Luxury Real Estate

By: Puget Sound Business Journal - Jeanne Lang Jones

Courtesy of: Realogics Sotheby's International Realty

The two-story penthouse atop the Four Seasons Hotel and Private Residences in downtown Seattle has been sold for $7.19 million.

The 5,256-square-foot unit sold earlier this week as an unfinished shell for approximately $1,368 a square foot. Finishing the interior could cost anywhere from $200 a square foot on up, depending on what level of finishes the new owner wants, said Scott Wasner, director of the Four Seasons Private Residences and co-founder of Realogics Sotheby’s International Realty.

When the project opened, prices for finished units were running between $2,100 and $2,400 a square foot. Prices were later lowered by roughly a third to help spur sluggish sales.

There are 11 condo units remaining in the 36-unit project. Wasner said there were “a couple of deals in play” for the remaining units.

Realogics picked up representation of the Four Seasons Private Residences in August, partly because of the firm’s exposure to foreign buyers who have been displaying interest in high-end properties in the U.S., said Realogics principal Dean Jones.

“A large reason why we associated with Sotheby’s was to optimize our client listings for the international and interstate audience,” he said.

While he wouldn’t disclose whether the penthouse buyer was from another country, Jones did say several recent high-end sales on Mercer Island have involved foreign buyers. Additionally, about a fourth of the sales in the single-family homes and condominium projects his firm represents are to foreign or out-of-state buyers taking advantage of softer pricing and a weak dollar.

“Sales are good for the project — proceeds go to pay off obligations,” said Bill Lewis, CEO of the Seattle construction firm Lease Crutcher Lewis. The company has several liens against the project as it waits, along with several other companies, to be paid for its work on the project.

“We still have some things to work out with our client there and are working diligently on that and making progress,” Lewis said.

Read more: Four Seasons penthouse sells: $7.2M | Puget Sound Business Journal