Seattle Condos | Seattle Condos for Sale | Reviews by Marco & Wendy

NEXUS Will Open Sales Center & Model Home in March

NEXUS condominiums, breaking ground this month and completing in 2018, announced that they will open their sales center and model home next month in March. The sales center will include a full size model home and interactive exhibits.

With the opening of the sales center, we anticipate that reservations will be converted to purchase and sale agreements soon as well. We will keep you all informed as the actual date of the grand opening.

We look forward to checking out the sales center and hope to see some of you there at the grand opening!

Great news for 2200 Westlake Condos in South Lake Union! Lending Just Got Way Easier

2200 Westlake is a condominium community that consists of 3 towers built in 2006 in South Lake Union/Denny Triangle. The main floor of two of the towers contains retail space and the third tower contains the Pan Pacific Hotel and a Whole Foods Market. These amenities are what make living in 2200 so fabulous and convenient including the ability to order services from the hotel such as room service. However, the amount of the commercial space is also what, in the past, has made getting a mortgage loan in this condominium very challenging.

For lending on condominiums, most banks and credit unions underwrite their loans following the guidelines determined by the federal lending institutions of Fannie Mae and Freddie Mac. One of those guidelines puts a cap on the percentage of commercial space a condominium project can have. In 2200's case, they are 42% commercial due to the Pan Pacific Hotel, the Whole Foods as well as the hand full of other retail spaces. This will trigger the lenders to have to get an exception for this non-conforming guideline, which can be done in some cases, but it typically requires that the borrower is stellar (if not near perfect) on all of the other loan requirements such as needing to have a high credit score, low debt to income ratio and having at least 20% to 25% down payment.  Which when buying a $500,000-$2,000,000 condo, is a huge chunk of money to have. This can rule out quite a few potential buyers from qualifying for a loan in this building.

What changed? Well, 2200 Westlake has received its Project Eligibility Review Service (PERS) approval from Fannie Mae. Condominium buildings that go through the lengthy process of submitting all of the required documentation for a PERS approval from Fannie are eligible for additional approval flexibility on some requirements, including having more than 25% commercial or non-residential use space as part of the condo project. Which is why, even though 2200 has a higher than accepted commercial space percentage, it still received the approval. They evaluate the condo building on it's other merits, in lieu of just letting one item that doesn't meet the general guidelines cause the condo project to be rejected. Once a building has the PERS approval, that approval is accepted by many lenders and their investors meaning that when your lender goes to determine if a loan is possible in 2200 Westlake, they will see that Fannie has approved it and will be able to approve the loan despite the high commercial space percentage that would have otherwise made the loan more difficult if not impossible.

2200 Westlake's PERS approval is good through 6/12/18 (18 months), at which time another approval/extension will be needed.  So, if you were thinking about selling your condominium at 2200, your potential buyer pool just got way larger. Additionally if you have wanted to buy  there but couldn't get a loan in the building in the past, now is a great time to revisit those plans. We are of course here to help so give us a shout if you'd like additional info or would like to look further at your options.

 By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

NEXUS Reservations- 244 of 374 Condos Reserved

Wow what a difference a year can make in our dynamic condo market.

NEXUS Condominiums is reporting a very strong turn out to their grand open reservation event this past weekend.  We attended a preview event last week, and so far the offering of condos at NEXUS sounds very compelling.  With two other condo projects nearing their completion and closings this summer (Insignia Condominiums and Luma Condominiums) it's not surprising there is demand for another high-end luxury condo community in the downtown core.

According to the article released today by Realogics Sotheby's International Realty (RSIR), the marketing company for NEXUS Condominiums, "The Burrard Group has accepted 244 first-position, unit-specific reservations for priority presales at NEXUS, a new 374-unit high-rise condominium tower located at 1200 Howell Street in downtown Seattle. Project representatives at RSIR report that more than 500 prospective home buyers were processed through the NEXUS Preview Center at 2715 1^st Avenue on June 4 and 5^th. Several groups camped out overnight to ensure a first place in line while a crowd of approximately 130 were cued up by 11am on June 4^th when the reservation event commenced. Prospective home buyers were offered an individual home for priority presale with a price range for a $5,000 fully-refundable deposit to be held in escrow. Reservations will convert to a Purchase and Sale Agreement during the Fall of 2016, commensurate with the opening of a formal sales center and the ground-breaking of the development. NEXUS is scheduled for occupancy by mid-2019."

“Our opening weekend results suggest a growing preference for condominium ownership after an unprecedented apartment cycle that added nearly 10,000 new rental units to our skyline,” says Dean Jones, President and CEO of RSIR, the firm representing NEXUS. “Those apartment towers have been incubating future home buyers who are increasingly recognizing the investment potential and benefits offered by home ownership. NEXUS provides an opportunity to own a slice of this fast-growing metropolis.”

What does all this mean? It means that people have expressed interest in 65% of the 374 units.  Reservations are a very early indication of interest, and with a small $5,000 reservation deposit (that is fully refundable) I do anticipate that once final pricing, final numbers on the HOA dues, terms on investor purchasers, etc. are all working out, we'll see some buyer fall out and many of those reserved units will become options for other buyers.  This often happens with the early reservation process in pre-sale  condo opportunities. It will be when the proverbial rubber meets the road once that reservation fee becomes a more sizeable non-refundable earnest money deposit, and then we'll see how sales proceed from there.  Recent lack luster commitments in the pre-sales in the Gridiron condos in Pioneer Square, make me think the final pricing and HOA dues will really have an affect on how many of these buyers proceed. 

Have questions about NEXUS? Let us know and we'd be happy to help walk you through the buying process and pros and cons of certain floor plans and layouts.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

NEXUS Condominiums Releases Floorplans and Pricing

If you were considering reserving a condominium when NEXUS is released on June 4th, they have now released floorplans, pricing and what the reservation process will entail.

Here is a summary of what we learned about pricing, floorplans, the sales process and other details.

Pricing:

• Studios range from low $300,000s to the low $400,000s
• Open 1 bedrooms range from the low $300,000s to the low $400,000s
• 1 bedrooms range from the mid $400,000s to the mid $1.0 millions
• 2 bedrooms range from the low $800,000s to the $2.0 millions
• 3 bedrooms range from the $1.9 millions to the $2.2 millions

Units:

• Studios range from 395 to 494 square feet
• Open 1 bedrooms range from 480 to 519 square feet
• 1 bedrooms range from 669 to 1013 square feet
• 2 bedrooms range from 1099 to 2136 square feet
• 3 bedrooms range from 1589 to 1672 square feet

 

NEXUS Condominiums to Take Reservations Starting June 4th

According to the email we just received from the marketing/sales team over at NEXUS Condominiums, they will begin accepting reservations starring at 11am on Saturday June 4th. Along with the reservation agreement, a $5,000 reservation deposit will be required.

With this date only 3 weeks away, it leads us to believe that information such as floorplans, pricing, finishes, etc. should be expected to be released soon. It would be challenging to put a reservation on a condo that you know very little about but perhaps this is a way for the Developer and marketing/sales team at Realogics Sotheby's International Real Estate t0  get a preliminary gauge on interest.

We will keep you up to date about how things at NEXUS progress in the next few weeks.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

 

Nexus Condominiums Have Launched A Website

The newest condominium building to be announced already has it's sales website up and running, www.nexusseattle.com.

They are touting the location of Nexus at 1200 Howell as being in "Seattle's new multi-billion dollar urban living core" and comparing it to peer markets like SOMA in San Francisco.  It seems that the Development Company, the Burrard Group, is counting on all of the new and projected construction in the area including other residential towers, hotels, office buildings and the convention center expansion to bolster interest and vibrancy in this new emerging neighborhood.

What did we learn from the marketing website and press release?

BUILDING DETAILS:

• Pricing will start in the $300,000s
• Building will be 440 feet tall (40 stories)
• 403 condo units
• One bedrooms, two bedrooms, three bedrooms, 2-level sky lofts and penthouses
• Retail on the main floor
• 7th floor will have a co-working space, fitness center, dog run/lounge, great room, media facility and outdoor patio
• Rooftop will have a sky club with social spaces, an exhibition kitchen, private dining, sky-bar, recreation room, view terrace with open air kitchen and a fireside lounge
• Owners will be able to use an app to reserve in-building guest suites, flexible parking options and other services

SALES:

• Begin taking reservations in May 2016, next month
• Presale contracts will begin in fall
• Break ground by late 2016
• Begin closing purchases in 2019

It sounds like Nexus will be a tech savvy building with amenities to rival other amenity rich buildings in Seattle like Escala and Insignia.

We look forward to keeping you posted on the progress of Nexus.

To read the press release: Download Nexus Press Release

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Nexus - 40 Story Condo Tower Coming to Denny Triangle

As we reported on back in November of last year, Canadian Developer, the Burrard Group, was hoping to develop a 40 story condo tower at 1200 Howell in the Denny Triangle. Well, it sounds like, based on the recent PSBJ article, that they are moving forward with the project as condos and plan to break ground by the end of the year. It will be called Nexus because it is in the nexus of South Lake Union, Capitol Hill and Downtown and will be the second (Luma in First Hill being the 1st) high-rise condo in Seattle to break ground since Insignia in Belltown, which is already 90% sold. According to the Burrard Group, now that mortgage payments on condos are comparable to rents, we have reached the tipping point in the market making building condos attractive.

Nexus will have 403 units within it's twisted block design. The 1 bedrooms will start in the mid $300,000s and there will be fewer than 20 pricey penthouse units.

Rendering from Weber Thompson

South Lake Union Project Might be Condos After All

According to the Puget Sound Business Journal, the previously announced tower project to be built on Denny and Fairview in South Lake Union, might be condos after all.

The Onni Group out of Vancouver BC is now saying that their company might build the new project as condominiums instead of apartments. The site of the project is between Boren Ave N and Fairview Ave N and from Denny Way to Thomas Street. They had originally proposed to build 4 towers on the two lots, two at 41 stories and two at 24 stories. However now, the first phase of construction would be the two 41 story towers which would include almost 1200 residential units, which would make it Seattle's largest ever condominium project if it is indeed built as condos. The second phase would be on the second block and would now contain a 29 story tower and 36 story tower that will also be residential with retail.

With the market bringing nearly 7,700 new apartment units over the next three years, the competition for rentals might weaken with the influx of inventory. But with Insignia already 80% sold out and only rumors of a few more condo developments coming into Downtown, Belltown and South Lake Union, new construction condo options in the area are few and far between. These might be factors that are swaying the developer's decision on whether to build apartment units or condominiums.

However, this project being built as condos is still a 'might be' but it does seem more likely than it did 2 years ago when the project was first announced.

Rendering: Chris Dikeakos Architects Rendering

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Update: Seattle New Construction Condo Comparison

Back in April, we created a chart comparing the new construction condo options here in the city so you could see what options were out there for newly built condos. Many things have changed since then, including Solo Lofts and Salt turning into apartments and the addition of two new buildings, Hendon in Phinney Ridge and Gridiron in Pioneer Square. We have updated the chart and wanted to share that with our readers.

Hopefully this updated chart helps you to compare the options for pre-sale and new construction condos in terms of the price points, amenities as well and some pros and cons of each project as well. Other projects are in the works, but these are the buildings that have officially announced sales and gone public with the details about their projects.

Just like in the previous version of the comparison chart, information will change as the condo projects progress but here is a snippet of the current overview. To see the whole chart, download it here: Download Seattle New Construction Condo Compare.


We hope this helps you narrow down your top options. As always, our team is here to help with your buying decision if needed.

This information is offered as a convenience & is not a warranty or guarantee. All information should be verified to your satisfaction.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Condo Review – Enso Condominiums in South Lake Union

Enso Condominiums in South Lake Union
820 Blanchard Street

Enso Condominiums was built by Vulcan and designed by Callison Architects and was one of the first anchor condo buildings in the Denny and Westlake corridor that helped kick off all things in this part of South Lake Union and the Denny Triangle. Enso was also one of  Seattle’s first LEED certified condo buildings. It’s unique characteristics are that is sits on an angled axis on its lot and the eastern side has a unique curved curtain wall glass exterior, which allows for unique view corridors up and down Denny and Westlake Avenues. At the time, it was considered the higher-end of the 3 Vulcan built condominium buildings due to it’s luxury finishes (Veer Lofts and 2200 Condominiums being the other two).

To see a video of an example of an actual unit at Enso Condominiums click here.

The stats:

• 135 units – studio, one and two bedrooms ranging in size from 589 square feet for a studio on the 9^th floor to a 2,279 square foott two story corner unit
• Built in 2009
• 19 stories
• All units have at least 1 parking space and all condos have a storage unit
• 4 units have sold in the last 6 months ranging in price from $510,000 for a 794 sq ft one bedroom to $1,499,000 for a 1,893 sq ft 2 bedroom unit on the 18^th floor; at the time of this post there is 1 unit pending a sale listed at $528,000 on the 5^th floor. There are no active units on the market.
• HOA dues include: garbage, water, sewer, central hot water, natural gas (cooks top and ranges), building maintenance, professional property manager, earthquake insurance
• Amenities: Party room with terrace, TV room, gym, yoga room, guest suite, concierge staff