New Condominium Estate Sales Up to 2,635 Sq. Ft. Establish Real Estate Microclimate for Luxury Urban Lifestyle
Executives of Laconia Development and Realogics Sotheby’s International Realty (RSIR) announced today that construction for SPIRE, the 41-story condominium tower at 6th Avenue and Wall Street, is now above grade with planned delivery by end of 2020 – placing SPIRE among the earliest to deliver of new for-sale projects in the pipeline. As vertical development accelerates in June 2019, SPIRE will soon rise at the rate of one floor per week. Prospective homebuyers are required to make their color scheme selections and choose options and upgrades before September 1, 2019 in order to keep pace with construction. Laconia also announced that for a limited time, new buyers earn a decorator allowance of $10,000 for one-bedroom homes and $25,000 for two-, three-, and four-bedroom homes, provided they purchase soon to make the personalization deadline.
“SPIRE is now approximately 25% complete and 25% presold with market validation at all unit types and at all price points,” said Paul Menzies, CEO of Laconia, Managing Member of SPIRE’s development team. “Our success has helped establish a real estate microclimate with pricing from below $500,000 to $4.7 million or above for custom unit combinations.”
Menzies notes that SPIRE homebuyers will benefit from Laconia’s preferred pricing given the development enjoys a pole position in the region’s construction boom but he warns of rising prices ahead.
“Construction costs are continuing to rise at least 6-8% per year,” adds Menzies. “Developers planning new high-rise communities will need to pass these increased costs along to future homebuyers or the projects won’t pencil. Given the high demand for labor, added tariffs and general industry conditions, it is difficult to see how new developments will become more affordable. In fact, developers are more likely to minimize the scale of floor plans, reduce the scope of finishes, and cut back on amenities in an effort to hit sharper price points.”
Rather than scaling back, Laconia took a different approach with SPIRE – removing an entire floor from the structure to offer market leading ceiling heights of 9-feet on floors 4-23; 9-foot, 6-inches on floors 24-37; and 10-foot on levels 38 and 39. Numerous floor plans were combined to offer more generous living spaces up to 2,635 sq. ft., gas cooking was made standard throughout the building, and interiors were thoughtfully curated by Robin Chell Design and VIA Architecture. Laconia also doubled down on amenities offering retail, services and common areas on levels 1, 3, 40 and 41.
“SPIRE is fundamentally well-positioned in terms of its design, location and market timing,” said Michael Cannon, Sales Director for SPIRE Condominiums and broker with Realogics Sotheby’s International Realty. “The building’s full-block placement at the very northernmost perch of Belltown’s high-rise zoning means our panoramic views of South Lake Union, the Space Needle and Elliott Bay will endure.”
Cannon suggests view preservation is among the most important considerations for prospective homebuyers given the sheer number of new developments under construction and in the planning stages in downtown Seattle. He also views SPIRE’s location as offering the Seattle’s most dynamic lifestyle due to existing and planned enhancements in the area.
“Our residents will be within walking distance of the multi-billion waterfront renaissance; the renovated Seattle Center arena and events venue; more than a hundred acres of parks and open spaces; and quick access to natural environments like Lake Union and Elliott Bay,” adds Cannon. “Yet to the immediate south stands a vertical neighborhood on the rise with countless cosmopolitan attractions, tens of thousands of new jobs and an abundance of residential conveniences. This location is both vibrant and serene – only SPIRE offers the best of both worlds.”
Laconia also recently released the much-anticipated penthouse residences including an opportunity for unit combinations at SPIRE. Located on the 38th and 39th floors, the 1-, 2, and 3-bedroom condominium estates (667-2,040 SF) are now offered from $1,099,950 to $3,999,950 with select homes listed on the Northwest Multiple Listing Service. Predesigned unit combinations are also offered creating up to 4-bedroom homes (2,365 SF) valued up to $4,699,950, and opportunities exist to create even larger living spaces depending on the desire of the homebuyer. Cannon reports several full floor inquiries have been explored.
The penthouse floor plan series will feature generous 10-foot ceilings, walls of glass and expansive views of South Lake Union, the Space Needle, Elliott Bay and the downtown Seattle skyline. Interiors boast European-inspired kitchens with real wood lower and glass upper cabinets, a double wall oven and gas cooktop by Wolf™, a side-by-side refrigerator by Subzero™ and a wine cooler (select home plans). Countertops will be a buyer’s choice of either Quartz or natural granite selections with waterfall edge detail for the island (if applicable) along with matching full-height backsplash. Plumbing fixtures will include upgraded selections by Hansgrohe™. Most homes will include a gas fireplace and feature wall in the great room. Window walls will incorporate electric roller blinds and blackouts in the bedrooms. An integrated Smart Panel Pad-style smart home system by Wipliance will provide one touch automated controls for lights, blinds and thermostat (with options for audio/visual coordination as a personal upgrade item). All closets will incorporate a choice of several pre-set modular organizers in premium finishes.
“We anticipate rising demand for larger condominium estates as baby boomers and retirees seek single-level living and lock-and-leave lifestyles – many are harvesting equity from their single-family homes with both the resources and the time to enjoy a second home in a resort destination,” said Dean Jones, President and CEO of Realogics Sotheby’s Real Estate (RSIR). “At the same time, we note existing city dwellers moving up to the next generation designs. In both cases, SPIRE offers approximately 18 months to plan ahead before occupancy – plenty of time to arrange financing and prepare an existing home for sale.”
Jones estimates that more than 500 new construction condominiums have been presold since the third quarter of 2018, eclipsing condominium resales in downtown Seattle for the entire year of 2018. In tracking the supply and demand for new high-rise condominiums, RSIR believes more than 50% of the 1,745 units currently offered for delivery between 2019 and 2022 have been presold. For more information on SPIRE Condominiums, visit: www.SPIREseattle.com