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Courtesy of Michelle Poitevin of Realogics Sotheby's International Realty
SEATTLE, WA. (July 25, 2011) – Executives at Realogics Sotheby’s International Realty unveiled a property showcase of the Seattle area’s most exclusive condominium and town home offerings on the market. A progressive open house for brokers is being hosted tomorrow on Tuesday, July 26 from 3pm to 6pm. Each property listing and relevant market data is arrayed online at www.RealogicsSothebysRealty.com/Penthouses.
“Its peak season to present luxury homes in downtown Seattle as many locals and visitors are experiencing the allure of our world-class city,” says Dean Jones, Principal of Realogics Sotheby’s International Realty. “We’ve noted a steady increase of property inquiries from buyers around the corner and around the globe. We hope to add these fine properties to our growing list of sold listings so far this year.”
According to the American Society of Travel Agents, Seattle remains in the top 10 most visited US destinations during the summer months. Meanwhile, the US Department of Commerce says Washington (primarily Seattle) tied with Nevada for the greatest annual increase of overseas visitors in the country in 2010 – up 32 percent. The Port of Seattle reports cruise ship passengers will bring more than 800,000 visitors to Seattle with nearly 200 cruise liner port calls. More than 10 million people a year tour The Pike Place Market and The Space Needle with the greatest visitor traffic during July and August. Many of the featured listings are within walking distance of these attractions (tours by appointment only).
The seven featured properties include the following penthouses and town homes:
• Fifteen Twenty-One Second Avenue I #3800 I 2 Bed / 2.5 Bath I 2,999 Sq. Ft. I $4,995,000
• Olive 8 I #PH2 I 2 Bed / 2.5 Bath I 2,224 Sq. Ft. I $2,495,000
• Mosler Lofts I #PH2 I Two Bed / Two Bath I 2,000 Sq. Ft. I $1,990,000
• The Enclave at Lake Union I 2,500 – 5,200 Sq. Ft. I Pre-selling from $1,365,000 - $3,450,000
• Market Place North I #E18 I 2 Bed / 2 Bath I 1,919 Sq. Ft. I $1,195,000
• Waterfront Landings I #524 I 2 Bed / 2 Bath I 1,888 Sq. Ft. I $1,175,000
• The Sanctuary I 2 Bed / 2+ Bath I 1,278 – 2,428 Sq. Ft. I Accepting Reservations from $600,000
Jones estimates about half of the most recent $1 million+ sales have come from buyers out of state; be it for employment relocation, retirement, as a second home or even investment. Demand is also picking up locally but the majority of homebuyers in Seattle need to sell a home before they will buy a new home, which limits the number of transactions, he said.
“We’re exercising our (international) brand to attract a broader pool of buyers for our clients,” adds Jones. “It helps too that we have such amazing inventory to present – these properties are clearly in a league of their own.”
In addition to property detail information, the web page at www.RealogicsSothebysRealty.com/Penthouses offers helpful tools for prospective homebuyers trying to better understand the market dynamics. A “heat map” demonstrates where the $1 million sales have occurred over the past decade, there’s links to recent articles on the downtown housing market, a development pipeline illustrates the supply and demand and other statistics are provided from indices like The Northwest Multiple Listing Service and the popular S&P / Case-Shiller Home Price Index.
“I believe we’re at real turning point with downtown housing - so statistical information has become as important as the architectural design, location or views,” says Jones. “That said buyers and brokers tend to look at these unique penthouse properties a little differently than more typical condominiums. They’re similar to waterfront listing because like land, they’re not making any more towers. Penthouse living is an inherently finite commodity.”
EDITORS NOTE: For high-resolution images or statistical information please contact Michelle Poitevin at 206.448.5752 or Michelle.Poitevin@SothebysRealty.com.
About Realogics Sotheby’s International Realty
Launched in February 2010, Realogics Sotheby’s International Realty has quickly emerged as the top-selling brokerage of luxury multifamily properties (by dollar volume) in King County, according to Trendgraphix, Inc. The Seattle-based firm is comprised of more than thirty brokers and offers full real estate services for new construction, resale and mixed-use developments of single-family, townhome and condominium properties. For more information visit www.RealogicsSothebysRealty.com.
11
Realogics Sotheby’s International Realty Tapped as Exclusive Listing Broker for The Sanctuary
Courtesy of Realogics Sotheby’s International Realty
SEATTLE, WA – The senior development loan on The Sanctuary -- a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a 12-unit multifamily community -- has been sold by a syndicate of lenders to Pathfinder Pollin Sanctuary Holdings, LLC, an affiliate of San Diego-based Pathfinder Partners, LLC, a leading acquirer of loans and properties from financial institutions.
According to Robert Nall, managing member of Resource Transition Consultants, LLC (RTC), which has served as the court-appointed receiver for the lender syndicate since September 2010, the loan sale is a key step toward rejuvenating the long-stalled development and reintroducing The Sanctuary to the market at dramatically reduced prices.
Guardian Real Estate Services, a national real estate investment bank, represented the selling lenders. RTC will remain in place and oversee remaining construction and sales activities. Seattle-based Realogics Sotheby’s International Realty has been appointed the exclusive listing broker.
Originally built in 1908 as The First Church of Christ the Scientist, The Sanctuary was redeveloped a century later, as 12, fee simple concrete and steel townhomes within the historic structure. The original borrower defaulted on the development loan in August 2010 and construction and marketing has been halted for more than a year, Nall said. “With the support of our new lender, we can now complete construction and sell the individual residences,” Nall added.
Ranging from 1,278- to 2,438-square-feet, the townhomes will be marketed at significantly less than the original asking price – which averaged over $1 million apiece -- when complete in fall of 2011. “While the original developer had an incredible vision that we intend to fully realize, we also recognize that values must be recalibrated for today’s homebuyer,” Nall said. “We anticipate our prices will start at below $600,000.” Additionally, new homeowners will enjoy a 10-year property tax abatement, with a special assessment designation for historic structures.
Celebrating the architectural significance of the historic structure, The Sanctuary project has already won numerous design awards, including “Building Restoration of the Year (2009)” from Seattle magazine. The development features an expansive stained-glass dome, now the building’s atrium, which provides abundant natural light. Residences feature high-end finishes and amenities, including soaring 35-foot-high ceilings, metalwork and cabinets by Seattle area artisans, solid wood stair risers, re-purposed marble from the original church and top-of-the-line kitchen and plumbing fixtures. Each unit has a street level entrance, as well as a shared elevator to secured underground parking. Some units have rooftop terraces with expansive views of downtown Seattle and Elliott Bay.
Dean Jones, principal of Realogics Sotheby’s International Realty, anticipates that The Sanctuary will be a welcome addition to the in-city housing market. “Buyers and brokers are starving for exciting new inventory like this, as the for-sale pipeline has been shut down for several years and no new developments are planned,” said Jones. Additionally, “this is a unique development – one part residence, one part architectural landmark, one part objet d’art – and with just 12 homes available, we expect them to be in high demand.”
Visit www.liveatsanctuary.com for photos and further information.
About Realogics Sotheby’s International Realty
Seattle-based Realogics Sotheby’s International Realty is a nationally-recognized, full-service real estate brokerage that specializes in new construction sales and marketing services for its developer and lender clientele. Representing numerous high-profile multifamily communities in the Seattle area, the firm is a top selling residential brokerage in King County by dollar volume for condominiums, according to Trendgraphix. For more information, visit www.realogicssothebysrealty.com.
About Resource Transition Consultants
RTC, headquartered in Edmonds, WA, was founded in 2008 by Robert Nall, Douglas Barnes and Kevin Hanchett to provide receivership services to lenders on financially distressed real estate transactions. The firm has been active in the successful disposition of eight communities over the past three years in addition to numerous distressed commercial and business assets. For more information, visit www.rtcreceivers.com.
About Guardian Real Estate Services
With a specialization in real estate, loan sales, and asset management transactions, Guardian delivers solutions to asset managers, bankers, and investors. Through an innovative process that combines capital market experience and local market knowledge, Guardian also offers a combination of expertise for transactions of all sizes, leveraging the Guardian MarketMaker platform to connect buyers and sellers dealing in distressed properties, single-asset, and portfolio loans of all sizes. Visit www.gres.com or www.guardianmarketmaker.com for more information.
EDITORS NOTE: For high-resolution photography of The Sanctuary, please contact Sydnie Moore at 619-823-8448.
Courtesy of Realogics Sotheby's International Realty
Sales of waterfront houses are picking up again. Recent deals and at least one new listing point to this.
Earlier this month, Dorothy L. Simpson sold a Mercer Island manse on Lake Washington to an LLC headed by Liberty Dialysis CEO Mark Caputo for more than $5.95 million. And as the DJC reported, Detlef and Marianne Schrempf sold their place on the lake for $5.76 million to Yahn Bernier and Beth McCaw.
The latest listing is a six-bedroom, six-bath home at 2000 Beans Bight Road N.E. on Bainbridge Island, designed by Stewart Silk Architects.
Realogics Sotheby's International Realty said the design is meant to recall the “nostalgic summer homes of the Atlantic coast.” The company's Dennis Paige is co-listing the property with Bob Bennion of Windermere Real Estate. The asking price is $8.5 million.
Bennion said the market has been sluggish for the last few years, but now there's record sales volume for Lake Washington houses.
Sellers on Bainbridge are listing properties. Realogics Sotheby's reports two other “significant” Bainbridge waterfront properties are on the market in the private residential enclave that surrounds a country club.
The most expensive estate now on the market is Harmony on Proctor Lane, a Mercer Island property that Tere Foster of Windermere is listing for just under $26.9 million. It knocked Boulevard Place, also on Mercer Island, from the top spot when that $28.8 million property was taken off the market.
Brokers say demand for luxury properties is rising because the economic outlook has improved, prices have fallen and home buyers are moving here from out of state for the lifestyle and Washington's tax-friendly climate for the wealthy.
Courtesy of Ilya Moshenskiy of Ilya’s Photography
Ilya Moshenskiy, the official photographer of LuxuryRealEstate.com events, released a new, advanced version of his website www.ilyaphoto.com today. The new luxury photography website has a more user-friendly design, reflecting Ilya’s professionalism, outgoing personality and focus on customer service.
Ilya’s new website has several sections, which demonstrate his specialty in photographing architecture, products, food and editorials. The website also includes 20 testimonials from a variety of clients, including Luxury RealEstate.com President Meghan Barry and Miami Real Estate Senior Vice President Audrey Ross.
Based in the Seattle area, Ilya’s Photography serves clients across the country and around the world. Ilya has taken thousands of photos for restaurants, real-estate brokers and other business owners. His luxury photography helps them sell their products and services more effectively.
Ilya’s Photography clients can log into the new website to easily access all of their photos for use on their websites, print ads and other places.
The new luxury photography website was designed by Ryan Layne and Ilya’s two sons, Vlad and Alex Moshenskiy. Vlad works at Microsoft, Alex is a freelance marketing specialist, and Ryan is a Web developer.
Come back to Ilya’s website often to see his latest work, which he’ll update frequently. Contact Ilya’s Photography for your luxury photography needs.
Courtesy of Michelle Poitevin of Realogics Sotheby's International Realty
Executives of Realogics Sotheby’s International Realty today released a sample price list for remaining inventory above the 27th floor at Olive 8 – a 229 unit condominium and hotel development in downtown Seattle. The new pricing strategy includes reductions across the board that vary from about 15% to more than 25% on some homes, according to Julie McAvoy, the Community Sales Director for Olive 8.
“Effectively, the price reductions is our seller making the first offer to homebuyers in this dynamic marketplace,” said McAvoy. “Selling today requires a conversation and we’re listening.”
The new price list comes out about a year after prior reductions that ranged from 10-15% and last fall an auction helped sellout targeted inventory below the 27th floor, according to McAvoy and NWMLS history. She estimates the total reductions in aggregate now range from 30-40% below presale pricing in 2007. “It a compelling opportunity for savvy homebuyers,” said McAvoy. “With prices correcting, timing the market may now have more to do with securing preferred selection and historically low interest rates versus anticipating further price cuts. I think we’re at a pivotal time in the center-city (Seattle) housing market and each community has a unique relationship within it.”
A preliminary look at median home prices (year-over-year) for all condominiums (new and resale) in downtown Seattle suggest a 13% correction from a peak in 2007 compared with 2010, according to NWMLS records. Meanwhile inventory appears to be shrinking, most notably due to a lack of new construction since the credit crunch stopped additional development in 2007. Pundits agree no new condo towers are expected to arrive to market for at least several years.
David Thyer, President of RC Hedreen Company and developer of Olive 8 says he monitors market values but acknowledges the only price that matters is the one that a buyer wants to pay. “We’re not inclined to further discount given recent sales comps in the building,” he said. “We know Olive 8 provides a great value today and we’re working our way up the building. Our three year construction loan extension provides us the time to sell into an improving marketplace over the next two years or so. Fortunately, we’ve saved our best inventory.”
McAvoy reports 10 new sales have been accepted so far in 2011 and active negotiations are taking place on several other homes. “I think buyers and sellers are finding better balance in supply and demand at Olive 8 and elsewhere,” she said. “It’s a signal that the market is stabilizing and an increase in sales means buyers are becoming more confident in home values.”
About Realogics Sotheby’s International Realty: Representing a significant volume of new construction condominium closings in downtown Seattle since 2008, Realogics Brokerage, LLC (DBA Realogics Sotheby's International Realty) has emerged as a leading sales and marketing company in the Seattle area. Managed by Realogics, Inc., the collective presents a fully integrated real estate solution comprised of market research, product development, full-service marketing and sales. The Realogics Group of Companies owns a long-term franchise within the Sotheby’s International Realty network and has since established a fastgrowing resale division. Realogics Sotheby’s International Realty is independently owned and operated by Realogics, Inc. For more information, visit www.RealogicsSothebysRealty.com.
Courtesy of Casey Losh of Ewing & Clark
Broadmoor is an exclusive gated, residential community in the heart of
Courtesy of Garrett McGuire of Ewing and Clark
Downtown Seattle's historic Rainier Club hosts a monthly Real Estate Roundtable. The guest speaker for November's Roundtable was John Brian Losh, Designated Broker of Ewing & Clark Inc. and Chairman/Publisher of LuxuryRealEstate.com, the most viewed Luxury Real Estate website in the world. Recognized as one of the "25 Most Influential People in Real Estate" by Realtor Magazine, Brian began his real estate career when he joined Ewing & Clark nearly 40 years ago in 1971.
John Brian Losh spoke about the luxury real estate market in the Greater Seattle area and the histories of different neighborhoods including those of West Seattle, Downtown, Belltown, Madison Park, Broadmoor, Capitol Hill, Queen Anne, Laurelhurst, The Highlands, Bellevue and Mercer Island. Brian drew from his experiences as well as his knowledge of the local history to give insight on the luxury market in Seattle. For example, he showed illustrations of how the opening of the canal dropped the level of Lake Washington, significantly adding waterfront real estate to Lake Washington. For those of you that weren't as privileged as I was to have the chance to listen to John Brian Losh speak, then you may want to read about some of the things he discussed in his republished book Seattle Memories. The book is available for purchase on Amazon.com.
One month ago today, on October 10, 2010 (10/10/10) Ewing and Clark, Inc. announced the promotion of three team members. John Casey Losh was named Chief Executive Officer, Jane Powers was appointed to the role of President of Ewing and Clark Residential and Nate Pearson will serve as the newly appointed Vice President of Ewing and Clark Residential. John Brian Losh, former CEO, will remain Chairman/Designated Broker of Ewing & Clark, Inc. Ewing and Clark is thrilled with these recent management changes and is confident these individuals will continue to foster the growth and expansion of our organizations.
Ewing & Clark, Inc. is Washington State’s oldest real estate brokerage, providing residential, commercial, and property management real estate service to the Greater Seattle area since 1900.
Casey Losh
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
Lifetime Achievement Award
Patricia Choi – Choi International
The list of nominees are….
Best Brand Integration
Gulf Coast International Properties
Daniel Gale Sotheby’s International Realty
Best Industry Networking
Diane Turton – Diane Turton, Realtors
Ann Chiasson - Sea to Sky Premier Properties
Bob Nathan – Russ Lyon Sotheby’s International Realty
Jim Walberg – Keller Williams Danville
Tim Murray – Alain Pinel Realtors
Bonnie Smith – Exclusive Mountain Retreats Real Estate
Liane (Li) Read – Sea to Sky Premier Properties (Salt Spring)
Rollie Jordan – Kentwood Company
Antonio & Jose Ribes – Rimontgo
Karen Bigos – Towne Realty Group, LLC
Best New Community
Devonshire House
One Hanson Place
Best Overall Marketing Package
Daniel Gale Sotheby’s International Realty
Slifer, Smith & Frampton Real Estate
Hammond Residential Real Estate, LLC
Best Print Marketing
Daniel Gale Sotheby’s International Realty
Shawn Elliott Luxury Homes & Estates
Hammond Residential Real Estate, LLC
Best Website Design
Hammond Residential Real Estate, LLC
Best Website Innovation
Daniel Gale Sotheby’s International Realty
Billionaire’s Club
Elizabeth Stribling - Stribling & Associates
Vicki & Bill Mitchell - Carmel Realty
Glennis Beacham - Beacham & Company, REALTORS
Patricia Choi - Choi International
Extraordinary Philanthropist
Jack Cotton – Sotheby’s International Realty
Travis Reed – Harry Norman, Realtors
Jim Walberg – Keller Williams Danville
Saul Cohen – Hammond Residential Real Estate, LLC
Most Impressive Listing
Diane Turton – Diane Turton, Realtors
Dixi Applegate - Slifer, Smith & Frampton Real Estate
Manyee Lui - Macdonald Realty Group Inc.
Elizabeth Stribling - Stribling & Associates
Brian Hazen - Mason Morse Real Estate
Kelly Drum – Drum Realty
Peter Butler – Carmel Realty Company
Lynn Brown Knoop – Carmel Realty Company
Most Innovative Marketing Technique
Daniel Gale Sotheby’s International Realty
Jack Cotton – Sotheby’s International Realty
Shawn Elliott Luxury Homes & Estate
Luxury Real Estate New Zealand
Outstanding Rookie
Courtney Jones – Carmel Realty Company
Outstanding Social Media Savvy
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