Trio 123

It’s hard not to miss the massive construction hole on the corner of Denny Way and Western Ave. The Trio project is a new condominium scheduled to be completed in the Spring of 2007 features exciting work/live lofts and flats halfway between Belltown and Queen Anne. (The same builder also has another project going on in Ballard called Noma.)

How should we think about Trio?  If Lumen is like a BCBG boutique, the Trio would be like a United Benetton – a bit more fun but probably not as high end. To its credit, the Trio does have a lot of color palettes and material combination options for home buyers.

Standard and optional finishes include bamboo flooring, cork flooring, terrazzo tile kitchen counter tops, slab granite, Caesar stone, aluminum /glass and laminate cabinets, ceramic and metal tiles on the kitchen walls, and glass and porcelain tiles in the bathrooms.

From the 5 standard color palettes to 2 different upgraded palettes, home buyers will be pampered with choices to make each unit a perfect fit. I can easily see a home buyer looking at customizing their unit and enjoying the selection process like spending a day shopping and picking out a new outfit.

One thing to note about the Trio is that they will be using metal and hardy plank for the building exterior. We are seeing more of hardy plank being used in condo construction. The product is supposed to have a longer life expectancy than traditional and synthetic stucco (EIFS) (which has a higher chance of trapping moisture in the wood) but probably isn’t as desirable as a concrete exterior.

So for whom is the Trio a good fit?  If you are someone who likes the proximity to Queen Anne and Downtown Seattle and prefer a variety of finishes to create your own palette, Trio may be a good choice. Lastly, looking at Trio’s price range, it doesn’t look like a bargain.

One more thing: In some new construction projects, the grout (mortar for filling gaps) is actually not sealed since it isn’t a requirement for builders. As an example, one of my clients purchased a unit in Avenue One and we had to send it someone in to seal the grout. The few hundred bucks was not a big deal to him. However, you would imagine if you’re purchasing a unit that costs close to $500,000, the unit should come finished; apparently not for Avenue One (The same builder of the Parc). Luckily, in the case of Trio, you don’t have to do that for your kitchen and bathroom : )

-Wendy

UPDATE: Urban Living has some good comments on the Trio as well.

Technorati Tags: trio, lumen, mosler, seattle condo, seattle condos, seattle realtor, belltown condos, queen anne condos 

Comments

[Jarold]

My girlfriend and I are first time home buyers who have recently signed with Trio (we still have a week to rescind should we decide to). We do think we're paying a premium for the alcove (301 if you're interested), but we are in love with the area. Proximity to Queen Anne, the water, and the new sculpture park being built is quite nice. We also love the stuff that's included. The standard finishes are quite nice in our opinion and the inclusion of steel front appliances is very cool. However, my reservations with our decision arise from the price and lack of view for our particular unit. Unless you're up on the 5th or 6th floor or on the North or South ends of the building, you won't get much of a view at all. Our view, for example, is the green section of the building directly next to Trio's east side. All in all, we are excited about our decision, but we always leave room for second thoughts to keep safe. On the plus side, we were one of the first to sign and are hoping that our unit will only appreciate throughout the initial selling process. We still have a week before our deposit is cashed so we would love to hear more from you regarding this development. Do you think the premium is worth it? Or is it too much and might have a negative impact on appreciation? What price per square foot would you recommend for first time buyers? We have also considered Site 17 and although more affordable, have shied away from that development mostly due to the surrounding area (the worker's complex across the street and the area under the overpass were not appealing) and the horrid garage reminiscent of Centennial's parking garage. Is there some rough guideline of what prices people SHOULD be paying for places in this area? We just want as much information from as many sources as possible before we commit to this huge decision. Oh, and one more thing, is there any further information regarding Veer Lofts? Anything online? Thanks for the great site!

[Wendy]

Hi Jarold:

These are all smart questions and you should definitely make sure your agent does his or her homework to help you think through the investment before pulling the trigger. I will be doing a post soon on what to look for in buyer's agents in the near future.

In the meantime, these are the questions I'd pose to your buyer's agent if he or she hasn't already done the analysis. Keep in mind, every Realtor has his or her own style and I tend to lean on the analytical side for these kinds of things so take this advice with the understanding that there are lots of ways to skin a cat.

OK, so based on your questions, here are a sampling of the analyses I'd recommend you request your agent perform for you:

1) What is the premium for the alcove and based on the price per square foot in the Trio for other units, what is the price per square foot premium? Based on his/her experience selling condos, is this fair?

2) How does the price per square foot of this unit compare to other Trio units as well as comparable projects in the same area (both new and existing buildings).

3) What kind of new construction (if any) is being considered around the building?

Hope this helps.

Wendy

[Home Remodeling Ideas]

i really want to see that place...i hope i can visit and see for my self the TRIO....

[lance]

it's mispriced. too expensive for busy street and wood construction with few amenities.

[paper machines]

i cant get u lance will u explain me what type of wood u wana constryction ?

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