioneer Square makes my heart skip a beat. There’s much to love about it, from the wood finishes, to skylights, and french doors that open to a private rooftop garden, perfect for the aspiring gardener. It’s a one bedroom, one bathroom unit that’s zoned as a live/work space.

Official word on the Mosler Lofts lawsuit settlement is that they settled for $8.5M. Nowhere near the $26M lawsuit at 2200.

The Mosler Lofts Home Owners Association is pleased to announce settlement of the recent litigation between the Mosler Lofts HOA and Belltown Development Partners, developer of Mosler Lofts condominium.

Through the diligent efforts of all parties involved, including the Mosler Lofts Board of Directors (both past and present) represented by Jesse D. Miller and Zachary McIsaac, our legal team from Ashbaugh Beal, and assisted by many experts and investigators, this suit has been brought to closure with a settlement of just under $8.5M.

The monies from the settlement will allow the Association to proceed with repairs, resolve construction defects, and deliver the quality building Mosler Lofts was intended to be.

Needless to say, owners at Mosler Lofts are happy with the results of this settlement and look forward to re-focusing on our great community; barbeques and refreshments on the roof top, and neighborly conversations about careers and leisure.

The community is strong. The beautifully designed LEED Silver-certified building still stops tourists and locals alike in their tracks. We will now enjoy a confidence in structure and balance sheet that will carry us happily into the foreseeable future.

Please contact moslerlofts@gmail.com for further inquires.

Here’s your chance to buy Fremont Lofts. Not just one, but the whole project. Only $2.6m. This isn’t the first time they’ve tried to sell the whole building. The last time was back in 2011 for $2.7m.

Total Monthly Income: $15,097. Cap Rate (NOI/LP): 5.67.

Designed by George Suyama of Suyama Peterson Deguchi Architects, this 2-bedroom, 2.5 bath house is located at 415 26th Ave E and is currently listed for $988,800. Word on the street (from last time) is the home is owned by Leslie Fitzpatrick, who created the Olive 8 Reset Video.