Despite the slow market and one of the worst mortgage crisis situations in over two decades, the Seattle condo market continues to see more new development. Here at NewCondosOnline.com we continually monitor regions where developers show no signs of slowing down and Seattle is one of these major metro areas that keeps on trucking. Take Rollin Street from Vulcan Real estate. This Seattle condo project is currently under construction at the northeast corner of Westlake and Denny in Seattle's South Lake Union neighborhood, Rollin Street is an 11-story condominium project featuring 208 SOHO style flats. The building and homes are modeled after unique condominium projects in New York City and the Pearl District of Portland. Rollin Street residents will be moving into their homes in early 2009. Residents will enjoy living across the street from all of the amenities of 2200 including Starbucks and Whole Foods Market, with easy access downtown on the new Seattle Streetcar line that runs directly in front of the property. Rollin Street is one of many Seattle condo projects expected to earn a LEED Silver Certification by the U.S. Green Building Council. The LEED program, which rates buildings on their sustainable or “green” features, takes into account factors like the use of natural and recycled products, wood harvested from well managed forests and the use of non-toxic paints, adhesive and sealers. It’s good for the environment and great for your family.

In my last New Condos Online blog I talked about the recent growth that the Seattle condo market was experiencing. The Seattle condo market is doing very well with sales when compared to general trends domestically. A somewhat recent hotspot went cold, the condo market in Miami has seen a very drastic recession in the last 2 years and that has mainly been due to a declining market, a weakening economy and too many units flooding the market -- too many units for not enough interested buyers. While stats and figures are fun to toss around, I wanted to get to the deeper side of life today.

Imagine, if you will..... you live in a old run down neighborhood in Seattle and amid a spurt of gentrification by the cities partnership with corporate condo builders, you were given the option to move out for a nice cash settlement. You might be tentative at first but after seeing your neighborhood transform from old and wilted to tower concrete edifices, you might take the offer.

Not Edith Macefield.

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Not with the first offer of a place to live and hundreds of thousands of dollars for the inconvenience.

During a recent forum with local real estate agents, the topic of the night was the state of the downtown Seattle condo market amidst the national housing turbulence.  The following is a collection of some of the forum’s most frequently asked questions as addressed by Dean Jones, a principal at Seattle-based Realogics, Inc.:

Is there a condo bubble in downtown Seattle?

No.  Housing bubbles suggest that property values have ballooned beyond sustainability and are subject to a severe correction (devaluation), which is not the case in the Puget Sound region.  Seattle was a late bloomer to the “urban renaissance” trend, so it didn’t experience the same kind of investor exuberance that inflated market values in cities like Miami or San Diego.  Having learned from what occurred in these other markets, most Seattle condo developers placed restrictions on investor presales, curbing the potential for future fallout based on shaky speculation.  Seattle has strong demand from owner-occupiers and second home buyers.  Despite recent slowdowns, property values in Seattle have been consistently rising, and the housing market is deemed the most stable in the U.S.

Won’t the housing slump affecting much of the U.S. reach Seattle, too?

Below is a new press release going out about some recent successful efforts made in online markets and sales for Seattle condo developments:

The condo market has slowed a bit due to the nature of the national housing industry, a decrease in sales, and the high volume of inventory.  Many markets are in a state of crisis while others are surviving the storm.  Cities such as Seattle, Washington were never overrun with investors and speculators which helped keep values stable and absorption rates healthy.  Seattle has continued to redevelop the downtown area with fantastic residential growth, more retail, and a sound infrastructure.  Downtown Seattle is quickly becoming a true urban core.

The Internet has become the fastest, most cost effective method for real estate marketing and advertising for agents and home builders alike.  Two of the most visited websites that feature new Seattle condos, UrbanCondominiums.com and NewCondosOnline.com, have formally partnered to further bridge the gap between builders and condo buyers.  Approximately 80% of home buyers use the Internet to search for new homes and use online resources as a primary tool before ever contacting an agent.  Internet-based marketing is one of the only mediums that offer detailed analytics so the advertiser knows exactly what they are getting for their money.  One of the largest challenges is to track the results of online advertising for real estate all the way through to the close of a transaction. 

As in most cities that have undergone massive urbanization and vertical construction, the buzz around new Seattle condos started a few years ago.  Many people started buying into the new lifestyle and the conveniences of the true urban center.  However, the people who bought early, though seeing great appreciation in value, are now looking out their windows at another condo building.  What used to be waterfront views and clear skylines is now over-run with high-rises.  It is a beautiful sight to see but for the buyers and residents who were thinking they would enjoy a great view for years to come, there is some frustration.

Many buyers have done their research and looked at city plans for adjacent lots so they know what was coming.  Unfortunately, city plans can change quickly.  What at one time might be a plan for a 12 story office building, can quickly become a 40 story condo tower!  For a buyer looking at a condo for sale on the 15th story, they might see these plans and buy with the assumption that they will be locked into a fantastic view for the duration of their ownership.  When those plans change, the perceived value of their fancy new Seattle condo will go down a bit.

This comes as a surprise to many buyers who place deposits down early in the pre-construction phases but are not aware of changing city plans, increasing height guidelines, and new commercial and residential development.  Many buyers who have placed deposits down and later find out that there will be another building 20 feet away, turn to renting their unit and buying somewhere else.  Backing out of the purchase is not usually feasible as most buyers are not willing to forego their deposit amount. 

Seattle - home to the Supersonics, Mariners, exquisite coffee and now a new condo conversion...Arrington Place.  Equity Residential has gone above and beyond with converting this former apartment community into an extremely desirable place to live.  Set amongst peaceful and serence settings, residents will enjoy a relaxing and stress-free lifestyle.  Prices start at $214,900 and range up to a little over $300K and unit sizes start at 681 sq ft.  Located right outside Seattle in Issaquah, these condo convesions will be sure to turn many heads of potential buyers.  Although there are roughly 130 units, I have no doubt these condos will go fast.  Check out more Seattle condos on NewCondosOnline.com.

Barry Sternlicht, who founded Starwood Hotels and Resorts Worldwide, has now started Starwood Capital Group Global.  One of their landmark projects is "1" Hotel & Residences in Seattle, Washington with more coming in New York and Washington.  This amazing new condo hotel is scheduled for release in 2009, is planned to have 90 units ranging from 1,750 to 5,000 square feet. 

This is another amazing Seattle condo development marketed by the NCO and Urban Condominiums partnership.  This is the first "1" Hotel & Residences with many more to come.  Seattle was a perfect lauch site because the city has 23 LEED certified buildings, the most of any city in the US.  The "1" Hotel & Residences brand is known as luxury that is environmentally friendly. 

Register for More Information HERE

Check out Decatur Condos in Seattle! This 1950 building, designed by Space Needle architect John Graham Jr., offers buyers a unique opportunity to own a condominium in a downtown-style high-rise with expansive views of downtown and beyond. The concrete and steel 13-story building has been refurbished to its vintage glamour, and offers dramatic urban view homes without the long wait or complicated sales process you’ll find with new construction, at incomparable prices.

One of the most interesting amenities are the bathrooms, which evoke the Decatur’s 1950’s vintage with black and white hex floor tile, pedestal sinks with custom tile backsplash, wainscoting and chair rail surround, chrome lighting fixtures and hardware, and full height tub surrounds.

With 146 units ranging in size from 530 - 800 sq.ft. and prices starting in the low 200s, this is a must see for anyone looking for to purchase a Seattle Condo.

Seattle Condos- NewCondosonline.com now controls 95% of the online advertising market for Seattle Condos

Through partnerships and advertising agreements, www.newcondosonline.com now controls roughly 95% of the online condo advertising market in Seattle. Now representing new condo projects in Seattle, www.newcondosonline.com started off in Seattle with a strategic marketing alliance with Urban Condominiums.  This unique group works with local builders on an overall online marketing and sales strategy.  Through the alliance created between the two companies, condo builders can now more effectively utilize technology and online resources to capture buyers at a fraction of the cost of traditional media.

Take a look at Connection Condos - a Mosaic Homes new condo project in Seattle.  This conversion project has units starting from the $160,000 ranging in size from 760-1,100 sq. ft.  Due to be completed in November of 2007, Connection Condos features Tudor architecture, new siding, new roofing, charming planters shelves & trellises, covered parking, All new flooring, including wood laminate entries in all homes.  This conversion also features new lighting, millwork, Stainless Steel Appliance package, wood burning fireplaces, and Vaulted ceilings on the top floor homes.  I'd keep my eye on this Seattle condo project for sure.

As the constant chatter regarding the dismal housing market continues, NewCondosOnline.com continues to see new business from builders and developers of Condo projects in Seattle.  We are also seeing a ton of homebuyer traffic to our current Seattle condo developer clients. Seattle is one of if not the largest metro area in the Pacific Northwest, and I see some fantastic opportunity for many of the new Seattle Condo projects on www.newcondosonline.com.    

Thomas Friedman wrote a best-selling book about it and now, more than ever, it's very apparent that the world is becoming flatter by the day, if not by the hour.  I recently had a conversation with an investor who called us up and used our site to find some Seattle condo investments (which, by the way, are abundant if you know where to look) and he was telling me how much the internet has saved him time and money.  This bloke, Jeremy, lives in Australia and is an international real estate investor.  I asked him if he ever had a chance to visit Seattle to which he replied, "no need - I have already seen what the development is going to look like and there is vast amount of information on the internet."  Jeremy has been investing for years around the world and before he had spent so much time flying to places and meeting the developer in person.  Now, he lives in his ridiculous house overlooking the Sydney Harbour and searches from his home office for different developments through the internet.  Gotta love the power of cyberspace!

 

There is a very unique new condo project in Seattle on www.newcondosonline.com. A Seattle high school from 1909 until the early 80’s has been converted into new condos. Queen Anne High School Condominiums is a true Seattle icon, a historic treasure at the top of Queen Anne Hill. Over 75% of the units have already sold, but with a wide variety of condos still available including one-and two-bedroom and lofts there are still some fantastic new home opportunities for end-users and investors.

A handful of remaining condos have a top floor deck from the master suite and loft with spectacular city and Space Needle views. Units range from large studios with a wall of built-in storage, from $299,950; to a city-view two-bedroom townhome from the mid $700s. Take a look at Queen Anne High School Condos today!

 

Only FOUR select corner homes remain in the NCO’s newest Seattle loft and town home project. Mosler Lofts, which is set to finish construction this fall, has been described by Seattle Homes and Lifestyles Magazine as "One of the most INFLUENTIAL developments shaping the future design of Seattle.” Mosler Lofts will soon be Seattle's FIRST completed LEED certified condominium building. These stunning new loft homes and town homes will dazzle you with light-filled spaces, floor to ceiling windows, and innovative concrete and steel design. With units priced from $675,000 - $1,745,000 and ranging in size up to 2,000 square feet, Mosler Lofts is about to sell out. Mosler lofts in composed primarily of private terraces with breathtaking views of the Space Needle, Seattle Skyline, and Elliott Bay. This new development offers eco-friendly "Sophisticated Urban Living" on the quiet side of Beltown, just minutes walking distance to the Space Needle, Seattle Center, the Sculpture Park, Whole Foods, the Seattle Art Museum, Elliot Bay, and virtually every attraction Downtown Seattle has to offer. If you hurry, you may have a chance at purchasing the last beautiful Southeast-facing corner Penthouse. Check out all Seattle condos on www.newcondosonline.com

There is a very attractive new Seattle condo development seeking LEED certification – 5th and Madison, which is the premier new condo residential tower in the city. Over the past few months I’ve heard a lot about the (LEED) Green Building Rating System™ - the nationally accepted benchmark for the design, construction, and operation of high performance green buildings. LEED stands for Leadership in Energy and Environmental Design and the program promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality.

33rd Place is a Bellevue new condo conversion development that came onboard with NCO over the weekend. Not your typical conversion; 33rd place has new composition roofs, new cedar siding & paint, new lifetime warranty Jeld-Wen windows & sliders, new decks & railings, R26 insulation in interior walls, 6 step floor system under hardwoods for sound control, new interior doors, new plumbing & drains.It has already been receiving a tremendous amount of interest from online homebuyers. 33rd Place is Nestled high above Kirkland & .Bellevue, close to the buzz of the city yet in a quiet neighborhood. It’s a quaint, small community of only 46 homes, offering one & two bedroom's with spacious, airy floor plans & beautiful SouthWesterly views. With units ranging from 700 - 900 sq.ft and prices starting in the low $300s, this is one of those new condo communities that is going to sell very fast. Check out all new condo and conversion projects in Belleview and Seattle on www.newcondosonline.com.

If you are looking for a new condo or loft in Seattle, www.newcondosonine.com is listing over 25 new and preconstruction projects all over the city. One of our newest Seattle condo communities is Olive 8, now under construction at Olive Way and Eighth Avenue in the heart of Seattle's downtown retail neighborhood. With 231 sophisticated urban homes, Olive 8 will be located atop the Hyatt, a luxurious full service hotel and spa. Unit Size will range from 600 - 2,000 sq.ft. and prices will start in the mid 600s. Olive 8 will be 33 stories full of 1 and 2 bedroom new condos, making it a perfect option for the working professional and couples alike. Take a look at all Seattle new condo developments on our Seattle city page at www.newcondosonline.com Price: $ 635,000 - $ 1,000,000 -->

City officials will be reviewing a new proposal soon that extends greater tax breaks for developers building condos in Seattle.  This plan includes apartment developers as well.  Like many other cities Seattle is struggling with issues of affordable housing in various areas of the greater metropolitan area.  The overall goal of the tax exemption would be designed to give condo developers the incentive to build more affordable units in the pricier neighborhoods. 

For this question and answer session we will use the Seattle market as an example.  I wanted to explore some of the typical questions home owners and home buyers have about buying Seattle condos, their values, appreciation, job growth, transportation, etc.  Seattle is an interesting market to use because it is experiencing incredible growth in the housing industry, but remaining at fairly healthy price increases. 

This makes some condo buyers nervous because they read all the articles from a macroeconomic perspective and think Seattle is lagging other markets.  By lagging I mean that Seattle has yet to hit the bottom and will experience decreases in value in the coming months.  This is actually not the case because you’re not always comparing apples to apples with many of these major metropolitan markets.  Seattle never experienced a drastic influx of investors and speculators (a key factor in over appreciation) like other cities such as Miami and Las Vegas.  Seattle has remained fairly steady and therefore may not experience a drastic shift downward, or correction.  At least not like some of these other markets that were flooded with investors.

Here are some typical condo buyer questions:

As many other major markets, the condo conversion waive has hit Seattle in a big way over the past two years.  Since late 2004, there has been a 450% increase in the amount of apartments converted to condos!  Of course this topic is very controvercial and each city attacks it differently. 

Many cities in California have imposed caps and restrictions on the number of apartments acquired for conversion.  San Diego and San Francisco to name two.  Seattle condos, especially conversions, are in abundance but what do these conversions do to the rental market.  In Seattle there is no rent control so as the apartments availability dwindles, guess what happens to rents…they go up.  Affordable housing issues then come in to play.  The city has recently passed some legislation to protect renters, but many feel it will not be enough.

Once a building’s owner decides to convert their building to condos, do not receive much assistance from the builder or the city. Owners must only provide 90 days notice, and construction, remodeling or repairs can begin soon after notification. Assistance for relocation is limited to $500 per unit for low income renters.  This is part of the new legislation but there was no cap placed on the number of apartments that could be converted to condos! 

The Pacific Northwest has a charm that is undeniably quaint and special. Bay View at Drayton Harbor is a luxurious new condo community being built in Blaine, Washington that exudes the very essence of this charm. With affordable price points and desirable amenities, I doubt these units will remain unsold for very long.

Located right below the border of Canada and about an hour north of Seattle, this condo community has an unbeatable location. Go skiing in Whistler-Blackcomb, party in Vancouver or simply enjoy the great outdoors of Blaine! You can also take advantage of the close proximity to Seattle! Come satisfy your intrigue and check out more at NewCondosOnline.com.

It's always great to put a face to a name.  NCO is finally meeting today in person at our offices here in San Diego with Urban Condominiums from Seattle.  Our two companies have entered a formal agreement to collectively promote the sale of new urban Seattle condos.  The Director of Urban Condominiums, Don Sieb, will be meeting us today to go over the next formal steps of our partnership.  Don, we can't wait to meet you!

NCO and UC are rolling out a strategic sales and marketing package for builders and developers in the greater Seattle area.  The builders are already invested in the program as we have been running a 90 trial period for about 23 condo projects.  NewCondosOnline.com was chosen by Urban Condominiums to support the online portion of this program.  UC will also be offering other platforms such as email marketing, print advertising, etc.  We gald to be a part of it!

NCO has launched a new partnership with the sales and marketing group Urban Condominiums in Seattle, WA to promote new urban condo developments in the greater Seattle area as well as internationally.  Urban Condominiums has chosen NCO as their premier online lead generation portal to provide exposure and an accelerated sales process.  Together, the companies are rolling out a presentation package for builders and developers.  The marketing opportunities offered by Urban Condominiums and NewCondosOnline.com include Internet marketing, email marketing, lead generation, etc. 

Urban Condominiums approached NCO about providing the online platform for their program and give a value added component to thier overall pitch to the builders.  The projects involved in the new program include Escala, The Residences at the Bravern, Fifteen Twenty One, and about 20 other developments including a resort project in Mexico called Pacific Bay.

The two companies will be offering more Seattle condos soon.  Stay tuned!!