urbnlivn, a seattle condo blog

After chatting with with this guy and finding out they make $13/hour we stopped by 1707 Boylston Ave while waiting for my haircut.

So the story on this project is that they sold 10 units, rented 9 and are now auctioning 17. To get in on the auction you need to be pre-approved with their lender and bring a cashiers check for $1000 to the auction next weekend. If you win you need to pony up another $1500 that weekend. The bidding starts at $100,000 for the studios.

The place is what you’d expect; they took an old apartment building and put in granite countertops.

The place is really trying to appeal to dog owners with a massive doggie area in the basement:

There are also some old memories of the apartment like this sign over the coin op:

The “gym” in the basement is a little desolate:

In fact the whole basement reminded me of a college dorm.

See all my photos.

The company doing this, Accelerated Marketing Partners, has done this before in California but the onsite real estate agents they have are local. For the projects that don’t or can’t go rental this is their other option.

Popularity: 16% [?]

Someone posted in the comments recently that Montage, a 23 unit building on Capitol Hill, has gone rental. Walking by this morning I saw this sign confirming it (I would have gone in but they weren’t open yet):

Checking out their site also confirms they are leasing:

What were these units selling for?

#203 - 1 bd/1 ba - 742 sf - $367,950
#305 - 1 bd/1 ba - 727 sf - $324,950
#402 - 1 bd/1 ba - 716 sf - $409,950
#405 - 1 bd/1 ba - 727 sf - $339,950
#501 - 1 bd/1 ba - 945 sf - $547,950
#604 - 1 bd/1 ba - 871 sf - $489,950

Who is going rental next?

Popularity: 13% [?]

People’s down payments just lost a third of their value and Ava sends out this note about nothing.

Dear Matt,

We want to thank you for your continued interest in AVA Residences. We are pleased to offer such a dynamic residential highrise in an ideal location and we are pleased to have captured your interest.

In our previous communications, we outlined our planned timeline for moving forward with construction and opening of our presentation center. We stated that we would be submitting for building permits, which we have done. Additionally, the presentation center is ready to open, the interactive website is ready for project launch and we have a full time presence for any inquiries and questions that may arise. We are in a position to launch the project as soon as market conditions improve.

The next few months will lend quite a bit of insight about where the economy is headed and how quickly the credit crisis will clean up. We are confident AVA will bring an unparalleled presence to the retail district of Downtown Seattle and we will strategically begin development when the local residential real estate market conditions improve and the national financial crisis subsides.

While there has been much “doom and gloom” in the headlines as of late, we have done consistent market research and know that AVA will be a tremendous success when launched. Our goal is to provide you with a downtown residence in a well-planned development, as well as a home that is a sound investment.

We strive to be honest with you in our communications about our plans moving forward. We are ready to launch when the time is right to guarantee success for all parties. All markets go through cycles and as soon as we see an indication that conditions are favorable, we will open our doors for you to see the contemporary elegance that is AVA.

As always, please feel free to contact me any time if I may be of any assistance.

Warmest Regards,

Lacie Doman

Word on the street is that Ava is getting canceled. But most of you are more plugged in than I am so let us know!

In related news here’s what the PSBJ has to say about construction loan defaults:

With respect to commercial and condominium construction loan delinquencies, both the Seattle/Bellevue/Everett (5.6 percent) and Tacoma (8.7 percent) vicinities fared worse during the second quarter than the top 100 markets combined (4.9 percent).

Popularity: 11% [?]

With the Dow below 9,000 we all need a place to go to forget our worries. So check out Escala’s Club Cielo at their open house this weekend, Saturday & Sunday, October 11th & 12th from 11:00am to 6:00pm daily.

Club Cielo will be an exclusive enclave on the entire second level of Escala with a focus on fine food, wine, health, pampering, socializing and creating shared experiences. Club Cielo offers five-star lifestyle amenities in a fun and unpretentious setting to a limited number of members.

Personally I need that $250/month club fee to shore up my margin account; don’t know about you.

How this open house differs from a regular weekend at the Escala sales center, I do not know.

Popularity: 10% [?]

The Seattle Times hosted a Q&A with Dean Jones of Realogics yesterday and has posted the 22 questions and answers, Downtown condo Q&A.

Popularity: 10% [?]

Chris Stiebler from Escala sent out a construction update email:

The southeast corner two- and three- bedroom homes have great morning light and as we can see from the photo below, have unbelievable views down the highly desirable Fourth Avenue corridor.

Here’s the view:

The name of the photo is building 14.jpg indicating there are many more photos out there but I guess you’ll have to go and see them in person.

Popularity: 13% [?]

I don’t really get this ad; “Vote Intracorp”?

From touring their building recently I don’t think this really reaches their target demographic.

Popularity: 11% [?]

EconE points out that Maris condos is trying to rent their unsold inventory on Craigslist:

Of the 10 units they’ve sold 4.

Popularity: 11% [?]

Jim has the scoop that Live Historic’s Marlborough project is no longer a condo conversion based on poor sales. Oh well, it will make nice apartments too. See photos from my visit earlier this year.

Which Live Historic project will go back to apartments next? De Lorges? Their new Fremont project The Dayton?

Popularity: 12% [?]

It’s in high gear.

Recently seen on Capitol Hill:

Recently seen while reading a blog:

Popularity: 16% [?]