Pine is dying, Urbnlivn get together, SLU delays


Last Tuesday the POWHat Neighborhood Association hosted the developers of Pine and Belmont so the community could find out more about the controversial project. I was unable to attend though Carl Goodman did and contributed an excellent article to Urbnlivn, Pine + Belmont Condo Development: More Details Revealed. Unfortunately the details are not too promising. The biggest concern being that they will not be replacing the five bars they are displacing over noise concerns even though their target demographic is young singles. Capitol Hill won’t be the same.

I would also like to announce the first ever Urbnlivn meetup. If you’re interested in condos and all things new downtown the date to save is January 31st at 7:30.

Project news

South Lake Union

The biggest news out of Paul Allen’s South Lake Union is that all three projects (Enso, Rollin Street and Veer) have announced delays ranging from one to two months. This is the second set of delays.

They say the reason is delays in securing permits but maybe they are busy with the closing of 2200. It must still be in the midst of closing because 6 more units hit the market.

Trace Lofts

Trace Lofts the ‘mysterious’ project at 12th and Madison announced their reservation process [pdf]. Reminder, there is a preview event this Thursday.


Seattle’s ugliest condo may get a little less ugly. It looks like they are re-painting it.

Condos in the news

The Seattle PI had an article that Downtown mostly a male domain. Meanwhile the Seattle Times wonders if Mixed-use buildings bring mixed feelings. On the other hand the New York Times tells of the condo bubble elsewhere in the nation, Buyers Scarce, Many Condos Are for Rent. If any condo project here converts to rentals, my money is on Trio.

6 thoughts on “Pine is dying, Urbnlivn get together, SLU delays

  1. re: SLU projects’ delays, I doubt the 2200 closings would have any affect on the project timelines for Enso/Veer/Rollins.

    I say this because I believe that the sales team for the above mentioned are John L Scott representatives & some mix of Vulcan staff, while the 2200 team is a team from Urban Realty – dedicated only (?) to the 2200 Westlake.

  2. Most condo buildings are experiencing delays. The Eastlake project near my office has a big sign that says it’s supposed to be providing “occupancy Dec 2006” and they’re still putting in the metal framing. Hmmmm. Don’t think they met that target.

    I’ve got some clients also impacted by the delays in the Vulcan developments and we’re not that shocked. It’s pretty rare to see one of these projects actually finish on time plus we’re getting hit with labor shortages in construction, delays of some vendors completing their work (eg. elevator installers) and more.

    I’m not shocked that more units are on the market for sale and that more are coming up for rent. The good news is sthat we’re back into a landlord’s market on rentals in Seattle and many other local areas so at least these folks may be able to get close to cash flow. Some of these purchasers likely bought for rental purposes anyway – most of the developers have allowed up to 20% for these purposes so don’t be shocked if some folks take advantage of it. Considering more condos than apartments are being built at least these owners are helping to increase the supply of rental housing which is strongly lacking with all of the condo conversions that occurred in the past few years as well.

    The ones I get most nervous about are the ones where the buyers initially lied about their loans and whether or not they were buying as primary residence or for investment. Those folks are the ones commiting fraud. They better hope their lenders don’t figure that out.

  3. Sorry…not a landlords market.

    watch craigslist and see how the number rises daily for rentals at the live2200 complex. There are 19 as of last count. over all…I have seen maybe 3 of those advertised rented in the last month. Plenty for sale also and they haven’t even finished them all out yet…so…many more to come online.

    Attempting to rent a 500,000 1br condo for 1750-2000 per month is a losing prospect and a stupid investment at best…whether it financed without a $ out of pocket…or purchased for cash.

    The flippers turned landlords will now have two choices.

    1..Lose it slowly over a period of time by renting it out…all while hoping there aren’t any periods of vacancy (yeah…sure)…and also hoping that whoever rents it doesn’t take an “oh well…it’s a rental” attitude.

    2…Accept the fact that they purchased at the wrong time and sell for the loss that will only get bigger as time goes by, more money is paid in interest costs, and even more buildings come on the market creating an even larger inventory glut. Not to mention the opportunity costs of not having the capital to actually invest in *profitable* investments being that they are waiting and waiting…hoping to get some kind of profit.

    It’s not gonna happen.

    No…the jobs that are being created do not support the prices of places such as Olive8, Madison Tower, Cosmopolitan, Gallery, Lumen, CedarSt et al…so…more power to the realtor that is able to bring the ugly truth to their clients when they choose to sell their ball and chain of a condo in Seattle.

    Realtors shouldn’t be telling buyers to buy because it’s a “buyers” market now…they should be telling sellers to take the money and run because it is only going to become more of a buyers market…anybody that thinks otherwise should take a few economics courses.

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