2nd + Pine development renamed to “1 Hotel and Res…

2^nd + Pine development renamed to “1 Hotel and Residences”

It’s official. The much anticipated hotel brand name that is associated with Second + Pine has been decided. Starwood’s new addition to its already prestigious hotel line will be called “1” Hotel, and the Second + Pine project from here forward will be referred to as “1” Hotel and Residences. This will be their flagship hotel and will be the first luxury, eco-friendly global hotel brand. This planned to be above and beyond the LEED Certification level. Details to follow in Spring of 2007.

Early design review committee meeting for a new co…

Early design review committee meeting for a new condo project at 2301 6th Ave. Set to be two 32-story residential skyscrapers with approximately 640 units, 34,000 sq ft of retail space, and approx. 1,000 parking stalls. More to come later.

2nd Design Review Meeting for project and 1521 2nd…

2nd Design Review Meeting for project and 1521 2nd Ave

Things have really moved forward and become finalized on this project. It’s clear that William Justin’s detailed influence on this project has made it one of the most in-demand projects downtown. With all units at or above 1500 square feet, this promises to be an ultimate condo destination for baby-boomers who are looking to downsize from those huge Victorian and craftsman homes on Capitol Hill and Queen Anne. Attention to detail is obvious here and the quality is very high. It seems that most views of the water will be protected to the west since the same developer owns both properties and plans to put in convenients that will restrict future building heights. The one question is the property to the south on the NW corner of 2^nd and Pike where the owner is trying to get approval to build. This might block some precious views of units on the south side of the 1521 building.

Second and Pine Event The Second and Pine marketi…

Second and Pine Event

The Second and Pine marketing team has began hosting preview events to introduce buyers to the project concept and allow people to make reservations for units when they become available. There are a number of unique aspects to this development which will make it very unique. The advent of hotel room-ownership is new to Seattle, and is certain to be popular. This will make it possible to purchase a hotel room, use it whenever you wish, and leave it in the hotel rental pool for guests to occupy when the owner does not need it. This is perfect for the commuting executive who just spends a few nights a month in Seattle. Judging from how quickly the reservations are going on these, I think this is going to be a hit.

Lumen Design Studio Event Windermere REAL had thei…

Lumen Design Studio Event
Windermere REAL had their opening event for the new condos located at the former site of Tower Records at the base of Queen Anne. Their first public opening was quite and event with go-go dancers and free “Lumen Drop” cocktails (Lemon drops with blue water color – clever!) The architect for Lumen the same as for The Klee and The McGuire in Belltown, and Harbor Steps in downtown Seattle. It will be concrete, steel and glass construction and will have a QFC grocery store on the main floor.

1st Hotel and Residences (2nd and Pine)

North Elevation drawing

2105 5th Ave – Condo Project The final design revi…

2105 5th Ave – Condo Project
The final design review for the project at 5th and Lenora was completed last night. This project will be 24 stories with 172 residential units. There will also be about 4310 sq ft of retail at ground level. Above and below grade parking for 191 vehicles will be provided.

Thinking of remodeling your home? Need to find a g…

Thinking of remodeling your home? Need to find a good contractor?

We recently found a great resource by the Washington State Department of Labor and Industries. They have put together a website for people to find a good contractor to hire (see link below). You can check with they are registered with a bond and insurance, check to see if a contractor has had any recent infractions, and verify if they are up to date on their workers compensation premiums. There are guides and checklists to help you make a informed and good decision about who you should hire.

1608 2nd Ave Condo Project Application for a 23-st…

1608 2nd Ave Condo Project
Application for a 23-story 88 room hotel with 105 apartments/condos above 4 floors of retail space was made. This will be an exciting project in a great location. More to come later.

2006-2007 Regional Expectations Summary: We belie…

2006-2007 Regional Expectations

Summary: We believe that the real estate market nationally, regionally and locally will continue to appreciate in value and increase in units listed and sold for the rest of this decade.

• Interest rates will remain relatively stable during 2006 probably in the mid 6% range for 30 year FRM…perhaps edging toward 7% by year end.
• We will continue to experience significant “net new jobs” in the 4-county region during 2006
• The impacts of the Growth Management Act and increased land use regulation (CAO) will result in fewer and more expensive new building lots. There have been no significant plat applications in King County for more than 3 years. Apparently when Snoqualmie Ridge, Redmond Ridge, Talus and Issaquah Highlands are built out, any major housing developments (more than 200 lots) will be outside King County. The notable exception will be condominium developments
• We will continue to see fewer building permit applications than we have net new jobs in the region.
• Net in-migration will increase especially in the areas of technology and bio-tech throughout the region
• The non-English-as-a-first-language Market will accelerate in market presence and purchasing power
• Gen Y’ers (15-25 years) and Gen X’ers (25-35 years) will begin their first- and second-time home purchases. The combined X/Y group has more people than the touted Baby Boomer generation and will have more impact as they begin their home purchasing and home changing. The average sales price of their first time homes will be greater than any other generation at least in part because their parents (Baby Boomers) have no other better place to invest their savings than in the homes their children are buying.
• Baby Boomers will continue to lead the charge as they purchase or sell their last “big” home

  As a result we expect prices to continue to increase throughout the region as supply fails to meet demand although we expect the price increases to be less as a percentage than 2005. Units closed should be about the same as 2005.

  Mike Grady, CRB
  President and Designated Broker