Just about this time last year, owners were starting to close on their condos at Live2200 and the controversy began as several condos were thrown back on the market for sale and lease (23 of which I leased personally!). Now that the year leases are starting to expire, owners are starting to reenter the marketplace and I of course have been spending more and more time at Live2200. 

The building overall has tightened up a bit but I did notice that the wall of keyboxes looks about the same as it did this past spring.  BUT only 18 condos are listing on the MLS…did someone leave a keybox behind? 

Click here to view MLS listings- Arte/Azur, Aria  

Another shocking discovery…the Live2200 move-in fee has jumped to $1000- the highest in the city!  Obviously this affects both homeowners and renters but generally higher move-in/move-out fees are used to discourage movement within the building (aka short term leases).

I am now a Whole Foods junkie, love buying gifts and knickknacks at Clover House and can’t wait for the new retail additions to open- does anyone know what Opal is going to be?

I thought this was a VERY unique opportunity at Live2200.  Instead of purchasing a traditional condominium, purchase a work/live loft zoned for retail or office use! 

On the first level you enter the work space on 9th Ave that features 15 ft. ceilings, concrete floors, near floor-to-ceiling windows and a ¾ bath.  There is a stairway that leads to the living space above with 14 ft. ceilings, hardwoods floors, a full bath and a large fully equipped kitchen- with all the trimmings!  The main floor (living) can be entered from the 1st floor of the Azur tower and has a lofted sleeping area with 6 ft ceilings- perfectly proportioned for a hidden bedroom.  The total square footage is over 1900 sq. ft, there is an outdoor balcony and downtown views are seen throughout. 

Asking Price: $935,000

Click here for more information and photos. 

Lyn Tully, Quorum Real Estate Madison
     

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.    

Live2200 has been recognized nationally by the Urban Land Institute as a finalist for the 2007 Awards for Excellence! 

The criteria in which each project must possess in order to be eligible can be found on the ULI website and are as follows:

- The project must be in stabilized operation and must be financially viable.

- The project must achieve a high standard of excellence in all areas—design, construction, economics, marketing, and management.

- The project must demonstrate relevance to the contemporary and future needs of the community in which it is located.

- The project must be worthy of emulation.

- Programs and processes—such as growth management strategies and publicly guided development programs—are eligible if they have been fully implemented. Instead of meeting the financial viability requirement, programs will be considered on the basis of how sound an investment of public funds they have been and the extent of their success in transforming communities and neighborhoods.

The official ceremony will be held at the ULI Spring Council Forum on May 11th where the other finalists will also be receiving their awards. 

Ben (The Seattle Condos Blog) did a really good job covering the award so click here to read more.  

If the sudden boom of luxury hotel/condominium projects weren’t already making headlines, it looks like Donald Trump and Wood Partners LLC are in negotiations to find a site in Seattle for their very own.  It doesn’t look like too many details have been discussed publicly but for more information click here. 

Other hotel/condominium projects currently in Seattle are:
- Madison Tower & Hotel 1000: 1st and Madison, Downtown
- Live 2200 & Pan Pacific Hotel: Westlake and Denny, South Lake Union
- The Four Seasons: 1st and Union, Downtown
- Olive 8 & The Hyatt: 8th and Olive, Downtown
- One Hotel & Residences: 2nd and Pine, Downtown

In November, the first owners at Live2200 closed on their condos and the last wave of them are set for closing in late March.  Out of 261 units, 150 to date have been recorded and only 80 of them have been occupied, either by owner or tenant. 

If you visit the property, you will notice the wall of key boxes on the eastside of the courtyard entrance- only 17 of which are currently listed on the NWMLS. 
     -Click here to view listings at Live2200

Coming up in March, the condos on the higher floors of the Arte (910 Lenora) and Azur (900 Lenora) will be completed.  I will have some additional rental listings come up early in the month so keep in touch~