SEATTLE, June 19, 2018 /PRNewswire-PRWeb/
-- Representatives of Walnut Creek,
CA-based Laconia Development and Realogics Sotheby's
International Realty announced today that a planned 352-unit,
41-story residential tower now under construction at 600 Wall
Street in downtown Seattle will be
delivered as condominiums for sale instead of apartments for rent.
The luxury condominium tower is named "SPIRE" in homage to the
iconic Space Needle – the subject of non-obstructed views offered
from two of three elevations on this triangular development. It is
itself, a tall and slender tower that will soon deliver
opportunities to own a home in a market where more than 91% of the
estimated 30,000 multi-family housing units added to downtown
Seattle during the current decade
were developed for rent.
"In recognition of the dynamism of Seattle and the limited home ownership
opportunities downtown, I am announcing that 600 Wall Street will
now be built, not for rent, but for sale as condominiums," said
Paul Menzies, CEO of Laconia
Development. "I view SPIRE as the powerful explanation point at the
north end of the rapidly developing 6th Avenue."
Menzies notes that the unique high-rise design occupies a full
city block at the northern edge of the high-rise zoning, and
provides broad view corridors down Wall Street, 6th Avenue and
Denny Way without fear of new
developments. Most importantly, the significant down zone to the
immediate north and northwest provides dramatic vistas from Lake
Union to the East and across Seattle Center and the Space Needle
and Elliott Bay and the Olympic
Mounts in the backdrop.
"It's quintessentially Seattle," said Dean
Jones, President & CEO of Seattle-based Realogics Sotheby's
International Realty. "SPIRE is on point and will meet with eager
homebuyers awaiting the next evolution in urban design. Laconia
will deliver much needed inventory for individual purchase. We are
clearly experiencing a pivot in the development cycle".
The second half of 2017 evidences what may be a paradigm shift
in consumer trending from rent to buy. According to research by
O'Connor Consulting Group, apartment demand throughout King and Snohomish
County fell by 4,500 units (unexpectedly) during the second
half of the year while sales of single-family and condos in the
same region swelled by more than 5,000 units – rising from 40,825
homes closed in 2016 to 45,949 in 2017.
Jones believes renters are increasingly positioning themselves
for capital appreciation, mortgage interest deductions and
attainable home ownership options before being priced out – many
prospective buyers are citing fears about rising home prices and
ongoing interest rate hikes. He notes that consumer confidence and
rising home prices are key for presales, when savvy buyers can
purchase a new home in advance of before closing and moving in.
Downtown Seattle is the
fastest-growing large city in the US expanding by 114,000 persons
since 2010. More than 30,000 multifamily units will be added to the
downtown skyline in the current decade, however 91% of this supply
is for rent while for-sale opportunities remain limited. Since 2010
the average apartment rent in the City of
Seattle rose by 93%, according to the O'Connor Group report.
Given the lack of for-sale inventory, downtown Seattle witnessed median pricing of resale
condominiums increasing by more than 13% so far in 2018
year-over-year, according to NWMLS data.
Seattle has experienced a run
on its limited available for sale inventory, especially at lower
price points which can finance with a conforming loan limit
(non-jumbo mortgage) with as little as 5% down payment (3.5% FHA)
while also qualifying with lower FICO scores and enjoying lower
interest rates.
Jones suggests new condominiums are an important contributor to
attainable homeownership options. Currently, there are just two
active high-rise condominiums being marketed for sale with just 48
new homes available out of 496 units being built for sale and
occupancy by 2020. Other condominiums recently announced have
already secured 95-percent reservations with back up positions.
SPIRE is the next high-profile condominium development announced in
downtown Seattle, which is now
under construction with occupancy slated for Fall 2020.
Laconia acknowledged that SPIRE was initially conceived as a
condominium during the past cycle until the last recession hit and
construction financing was not available. The project was then
planned as a luxury apartment until reverting back to the original
plan to sell as condominiums. In preparation for sale, Laconia
instructed the architectural team at VIA to redesign certain
aspects of the project and increase all ceiling heights to now
featuring a market-leading minimum of 9-feet up to 10-feet on the
top floors. At the same time certain units were redesigned to offer
larger living spaces while significant upgrades were made by Robin
Chell Design to amplify the interior design of the units, including
European cabinetry, quartz countertops and Miele appliances (with
gas cooking) and oversized, solid-core interior doors that range
from 7' to 8' tall and in keeping with the building's decidedly
vertical stature.
The amenities program was also upsized across four floors
including a concierge and three auto courts (accessing the city's
first automated valet system); the third-floor co-working lounge,
conference room, theater and wellness center; and the top two
floors comprising an exhibition kitchen and private dining room,
billiards room, bar, art gallery and a dramatic roof top terrace
with BBQ's, fire pits and inspiring views.
The residential offering will include the following unit mix
options:
PENTHOUSE FLOOR PLATES (Levels 40-41)
- Ranging from 2 Bedroom / 2 Bath to 3 Bedroom + Den / 3.5
Bath
- Approx. 1,225-SF to more than 3,000-SF floor plans
- Introductory pricing from below $1.5 to more than $5
million
TOWER RESIDENCES FLOOR PLATES (Levels 24-37)
- Ranging from 1 Bedroom / 1 Bath to 3 Bedroom (or Den) / 2 Bath
designs
- Approx. 550-SF to more than 2,000-SF floor plans
- Introductory pricing from below $700,000 to more than $3.5
million
CITY SUITE FLOOR PLATES (Levels 4-23)
- Ranging from Urban 1 Bedroom / 1 Bath to 2 Bedroom / 2 Bath
designs
- Approx. 520-SF to more than 1,170-SF floor plans
- Introductory pricing from below $450,000 to more than $1.6
million
The SPIRE Sales Center is now under construction at 2218 5th
Avenue just a short walk south of the development site. The public
sales debut is scheduled for Fall 2018 with registrations for
priority presales now being accepted at
http://www.SPIREseattle.com. Until further notice, a preview
opportunity is also being hosted at RSIR's New Development Preview
Center located at 2715 1st Avenue in Belltown, open daily from
11am to 5pm.
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About Laconia Development (http://www.LaconiaLLC.com) – Laconia
Development, LLC is a diversified real estate investment and
development firm dedicated to creating value from untapped
potential. Laconia employs an experienced and credentialed team of
specialists in the areas of site selection, project underwriting,
project design, finance, construction management, marketing and
sales. Headquartered in the San Francisco
Bay Area, the multi-faceted firm develops original,
emotionally engaging high-rise apartment buildings, condominium
complexes, multi-family residential and mixed-use environments that
grab people's attention and become jewels of the local
community.
About Realogics Sotheby's International Realty
(http://www.RSIR.com) - Artfully uniting extraordinary homes with
extraordinary lives, Realogics Sotheby's International Realty is a
leading global sales and marketing brokerage firm in the Pacific
Northwest. Recognized by the Puget Sound Business Journal amongst
the 100 fastest-growing private companies in Washington State for 2012, 2013, 2014, 2015
and 2016 the boutique real estate firm of 225+ brokers consistently
rank among the top producing firms within the markets that it
serves with branches in downtown Seattle, Bainbridge
Island, Kirkland,
Issaquah and Madison Park. RSIR is a leading project
marketing specialist currently representing more than $1 billion in current and planned new condominium
developments throughout the Puget Sound region.
EDITORS NOTE: Development renderings, neighborhood aerials and
additional market statistics are available upon request.
SOURCE Realogics Inc. l Realogics Sotheby's I