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.”

Just in!

SEATTLE – Nov. 9, 2009 — Executives at OPUS NWR Development, LLC today confirmed that the Washington state chapter for NAIOP (the Commercial Real Estate Development Association) has recognized Fifteen Twenty-One Second Avenue as the “Multi-Family High-Rise of the Year” for 2009. NAIOP held its annual “Night of the Stars” awards ceremony on November 6 at the Bellevue Hyatt. More than 650 industry representatives and guests attended the event. Formerly known as the National Association of Industrial and Office Properties, NAIOP has recently expanded its focus to recognize mixed-use and residential projects within its corporate mission statement.

“We’re thrilled to have earned the respect of our industry peers and the confidence of our many homebuyers,” said Tom Parsons, senior vice president and general manager of Opus Northwest – Seattle, the managing member of OPUS NWR Development, LLC. “These accolades provide further validation that Fifteen Twenty-One Second Avenue is a truly exceptional development among a national landscape of world-class projects.”

The high-profile, high-rise condominium located above Pike Place Market has been popular with national judges and homebuyers alike. In addition to the recent award by NAIOP, Fifteen Twenty-One Second Avenue was also recognized as 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. Most recently, the project was awarded “Project of the Year” during the national Multifamily Executive Awards held in Las Vegas on October 13, 2009. Each award is judged by a panel of industry experts, which analyze excellence in design, development, marketing and sales.

“Fifteen Twenty-One Second Avenue has become well recognized for challenging conventional residential design and succeeding,” 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. “By differentiating our product offering through innovations in design, development and marketing, we’ve managed to establish our own market niche. We are fortunate to have pushed through the headwinds that our industry faced during the recent economic downturn.”

Judging panelists noted that Opus Northwest has closed on two-thirds of the 143-unit project representing more than $170 million in sales to date. Unlike typical condominiums, Fifteen Twenty-One Second Avenue’s homes average 1,912 square feet and are selling at an average price of $1.88 million— twice the size and approximately four times the median home price of condominiums in downtown Seattle. “This sales success is notable because it demonstrates that real estate is intensely local and that market trends in aggregate don’t speak for each project individually,” said Dean Jones, a principal with Realogics, which represents the sales and marketing for the project. “Outlier developments like Fifteen Twenty-One Second Avenue have created real estate microclimates where success begets success.”

“Peer endorsements and established market values have really helped to provide homebuyers, appraisers and mortgage lenders with a high level of confidence in this development,” Jones continued. “Fifteen Twenty-One Second Avenue is proving to be a standout development on many levels.”

OK- been a little busy, but yet again, 1521 wins ANOTHER award…

SEATTLE – Oct. 15, 2009 – Opus Northwest today announced that its Fifteen Twenty-One Second Avenue condominium development in downtown Seattle received top honors at the annual Multifamily Executive Awards Gala in Las Vegas. The 440-foot-tall tower won the 2009 Grand Award for the “Project of the Year” in the prestigious “High-Rise” category.

Over the past decade, Multifamily Executive has honored the industry’s best and brightest with its exclusive MFE Awards. The gala was attended by more than 500 people annually and attracted more than 200 entries from across the United States.

“We’re very proud of this recognition, as it substantiates the continued success of our sellout process,” said Andy Taber, Senior Real Estate Director for Opus Northwest – Seattle, who accepted the award on behalf of the entire development team. “The same week that we took home this award, we closed on our 90th sale—a solid affirmation of the truly limited opportunity to live in a widely acclaimed landmark.”

Project-of-the-year award finalists must demonstrate innovation in architecture, floor plan efficiency, suitability to a target market, creative use of materials, interior design, landscaping, creative financing solutions and the ability to work with government and community officials.

“In a truly tough economy, this year’s winners not only showcase the talent and creativity of the multifamily industry but also the business acumen to transform neighborhoods and submarkets with innovative solutions to difficult real estate sites,” said Rachel Azoff, managing editor of Multifamily Executive magazine. “Opus NW used creative construction techniques to design a luxury high-rise on an extremely tight site. Fifteen Twenty-One Second Avenue is a brilliant addition to the Seattle skyline.”

MFE Awards judges define a high-rise as a building of at least 12 stories.

Positioned a short walk from Seattle’s Pike Place Market and offering unmatched views of Puget Sound and the Olympic Mountains beyond, the 143-unit project was designed by Seattle-based architectural firm Weber Thompson and Opus Architects & Engineers, the architect of record. Realogics handles marketing and sales.

Starting at $1 million, and averaging $1.9 million per home, sales at the development constituted more than half of the top 25 residential sales closed in King County in recent months.

The Fifteen Twenty-One Second Avenue development team has been recognized with more than two dozen peer-reviewed honors for excellence in design, development, marketing and sales. Most recently the project was honored as the West Coast’s “Outstanding High-Rise” at the Pacific Coast Builders Association’s 2009 Gold Nugget Awards in San Francisco.

WOW- what a weekend for our condo market!  I just received this recap from Realogics….

It was certainly an exciting weekend in our marketplace despite competition from sunny skies and a Seahawks game. Of course, the much-anticipated auctions by Schnitzer West for Gallery and Brix occurred.  And we kicked off some initial promotions for Condo Bulk Buy by offering advance previews for two participating projects - The Decatur and 1111 East Pike.  Last (but certainly not least), we hosted a unique open house and art walk at Fifteen Twenty-One Second Avenue, which followed a series of events at that property.

Here’s our take on all this activity:

SCHNTIZER WEST AUCTIONS
o       Impressive sell-through of the strategic unit release followed (no doubt) by additional sales at similar (or higher) pricing over the coming weeks

o       In aggregate, units sold at 30-32% below previous list prices (higher than most anticipated)

o       Accelerated Marketing did a great job facilitating the auction with successful bids averaging 150% of the minimum bid amount (one of their better results)

o       Tom Vetter (principal of Accelerated Marketing) was gracious to host several of our Realogics executives for this demonstration

o       Several hundred participants attended today and more than a thousand prospective buyers visited their two sites over the last month – so it would appear that demand is constant

o       Buyers still feel like “first responders” in this marketplace and want a deal to pull the trigger (they got one)

o       I’ll be interested to follow the unsuccessful bidders in the coming weeks – the supply has just become much more finite and the incentives for buyers are present today but not indefinite (no new inventory has entered the market for two years and won’t for a while)

CONDO BULK BUY
o       Thinks are heating up - our alternative to auctioning inventory is making sense to prospective buyers and we’re garnering very positive feedback so far

o       Our sellers acknowledge their likely auction results and are willing to provide that discount now in bulk (provided they are successful in selling the majority of their release)

o       Buyers love the notion of “The More We Sell, The More You Save” – prices start out great and get even better

o       With Nov. 30 quickly approaching (and the discontinuation of first-time homebuyer tax credits), buyers want to be confident in their home and their value – there’s a risk at auctions (ask those that missed out tonight – now what?)

o       We’ve had more than 100 prospective buyers register in the last week alone

THE DECATUR
o       About 60 buyer groups registered this weekend in response to impromptu ads and recent media attention

o       Agents say “multiple” buyers will make a reservation this week – just as soon as price ranges and agreements are firmed up by the seller

o       Buyers noted that average discount offered at recent Seattle-area auctions range from 25-30% off previous list prices – the bulk sales approach offers up to 35% off

o       Unit prices on average are still more than $100K less than Brix’s reset auction prices and price per foot basis is 20% lower using the bulk approach

o       Watch for website updates this week

1111 EAST PIKE
o       Several dozen “preview” tours this weekend – full marketing push coming soon with building completion pending

o       Upon touring, buyers to recognize the significance of the “original” Tom Kundig design concept versus more production-oriented development (it’s all about the design and details)

o       First release bulk pricing averages about $430 per sq. ft., which is less than a 10% premium to the average Brix auction price (not a bad investment considering the preferred Pike St. location and “collectable” design)

o       Watch for website updates this week

FIFTEEN TWENTY-ONE SECOND AVENUE
o       Several hundred folks came through the model homes and the Canlis Glass penthouse art installation over this past week and weekend

o       More than a dozen were identified as “A” or “B” prospects (signaling their intent to buy soon)

o       At least one qualified offer was presented this weekend (more sales anticipated this week)

o       Buyers are starting to feel more urgency where there is limited inventory for preferred price points or floor plans

o       The opportunity to “sleep on it” was provided to a number of prospective buyers, whereas a completely furnished, two bedroom guest suite is offered for overnight stays to experience the unique lifestyle at the property

There’s certainly some excitement in the air.  The next few weeks will likely be the harbinger of the fall condo sales season. I personally feel that many buyers will jump off the fence and pick a seat over the next 60 days.  Most projects that are in need of a reset (and not all are), will be reset.  And with the appropriate incentives in place, preferred selection, low interest rates and perishable tax credits may have more to do with “timing the market” than waiting around for lower prices still.

- Dean Jones, President / C.E.O.
Realogics

To add to the excitement- I visited the Escala sales center this weekend and they had 3 sales just in the last week!  Final walk-throughs will be scheduled for the end of October and closings should start in November…the building is looking beautiful!  More updates to come…

Just in….

SEATTLE – August 13, 2009 – Opus Northwest announced today that it closed on its 86th sale at Fifteen Twenty-One Second Avenue, bringing the project’s total sales to date to approximately $160 million. The award-winning condominium tower at the edge of Pike Place Market in downtown Seattle has now closed more than 60 percent of all homes. With five additional closings scheduled this month and more scheduled next month, Fifteen Twenty-One Second Avenue’s sales volume makes it one of the most successful projects on the West Coast.

“Closing the majority of homes in any development is a material benchmark because it shows that the market values have been established,” said Tom Parsons, senior vice president and general manager of Opus Northwest. “Clearly, we’re bucking the trend with several new sales each month supported by appraisals at or above our asking prices.  Homebuyers repeatedly affirm that the quality of our finishes, the efficiency of our floor plans, our location, our views and the overall design of the building is unmatched in the market.”

In contrast to other developers in downtown Seattle and Bellevue lowering prices to stimulate sales, both pricing and traffic have been steady at Fifteen Twenty-One Second Avenue, which has averaged a new offer to purchase every week since January. Opus Northwest confirmed that it received two new offers today and that the number of new buyers visiting the project is increasing. Parsons attributes the ongoing market success to product differentiation and consumer confidence in the project eliminating the fear that home prices may drop in the future.

Fifteen Twenty-One Second Avenue is the first “tall and skinny” residential tower added to the Seattle skyline under the new high-rise residential zoning code. In creating its sculptural design, architects eliminated decks in favor of indoor/outdoor solariums, and created large, open living spaces with floor-to-ceiling glass enhancing the protected Puget Sound views available in the majority of the residences.  The finishes and features of each home create the experience of a “penthouse on every level.” All homes have two bedrooms and boast larger floor plans (averaging 1,905 square feet).  The project is also the first luxury high-rise residential tower in Seattle to achieve a silver LEED rating.  Remaining homes at Fifteen Twenty-One Second Avenue range in price from $1.1 million to more than $5 million.

Opus Northwest, today announced that its Fifteen Twenty-One Second Avenue condominium development in downtown Seattle received two honors at the 47th annual Gold Nugget Awards.  At the awards ceremony – the premier event at the Pacific Coast Builders Conference – Fifteen Twenty-One Second Avenue won the top award for “Outstanding Attached Project – High-Rise for Sale” and received an “award of merit” in the category of “Sustainable Residential Neighborhood – Attached Home.” Another Opus project, Canvas LA, won an award of merit for “Residential Community of the Year – Attached.” 
 
The Gold Nugget Awards program honors creative achievements in architectural design and land-use planning for residential, commercial and industrial projects. 
 
“Relevance keeps the Gold Nugget Awards at the forefront of design/planning competitions, as our 2009 winners demonstrate,” said Judging Chairman Peter Mayer of Peter M. Mayer Productions.  “The Merits and Grand awards represent an amazing diversity of locales, projects and design and planning firms.  Gold Nugget winners share one common denominator: excellence and innovation in addressing complex design/build issues.”

During a three-day judging process, a panel of eight industry professionals from across the country selected Award of Merit honorees and Grand Award winners from a field of hundreds of entries representing 14 Western states and international high-rise markets as far away as China and Dubai. 

Judges acknowledged a long list of design innovations at Fifteen Twenty-One Second Avenue, including: ·        The first “tall and skinny” residential tower under a new zoning code (440 feet tall)
·        Elimination of traditional terraces in favor of indoor/outdoor solariums
·        Unobstructed views of Elliott Bay from almost every home (even those on the east side of the tower) ·        Larger-format, two-bedroom homes averaging 1,950 square feet (twice the size of typical condos) ·        The first luxury high-rise anticipated to achieve a “silver” LEED rating 

All new concepts were exhaustively test-marketed during the tower’s design and were key differentiators leading to impressive sales statistics today.  The project was designed by Seattle-based architectural firm Weber Thompson and Opus Architects & Engineers is the architect of record.

“We’re very proud of both the design and our ongoing market success,” said Andy Taber, Senior Real Estate Director for Opus Northwest – Seattle, who accepted the awards on behalf of his development team. “These acknowledgments reinforce the civic role that developers play – to challenge convention and to listen to the marketplace when designing new communities.”
 
Taber says with an average purchase price of more than $1.9 million, homes at Fifteen Twenty-One Second Avenue are bucking the trend of a regional housing market slowdown, which is more acute in higher price ranges.  The project’s sellout pace since opening in January remains steady at one new home per week, bolstering its reputation as the most successful condominium on the West Coast.  The development, near Pike Place Market, was also noted for contributing half of the top 25 residential sales closed in King County in recent months.  To date, 81 of the 143 homes have closed with many more scheduled over the coming weeks and months.

Fifteen Twenty-One Second Avenue ended their week-long grand opening celebration at last Thursday’s glamorous VIP event.  Check out the photos!

I just received this Press Release from buyers of the “A” flooorplan at 1521:

“Opus NWR Development LLC, the developer of the Fifteen-Twenty One Second Avenue condominiums, marketed the building as housing the premier condominiums in all of Seattle.  However, despite Opus’ representations about the grand scale and spaciousness of the condos, a number of buyers for “A” unit at  the building — which was represented to be the best unit carried a matching pricetag — have discovered on their initial walk-throughs that they were hood-winked into reserving the “ugly stepsister” unit of the entire project.  Instead of the 8′ foot entry door, open floorplan, and high ceilings they were promised, the buyers of unit A have discovered that the long, narrow entry to the unit is more befitting of an underground bunker than the “spacious living” they were promised (and paid for).  As a consequence, several buyers of unit A have retained Dan Donlan of the law firm of Lane Powell to represent them against the developer.  In addition to the design problems with unit A that have been admitted by on-site Opus agents,  the owners have discovered shoddy workmanship and a laundry list of defects.   However, instead of trying to resolve these issues with the tenants, Opus has thus far tried to blame the complaints on current market conditions suggesting the buyers are only complaining because their units are not worth as much as they once were. Despite the suggestion that the buyers are only looking to back out of their deals, none of the buyers has asked for a refund and have only asked to have the defects fixed.”

The “A” floorplan is located on the NW corner of the building and is approximately 1833 SF.  More information to come!

On another note, I did tour 1521 a couple weeks back and have to say that I was really impressed with the building appointments, amenities and finishes.  I toured #1602 (which is soon to be on the market for lease) and concluded that the 02 stack (also known as “C”) might be among the best…the SE corner has front row views of Elliott Bay, Pike Place Market, corridor views of 2nd Ave ending at the beautiful Smith Tower, easterly views of Lake Union and gorgeous city lights at night!  It just started to get dark when we were doing the walk-through- one of the best “in-city” city views I have seen!

With over 1740 SF, there are two bedrooms and two full bathrooms, a very large living area with an additional sitting space/office, a gigantic laundry room/pantry and the “glass room.”  I am sure most have heard about this unique 1521 feature but for those of you who haven’t, the rooms are located off of the living/kitchen spaces and serve as a indoor/outdoor terrace.  There are bi-fold windows along the exterior window wall that open above a glass guard panel allowing screen-free, fresh/open air into the room.  Most “glass rooms” have fireplaces in them (which is a little awkward for indoor use but nice for the outdoor space) and have Italian porcelain tile flooring.  I will have more pictures and details on this unit after it closes mid-month!

Another feature worth mentioning…raw studio spaces/hobby rooms.  These rooms (which often look like large storage spaces) have been offered in several condominiums downtown but are often not publicly marketed.  Typically these units surface in buildings where there is above ground parking and therefore “dead space” within the garage.  The developer builds the shell, in most cases with plumbing and electrical, and sells them to homeowners who then either use the space as glorified storage rooms, art studios, office spaces, etc.  It is up to the homeowner’s to build the space out so the possibilities are endless.  1521 has several of these units with 14′ ceilings and city/water views- #1602 has the option of leasing one of these spaces, so please ask for details.

Click here to reference the 1521 website.