From the moment you enter this building to the time you are inside this exceptionally designed glistening city view home. you will feel the comfortable ease of luxurious living. Few condos rival the artistry of the highly sought after Escala, from a lobby of curved stairs and glistening woods, to a home offering 2 en-suite masters; a large kitchen of modern Pedini cabinets, Gaggenau appliances, and Brazilian hardwoods; and a gas fireplace setting the mood to enjoy the city views 25 floors up and a world away.
Blaine Weber of Weber Thompson Architects Outlines the Washington State Condominium Act and How Its Stifling New Multi-Family Homeownership Opportunities
As Blaine Weber, Senior Principal of Weber Thompson Architects, proclaims in a recent Daily Journal of Commerce article, “the affordable housing crisis is one of the more perplexing problems facing rapidly growing cities like Seattle.” One proposed solution is to add to the supply of small, affordable condominiums in the city, yet as a 2016 paper published by the University of Washington Runstad Center for Real Estate Studies notes, condominiums in Seattle are overwhelmingly “beyond the means of the average-income individual.” So, Weber asks, why is there a lack of supply amidst rising demand in the Emerald City? Though there are myriad reasons, a main one can be attributed to the liability associated with building multi-family units for sale in Washington state, given regulations outlined within the Washington State Condominium Development Act.
Written by Chris Doucet, Broker with Realogics Sotheby’s International Realty
Maybe it’s just my age (I prefer “mature” or “grown up” to “old”) but I often consider what lies ahead in the next 20 years. How do I want to spend my free time? Where do I want to spend it? How do I want to live?
I find that many of my baby boomer clients are facing the same dilemma, and I know many lifelong Seattleites who still love the city, but daydream about an escape from the city’s grey winter drizzle and the increasing traffic congestion.
Prospective Buyers Lined Up for Limited “For Sale” Opportunity Priced from Below $350,000 to More Than $1.5 Million
Da Li Development USA, a Taiwan–based real estate development company and Realogics Sotheby’s International Realty (RSIR) report first position unit reservations and deposits were received on 95-percent of the 203 homes at KODA Condominiums – a new 17-story condominium that will be built at 450 South Main Street. The project debuted on Saturday, February 24th at 11am at RSIR’s New Developments Preview Center located at 2715 1st Avenue in downtown Seattle. Prospective buyers and brokers began lining up the night before the event, at 8pm on February 23rd. Approximately 300 registrants attended the debut of the development, resulting in an additional 80 second and third position reservations. The homes were offered for individual unit reservations, which identifies a specific condominium referencing its preliminary floor plan, specifications and price range in advance of official presales, which are anticipated to commence in the summer 2018 commensurate with the opening of the KODA Sales Center and the groundbreaking of the development. The efficiently-scaled homes range in size from below 400-sq. ft. to more than 1,100-sq. ft. with introductory pricing from below $350,000 to more than $1.5 million.
Prospective Buyers and Brokers Position for Priority Presales of 203 New Condominiums Offered from Below $400,000
Da-Li International, LLC, a Taiwan–based real estate development company and Realogics Sotheby’s International Realty (RSIR) will host a reservation event for the much-anticipated KODA Condominiums at the New Developments Preview Center at 2715 1st Avenue in downtown Seattle on February 24th beginning at 11am. The 203-unit, 17-story condominium project will be built at 450 South Main Street at the gateway to Seattle’s historic International District offering efficiently-scaled homes ranging in size from below 400-sq. ft. to more than 1,100-sq. ft. with introductory pricing from below $400,000 to more than $1.3 million. The homes are being offered for individual unit reservations, which identifies a specific condominium referencing its preliminary floor plan, design specifications and price range in advance of official presales, which are anticipated to commence in the summer 2018 commensurate with the opening of the KODA Sales Center and the groundbreaking of the development.
As a recent Realogics Sotheby’s International Realty feature entitled “Seattle’s New Era of Condos” proclaims, the Emerald City is definitively in the midst of a condo comeback; the population is growing, residents are fueling additional in-city attractions, and millennials are transitioning from renting to homeownership. Today, thousands are reading the latest Seattle trends, as the special feature, which was originally included in Portrait of Seattle Magazine, was hand delivered to 1,500 broker mailboxes throughout the Seattle area, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.
On February 9th and 10th, luxury leaders in real estate from the United States, United Kingdom, Canada, and Europe will come together for the Global Luxury Realty Conclave at the JW Marriott in Aerocity, New Delhi. Realogics Sotheby’s International Realty Owners Dean and Stacy Jones will be joined by Realogics Sotheby’s International Realty Co-Founder Scott Wasner, and Ambili Sukesan, a member of the firm’s Asia Services Group.
Realogics Sotheby’s International Realty to Relaunch UrbanCondominiums.com; Plans New Developments Gallery in Downtown Seattle
What a difference a decade makes. For the first time in ten years, Realogics Group of Companies and its brokers are again representing ten new multi-family for-sale condominium and townhome developments in downtown Seattle and surrounding neighborhoods. Although the project marketing specialists admit the current condo cycle is just a fraction of the last one. Still, the newly announced inventory has spurred the redeployment of a once popular website at UrbanCondominiums.com and a planned opening of a New Developments Preview Center in Belltown. The firm seeks to help prospective homebuyers compare the “new but few” for-sale opportunities in what’s otherwise considered to be anemic condo supply in the city. The reality is despite the rising demand to own, developers (and their construction lenders) have overwhelmingly preferred to build apartments for rent in recent years. In fact, of the 27,000 new housing units being developed in downtown Seattle this decade more than 94-percent of this supply will deliver for lease and not for purchase.
Realogics Sotheby’s International Realty brokers Eddie Chang, Jason Gibbons, Eleanor Heyrich, Vicki Jackson, and Bob Wold joined the rest of the Washington Realtors in Olympia for Legislative Hill Day, to engage with representatives regarding a number of issues including the Condominium Act, Hirst decision, student loan debt, and the 50th anniversary of the Fair Housing Act. They were most excited to share their stories with Washington State Legislators and discuss how their clients are being pinched by the lack of inventory and affordability in King County.