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.
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.
On February 20th, local and international brokers joined event hosts for a celebration of the Lunar New Year at the NEXUS Sales Center with a debut of the newly released penthouses and a dynamic presentation on the state of the market and international influences. Presented by Burrard Group, LUXE Magazine and AXIA Home Loans, guests were treated to a red carpet arrival with Butler Valet, a spread of Chinese cuisine by Din Tai Fung along with libations and entertainment including a dramatic Lion Dance. Also in attendance were members of the Asian Real Estate Association of America, including Seattle Chapter President, Vincent Ha who noted that Seattle is the host city for the 2018 Global and Luxury Summit April 7-9th.
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.
The Washington State China Relations Council (WSCRC) will cohost a session for their Corporate Executive Briefing Series at the NEXUS Sales Center on March 7th from 12:00pm – 1:30pm. The “Marketing Your Business in China” event will be presented by David Zhou, Founder of IM2China – a leading marketing agency that specializes in digital campaigns within China.
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.
In the early morning hours on January 20th, a collective of neighbors, reporters and casual spectators showed up at 1262 Alki SW to witness the move of a 1950s beach home that was once the residence of longtime community members Fred and Marjorie Dau. As the owners of the former Admiralty House Antique shop, the Dau’s, and their mid-century modern residence, were well known and loved in the neighborhood. Given the home’s storied past, developer Vibrant Cities dedicated themselves to the concept of moving the home, rather than demolishing it.