First Galer Now Selling on Queen Anne!

Queen Anne’s Counter Balance Condominiums (First Galer & Marc Anna) are now being marketed by MCM Group!  Last October Marc Anna had its Grand Opening but now First Galer is nearing completion and will be offering 18 one-, one-plus-den and two-bedroom homes by the end of June.

Located just one block off of Queen Anne Ave, on the corner of 1st Ave N and Galer Street, neighborhood amenities and services like The 5 Spot, Café Appassionato and Trader Joes are all within walking distance…the perfect Queen Anne location!

This entire building from sidewalk to rooftop was redesigned including the electrical, plumbing, brick exterior, windows and interior finishes.  Each home features mahogany picture molding, glass doorknobs, black & white-checkered bathroom floors, faux fireplaces, oak flooring, dark slab granite countertops and stainless steel appliances.

Prices start at $349,900 and the sales office is open Friday through Tuesday from noon to 6pm- 1501 1st Ave North.  Click here for more information!

Previous Post on the Counter Balance Condominiums

If you haven’t already seen the bright green signs on Boren Avenue, Live Historic is back at it again. The two most recent projects being The Marlborough (First Hill) and the De Lorges (Capitol Hill)- check them out!

The Marlborough 1220 Boren Avenue This 13-story tower dominated First Hill’s skyline for decades and was once home to a member of the British royal family. The Marlborough features 83 fully restored homes including two penthouses, an elaborate lobby, rooftop deck, onsite parking and preserved marble floors, terra cotta carvings and arched windows throughout.Studios, 1, 2, & 3 bedrooms start at $225,000 while square footages range from 516 to 2,184 square feet. Click here for more details!

De Lorges 325 Harvard Avenue East Located one block off Broadway, the 4-story De Lorges was built in 1928 and offers 27 completely restored homes with tons of character and charm. Studios, 1 bedrooms and 2 bedrooms are priced from $235,000 to $430,000 and square footages range from 475 to 898 square feet. Click here for more details!

There were two offers submitted for the 1.1 acre site at 1431 2nd Ave N, one of which was proposed by Lorig for $7.5 million with plans to construct approximately 30 Victorian-style townhomes at the old Queen Anne High School gym site.

The real estate development and management firm, plans to start construction upon closing on the property in the fall of 2009 and complete the project a year later. According to Ron English, the district’s deputy general counsel and property manager, Seattle Public Schools will be considering the purchase and sale agreement on May 7th and should be finalized in July of this year.

Lorig originally converted the old Queen Anne High School into apartments, restored The Victoria, a 1920’s apartment building into condos in 1998 and are currently developing 200 West Highland (now selling from $1.3M to $4M!) …click here to read more!

Last year, Walton Street Capital (the owner of Smith Tower) created quite the controversy when they proposed to convert the 38 story tower into 150 condos but now it looks like they have had a change in heart.

Now, they are looking to only develop the top 12 floors (22-33) offering a total of 12 condominiums approximately 2000 SF each.  Floors 2- 21 will remain office space with 11,000 SF per floor. 

Click here to read more

I think that converting only 12 units was a very good move!  With the increased demand for downtown office space and slowing condo sales, the project will be a perfect mix for current market trends.  I wonder what prices will be starting at? $1M…$2M- any thoughts?

To add to my 2nd Avenue post yesterday, Kauri Investments just sold the historic Alaska Building to Henry Liebman’s American Life for $38.7M just 2 years after purchasing the building for $8.5M! 

The original plans were to convert the property into a mixed-use residential project with 100 apartment units (built to condo standards) on the upper floors, have 4 floors of office space and retail at street level.  The hopes were to convert the residential units to condos but under regulatory guidelines for the federal tax credits used to pay for the restoration, financial penalties would be applied if the conversion occurred within five years of the purchase date. 

The change in heart has caused a bit of commotion!   Now it looks like Liebman (owner of more than 40 acres in SODO) will be converting the Alaska Building into a 236-unit Marriott Hotel with 29 residential units. 

The Alaska Building was built in 1904 on the southeast corner of 2nd Ave & Cherry St and was once the tallest building in Seattle- 15 floors!  Click here to read VintageSeattle.org’s historic profile. 

About two weeks ago, Marc Anna had its grand opening event at 102 Galer Street.  The brick building was built in 1927 and features 6 homes starting in the high $300s.  The floorplans consist of four 1 bedroom condominiums and two 1 bedroom + dens and have been fully remodeled with Walnut hardwood floors and cabinetry, granite countertops, stainless appliances, Freedom Rail closet organizers and more! 

First Galer is set to have its grand opening event in January 2008 at 1501 1st Ave North. 
Click here for more information on the Counter Balance Condominiums.