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Added: Onyx: Yet another Capitol Hill conversion

By May 30, 2006


For the past few weeks I’ve been hearing about this conversion at 12th and Olive. First my friend who had been living in an apartment there was unable to renew his lease, then another friend was walking by and stumbled upon their chaotic sales office. Today I decided to check it out and see first hand what was going on (unfortunately I forgot my camera).

Sure enough the apartments at 1125 E Olive Street have been purchased and are now being sold off as ‘ONYX CONDOMINIUM‘. From what I gathered:

  • Sales office open 11am-6pm, 7 days a week
  • 62 units
  • 20 already reserved
  • To reserve you need to put down $5000.
  • Close is thirty days.
  • The prices range in price from $209,000 for a studio to $559,000 for a two bed, two bath. (Though their newspaper ad this week says prices from $190,000 but perphaps the low price units have already been reserved).
  • I got a look at the price sheet, price per square foot appear to range from $390 to $510 sq/ft.
  • Building amenities: Gym, very small party room, roof top deck
  • HOA on a one bedroom were $250/mn.
  • They only have two, one bedrooms that aren’t reserved yet. I look at one, it was $279,000, around 680 sq feet, $250 HOA, no view.
  • If you ask they’ll tell you how much the unit was renting for before. For instance, #304 is $450,000 and was renting for $1,335/mn.
  • Same owner is launching two other conversions, The Asia and The Epic and did The Athena.
  • Default finishes appear to be: Carpet, hardwood flooring in kitchen, laminate and vinyl bathrooms, black appliances, granite bars, laminate kitchen counters, some balconies.

The most surprising thing is that the sales office has been open for two weeks, but doesn’t officially open until next weekend, and they have no printed materials! Though what they lack in marketing collateral they make up for in huge life size blow ups of Seattle Times articles declaring that real estate in Seattle is the hottest thing ever (Tim, you’ve got to check this sales office out, you’d love it :) ).

Overall, I wasn’t too impressed. The bedrooms were really small and they didn’t seem to be doing too much to the interiors. Depending on the condition of the units they weren’t doing anything besides replacing the upper bar counter with granite. There was some mention of upgrade packages, but details were sketchy. I’d favor Plaza Del Sol over this place but this place appears to be cheaper.

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