Demand for Larger Floor Plans Leads to Unit Assemblages and Reduction in Total Unit Count to 337 Condominiums
Executives of Laconia Development and Realogics Sotheby’s International Realty (RSIR) announce binding presales and reservations representing approximately 20 percent of the homes at SPIRE — a new 41-story high-rise now under construction at 600 Wall Street in Belltown. In addition, approximately two dozen homes have been identified for potential unit assemblages in order to satisfy buyer requests for larger plans including two-, three- and four-bedroom residences ranging from 1,135 sq. ft. to 2,635 sq. ft. high in the tower with the further opportunity to combine even more expansive penthouse residences.
Even before an official release of the potential larger floor plans, at least one new contract was mutually accepted for a combined AA/B floor plan on the 35th floor comprising a 4 bedroom, 3.5 bathroom of 2,635 sq. ft., which sold for $4.35 million. A similar home a floor above was just listed for $4.5 million.
The SPIRE Sales Center and Model Home debuted to the public on October 27th, 2018. Brokers say SPIRE is the first luxury, high-rise condominium tower to hit the market in several years and the new offering taps increasing demand for next generation urban residents seeking progressive design, enhanced specifications and unobstructed views.
“It is our distinct pleasure to welcome scores of new homeowners to the SPIRE community just a month into our sales effort,” said Paul Menzies, CEO of Laconia and representative of Seattle Realty One, LLC, the developer of SPIRE. “We are greatly encouraged by the overwhelmingly favorable reception from buyers both locally and internationally.”
Menzies is responding to rising demand for downsizing empty-nesters and move-up buyers from nearby condominium towers and luxury apartment buildings. He confirmed that the series of potential new unit assemblages also results in a net reduction of the total unit count to 337 homes. With the site excavation nearly complete, SPIRE will soon rise at the corner of 6th and Wall Street on target for occupancy by late 2020.
“It’s pretty common to modify our offering in response to evolving market preferences,” adds Menzies. “We are fortunate to have this sort of flexibility at this early stage. However, I would invite prospective homebuyers to explore this opportunity for penthouse unit combinations while we can still accommodate their interest.”
The newly created floor plans now include larger homes located on floors 33 and above offering unobstructed westward views of Elliott Bay and/or northwest towards the Space Needle and beyond with vistas of the Olympic Mountains.
- Penthouse EE/FF — 3 Bedroom Plus Den / 3 Bathroom (~2,025 Sq. Ft. with 10’ Ceilings) From the Mid-$3 Millions
- Tower Residences AA/B — 4 Bedroom / 3.5 Bathroom (~2,635 Sq. Ft. with 9’6” Ceilings) From the Mid-$4 Millions
- Tower Residences AA — 3 Bedroom / 3 Bathroom (~1,825 Sq. Ft. with 9’6” Ceilings) From the Low-$3 Millions
- Tower Residences H/J – 2 Bedroom Plus Den / 2 Bathroom (~1,135 Sq. Ft. with 9’6” Ceilings) From the Mid-$1 Millions
The three bedroom or larger floor plan series will also include penthouse specifications which are being finalized by the design team. These inspired kitchens will boast Pedini cabinets with real wood lowers and glass uppers, a double wall oven and gas cooktop by Wolf™, a side-by-side refrigerator by Subzero™ and a wine cooler (all as available per plan). Countertops will be natural stone including the island (if applicable) with matching full-height backsplash. All baths will include upgraded premium plumbing fixtures. Window walls will include electric blinds with automated controls and blackouts in the bedrooms. An integrated Smart Panel Pad-style system by Wipliance will include automated controls for lights, blinds and thermostat (with options for audio/visual coordination as a personal upgrade item). Closets will incorporate a choice of several pre-set modular organizers in premium finishes. Seller reserves the right to change the product offering without notice.
“SPIRE has already established a new standard of luxury for downtown Seattle condominium living two years before it delivers,” said Michael Cannon, Sales Director for SPIRE Condominiums and a broker with RSIR. “In addition to the commanding views and enhanced finish specifications, we offer an enviable timeline for completion by late 2020.”
Cannon says a 24-month presale window is ideal for prospective buyers to plan ahead as it offers enough time to prepare a current home for future sale within a rising market. In other cases, he notes some homebuyers are forecasting future capital events such as vesting their Restricted Stock Units at Amazon and are locking in their purchase price now. A presale purchase requires only a five percent (5%) earnest money deposit held in escrow and applied to the purchase price at closing.
“Savvy buyers know that opportunities such as this only come around once every decade or so,” adds Cannon. “These premium properties atop high-rise towers are akin to urban waterfront – there’s only so much of it and it’s very coveted real estate.”
In addition to the new unit combinations, SPIRE offers a diverse collection of condominium formats for presale including one bedrooms from the high $600,000s; one bedroom plus dens from the low $900,000s; and two bedrooms from the low $1 Millions.
For more information on SPIRE Condominiums, visit: http://www.SPIREseattle.com