Finally…and patience is truly a virtue.  The tremors started back in October (when we were hoping to close the first week of January) and I have to say now, my clients have been through it all! 

The dust has settled and it seems the larger majority of the kinks have been worked out…just looking forward to a successful close and the epic outcome of all the hype the new pricing has created.  More details to follow!

Just an FYI- the individual wine cellars in the wine cave will be managed and leased by the HOA.  Cellar capacity ranges from 18-30 bottles and will lease anywhere from $225 to $300 per year- renewed annually.

Escala cutting condo prices by 50 percent
Puget Sound Business Journal (Seattle) - by Kirsten Grind

Downtown Seattle condominium tower Escala will lower prices by as much as 50 percent on unsold units, the luxury building’s new marketing firm said Tuesday.

Rennie Marketing Systems and the building’s listing agent, Bellevue-based Teambuilder, declined to release price cuts on each unit, but said savings will range from 20 percent to 50 percent.

A 1,878-square-foot penthouse once priced at more than $4 million will now sell for $2.3 million, said Erik Mehr, a sales manager at Teambuilder. The building’s top-priced unit — a $12 million penthouse — is now selling for just under $7 million.

A one-bedroom, 952-square-foot condo will start at $384,000, a two-bedroom, 1,607-square-foot condo will start at $699,000 and a three-bedroom, 2,442-square-foot condo will start at $1.6 million.

Click here to read more!

I just received this notice from Escala!! Sales Center opens on 3/27/10…more details to follow!

Dear Ashley,

The Escala Seattle Team
1920 Fourth Avenue
Seattle WA  98101

602 W Highland Drive
6bd/7.5ba (7000SF)
FOR LEASE- $15,000 per month, fully furnished

Located on Seattle’s most coveted West Highland Drive, surrounded by heritage homes, manicured lawns and well-established estates, this fully furnished 6 bedroom, 7.5 bathroom 7000 SF home is poised on private corner lot adjacent to a dedicated drive circle with iconic views of downtown Seattle, Elliott Bay and surrounding mountain ranges. It is within walking distance of Queen Anne’s most famous view parks and play areas, as well as several residential amenities such as Metropolitan Market, Trader Joe’s, Top Pot Doughnuts, Via Tribunali and local coffee shops. 
 
Completed in 2006, this grand residence is a blend of traditional French provincial architectural design with transitional aesthetics and modern conveniences. The formal home plan is designed for entertaining flexibility and features five terraces including a roof top terrace with a fireplace, adjacent wet bar and full bath; a view terrace with a Blackpine™ eight-person hot tub with audio/visual system; and an expansive main level terrace with a NanaWall™ window wall system that opens to the living room- perfect for those warm summer days! The double height entry, interior Juliet balconies and voluminous ceilings (10’ main level and 9’ second level) create a very open, bright and inviting ambiance that magnify the commanding vistas of the city, Elliott Bay, Mount Rainier and Olympic Mountains throughout.

For the culinary entertainer, French doors off the main entry lead to the formal dining room with an oversized gas fireplace, seating for up to twelve guests, chocolate-stained solid cherry hardwood floors, vaulted ceiling with indirect valance lighting accented by silver leaf ceiling, custom-designed chandelier and wall sconces on dimmer controls. There is also an adjacent wet bar with wine chiller and direct access to kitchen.

The kitchen features chocolate-stained cherry hardwood cabinets with frosted glass doors and under cabinet lighting, knife-mitered slab onyx island surrounded by double-edge slab granite countertops, self-closing drawers with Valli & Valli™ cabinet hardware, Kohler™ Professional Series™ 48-inch three basin stainless steel sink, chef’s choice overhead faucet with ½ hp disposal, 8-foot+ kitchen island with bar seating for four, 48-inch, Dacor™ six-burner gas range and oven, Viking™ stainless-steel range hood with variable speed and direct venting, KitchenAid™ vented trash compactor, Sub-Zero™ under-cabinet refrigerator, two built-in Bosch™ dishwashers adjacent to kitchen sink, Viking™ 48-inch side-by-side refrigerator / freezer with water / ice dispenser, Dacor™ wall oven, two microwaves, Miele™ espresso machine and integrated Sony™ TV.

The generous master retreat showcases panoramic views of city lights and Elliott Bay with south facing exposure and a wrap-around terrace. Offerings also include an expansive custom walk-in closet with a built-in safe, options for additional his-and-hers closets, a gas fireplace with limestone surround featuring an integrated 50-inch Pioneer™ flat screen TV and a large master bathroom with private his-and-hers water closets, ebony wood and silver leaf vanities with separate make-up area, an oversized Kohler™ jetted bathtub with ceiling-mounted tub filler and a custom glass shower featuring Kohler™ “body spa” systems and steamer.

This home is complete with a home audio system with multi-room sound controls, custom furnishings by Garret Cord Werner, radiant in-floor heating, multiple-zone air conditioning throughout home and a Honeywell™ security system with video camera pre-wire. 

View more details at www.602WestHighland.com or www.seattlerentals.com/13514

We have all followed The Alex for over 2 1/2 years now and it looks like there is a light at the end of the tunnel- VOLTA. 

Situated on the corner of 1st and Bell (on one of my favorite stretches in Belltown)…this 9-story, 34 unit building is nearing completion with the Sales Gallery opening this coming spring.  According to the website, there are 20 different floorplans (live/work, 1bd & 2bd) to choose from and square footages range from 524SF to 1250SF.  Surprisingly, the 1 bedroom located on the NW corner looks to be the largest in the building- would be my first choice in terms of view, storage, SF and flow!  Pricing is rumored to start at $299, 950! More details to follow… 

I am glad they finally replaced the old and outdated sign with the new and improved…much better!

With all the insane new construction price reductions going on right now, the Four Seasons has officially joined the club by slashing original pricing by as much as 47%! 

There are 13 units available- check out the new pricing!

Please let me know if you would like additional information or to arrange a private tour!

Courtesy of WMFHA & Landlord Solutions Inc …

HB 2484:  TERMINATION NOTICES: 
This is a new bill and it was given a hearing in the House Judiciary Committee on January 13.  The bill would require landlords and tenants to give 30-days notice to terminate a month-to-month tenancy.  It would also require a landlord to give 60 days notice if the tenancy has been in existence more than one (1) year.  The termination date could be any day of the month.  The bill also requires a refund of any prepaid rent and provides that a tenant who gives notice but fails to vacate is guilty of unlawful detainer and can be evicted.  Landlords testified in opposition to the bill but stated they would support a bill providing for a change in the law to require 30-days notice so long as the notice could be effective on any day selected by the landlord or the tenant.

HB 2438:  DEFINITION OF SERVICE ANIMAL:  
This bill would eliminate the requirement of training or certification for a service animal under our state laws regarding discrimination against the disabled in real estate transactions.  A committee hearing was held on January 13.  Landlords testified in opposition.

HB 2622:  TENANT SCREENING:  
This is a new bill and has some similarities to a screening bill introduced last year.  It requires that a tenant’s screening report be “portable” for 60 days after it was initially issued.  It also prohibits screening companies from reporting a filed eviction unless a final judgment was entered in favor of the landlord and against the tenant.  Finally, it requires a landlord who denies an applicant or requires a larger security deposit, a co-signer, or some other increased security to give the applicant a written statement setting forth the reasons for the “adverse action.”  There is a hearing scheduled for January 19 

SB 6459:  INSPECTIONS AND CIVIL SEARCH WARRANTS:  
Representatives for landlords, tenants and various cities have been meeting for the past 3 months to try and work out mutually agreeable legislation that would put reasonable restrictions on any mandatory inspection program that a city might adopt.  In return for these limitations, cities would be given authority to obtain a civil search warrant for rental property to look for housing code violations.  In order to obtain the warrant, the city would have to satisfy a judge that there was “probable cause” to believe that code violations existed.  The city would not be able to go on a “fishing expedition.”  There is a hearing set for January 19 on the bill in its current draft form.  The parties have also agreed to meet again on January 20 to continue their discussions in an attempt to resolve remaining disagreements.

HB 2618:  STREET UTILITY TAX:  
This bill authorizes cities to adopt a “street maintenance utility” to enable the city to charge property owners for street maintenance in relation to the burden that their properties put on city streets.  This would mean that multifamily property owners would be charged based on the number of units at their property.  A hearing is scheduled for January 20.

HB 2592:  PROHIBITING INCENTIVES FOR TOWING FROM PRIVATE PROPERTY:  
Several months ago a local TV station highlighted a local towing company that was offering rewards and gift cards to resident managers based on the number of tows authorized by the property.  This bill would make the practice illegal.  A hearing is set for January 18.

HB 2413 / HB 2414:  CRIMINAL STREET GANGS:  
These 2 bills are an attempt to deal with gang activities and the adverse affects that such activities can have on a community.  The first bill sets up procedures that allow law enforcement to seize, forfeit and sell real or personal property used in connection with gang violence.  The second bill authorizes occupants of a multifamily property and neighbors or any rental property to file a compliant seeking a declaration that the property is a nuisance.  If a court determines that the property is a nuisance, the property can be closed for up to one year.  This bill had a hearing on January 14.

SB 6261:  CLARIFYING MUNICIPALLY OWNED UTILITIES’ COLLECTIONS FROM OWNERS:  
This bill will make it clear that a municipally owned electric utility can only hold a rental property owner responsible for a maximum of 4 months unpaid bills if the tenant fails to pay.  Current law provides that the utility has a lien against the property for up to 4 months of unpaid bills.  However, some utilities have charged owners and required owners to pay more that 4 months of bill in order to continue, transfer or restore service.  A hearing is set for January 19.

HB 2469:  CANDIDATES ACCESS TO TENANTS:  
This bill provides that a landlord may not unreasonably deny access to the premises to political candidates or their agents or those who are advocating for or against ballot measures.  However, the bill would allow a landlord to provide in the rental agreement that the tenant authorizes the landlord to deny such access.  No hearing has been set. 

For additional information- visit http://www.leg.wa.gov

SEATTLE – Jan. 20, 2009 – Executives at OPUS NWR Development, LLC today announced that The National Association of Home Builders (NAHB) has recognized Fifteen Twenty-One Second Avenue with eight awards including a silver finalist for “Project of the Year” for 2010 – one the most prestigious honors in the national homebuilding industry. The NAHB held “The Nationals” awards ceremony on January 19, 2010 at Caesars Palace in Las Vegas. Hundreds of industry representatives and guests attended the black-tie gala, which kicks-off the annual International Builder’s Show. Fifteen Twenty-One Second Avenue was selected by a panel of judges during a three-day evaluation of more than 700 individual award entries. 

“We continue to be honored by industry peers for our collective accomplishment at Fifteen Twenty-One Second Avenue,” said Tom Parsons, senior vice president and general manager of Opus Northwest – Seattle, the managing member of OPUS NWR Development, LLC. “It’s tremendously gratifying to be singled out as a success story nationally.”

Judges awarded Fifteen Twenty-One Second Avenue with three gold honors nationally for “Best Black & White Ad,” “Best Interior Merchandizing of a Model Home over $1 Million,” and “Best Internet Marketing Campaign – Banners.” The high-rise project was also awarded with five silver honors for “Best Special Promotion,” “Best Landscaping Design,” “Best Staging of a New Home,” “Best Graphic Continuity” and “Attached Community of the Year.”

In addition to The Nationals awards, Fifteen Twenty-One Second Avenue has also been recognized with the following honors:

-The West Coast’s “Outstanding High-Rise” for 2009 as part of the Gold Nugget Awards held during the Pacific Coast Builder’s Conference in San Francisco on June 18, 2009

-The “Project of the Year” during the national Multifamily Executive Awards held in Las Vegas on October 13, 2009

-The “Multi-Family High-Rise of the Year” by NAIOP during their annual “Night of the Stars” gala held in Bellevue on November 6, 2009

-The Green Building Council rated Fifteen Twenty-One Second Avenue with a “Silver LEED” certification on December 18, 2009 – a ground-breaking accomplishment for a residential project under the City of Seattle’s new land use code

“To my knowledge, this is an industry first for a single project to earn so many awards and certifications from this many respected institutions,” said William Justen, a partner in The Justen Company, which was the project visionary and collaborated with Opus Northwest in the development of the project. “But then again, there were many firsts on Fifteen Twenty-One Second Avenue, which is in part what makes this development so unique.”

Justen says numerous pioneering attributes led to the project’s success. This includes being the first “tall and skinny” tower under downtown Seattle’s new zoning; having all larger, two-bedroom homes ranging from 1,650 sq. ft. to 3,000 sq. ft. (average 1,916 sq. ft.) and having secured protected views of the city and Elliott Bay for each of the 143 units.  

“Fifteen Twenty-One Second Avenue is inherently differentiated in our marketplace and continues to earn praise from both national judges and homebuyers alike,” said Dean Jones, President and CEO of Realogics, which represents the marketing and sales of the condo tower. “That said, the most critical endorsement is consumer validation now that two-thirds of the homes have closed with established market values.”