I wouldn’t have caught the insane Penthouse price drops over at the Cosmopolitan if it wasn’t for a good tip (thank you!)…check out the new pricing:

#3306 (1 bedroom/ 1.5 bathroom, 1100 SF)- WAS $699,950 in 2007, NOW offered at $499,950…$454.50 per SF

#3303 (2 bedroom/ 1.75 bathroom, 1400 SF)- WAS $1,249,950 in 2007, NOW offered at $899,950…$642.82 per SF

#3405 (2 bedroom/ 2.5 bathroom, 1858 SF)- NEW ON THE MARKET offered at $999,950…$538.18 per SF

There are a total of 17 condos on the market for sale in the building, but these price drops make the Penthouses by far the best deal in town!

It looks like I did miss some exciting news while I was away?

NEWS
Seattle-based REIT, The Schuster Group, launched a $100 million private real estate investment fund called Schuster Realty that will focus on the Seattle area.

Zillow.com signed a real estate advertising deal with 282 U.S. newspapers through 11 major publishers

CONDOS
The Cosmopolitan Community Committee wrote a letter to Mayor Nickels

Mosler Lofts will get certificate of occupancy on the 16th of November

The Parc now has two model homes and a 360 degree tour of the units, lobby and homeowner?s lounge on their website- check it out!

Ben Kakimoto?s update for Seattle condo sales performances in October

EVENTS
IREM?s 22nd Annual Forecast Breakfast (11/29, 7:30-9:30am, Meydenbauer Center) - I really enjoyed last year?s breakfast so I will be attending again this year. Martin Selig, Mayor Degginger, Mike Scott, John Curley and Jamie Moyer are a few of the speakers this year, click here to reserve your spot!

23rd Annual TRENDS Rental Housing Management Conference and Trade Show (12/11, all day, Convention Center) - This year we are not sponsoring a booth but I will still be volunteering and attending seminars throughout the day. AGENTS: You can earn clock hours! Click here for more information.

This afternoon I was interviewed by Rachel Belle with KIRO News Radio. The interview was primarily aimed at the rental market and what we (being investors/landlords and renters) should expect from this point forward. It will be airing tomorrow morning if you are interested in listening.

As I have said before, summer is our busiest time of year and the market is expected to tighten as we head into June. I have had several people inquire about my listings for July and August move-ins (listings that are unfortunately available NOW), but I anticipate July is going to be the most competitive month for finding that perfect apartment or condominium.

We are finally starting to see more and more new employees coming through the corporate channels- which is typical for May and June. This will bring in new BUYERS and RENTERS to the playing field as well.

Rental rates ARE increasing but I advise those landlords who are approaching the end of their lease terms not to overzealously increase rental amounts. If you take advantage of your current tenants you could risk loosing a month of rental income plus time and money spent on marketing. Even a vacancy of a week or two can potentially set you back!

In glancing over my listings…I am down to 2 Live2200 units! The rental market has settled a bit but I still see 37 units listed for sale on the MLS. (Aria- 4, Azur- 9, Arte- 24)

The spotlight has now shifted to The Cosmopolitan. Honestly, it is getting a little out of hand with the differences in pricing, the number of units for sale/rent and the competition- the games have just started! Tomorrow I will be listing 3 more condos in the Cosmo including a penthouse (that is absolutely phenomenal) so I will have 6 total units for lease. There are currently 64 condos listed for sale on the MLS!

Obviously these buildings affect the downtown/Belltown market (as well as the owners trying to rent/sale their units) but given the forecast ahead I think everything will even out during the summer months.

Please feel free to email me with any questions or leave comments if you would like to add anything to the topic.

To go along with my previous post, it looks like there are 6 studios in the Cosmopolitan that are below $300k. And yes, they are all 08 floor plans: 1108, 1408, 1708, 1808, 2008 & 2208!

Each home faces directly west, offers 424 sq. ft, and has a Juliet balcony. BEWARE, some of the units do not come with parking or extra storage. *Homeowners dues are only $164.

You may ask- who buys these efficiency studios? Well, I have recently had clients purchase these types of condos as a secondary residence for the weekdays and then I have had others who are interested in purchasing them for weekend getaways.

Money spent in hotel rooms or traveling up to 2+ hours a day may very well make the investment worth it- you do the math.

Curious to see what the amenities look like at the Cosmopolitan?

I have updated my photos, courteously of Michelle Moore Photography, so have a peak! Overall the building is looking really nice and seems to be operating with no major problems (at least I haven?t been confronted with any just yet).

For those of you considering the Cosmopolitan to purchase or rent, you may want to check out the CosmoSeattle blog for insider information.

I officially have entered the building! My first listing (for lease) is a 1310 sq. ft, 2 bedroom + den on the northeast corner of the 23rd floor. I have listed it at $3,800- it has protected panoramic views of the sound, Olympics, Space Needle and Lake Union, 2 balconies, floor to ceiling windows, a gourmet kitchen, gas fireplace, hardwoods in the entry and kitchen, a home office and timeless finishes throughout. For more details, click here. I will have another 2 bedroom in The Cosmopolitan by tomorrow afternoon listing for around $2800.

When I visited The Cosmopolitan for the first time on Friday, I was really impressed with how well put together everything was. All the common areas are intact and functioning, the hallways are painted, signs are posted on the walls and everything seems to be going according to plan. Granted the wooden elevators and plastic-wrapped flooring still need to go, but overall everyone at The Cosmopolitan did an excellent job pulling it together.

The first person closed on the 5th of March and now there are about 10-15 people occupying the building. I did a quick MLS search and it looks like 5 condos sold in March and there are currently 17 on the market ranging from $295k to $969,500.