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Metropolis

Urban Living Evolves in Downtown Seattle

Tower cranes dot the skyline.

e m e r g i n g

New buildings rise from massive holes in the ground.

Signs on fences announce plans for upcoming projects.

There’s no question about it – our Emerald City is quickly growing up.

In less than sixty months, more than 3,000 new condominiums will

leap off the drawing boards to enhance the Seattle skyline. Within the

next 10 years, it’s projected that 50,000 people will call downtown

Seattle home, up 50 percent from today. And judging by the rate

at which new condominiums are being snapped up, Seattleites are

eagerly embracing the urban lifestyle.

s p e c i a l a d v e r t i s i n g s e c t i o n

We’re working on creating millions more in South Lake Union. Come create a memory of your own at the South Lake Union Discovery Center or visit www.discoverslu.com to start your dream today.

To u r g a l l e r y o f f i n e h o m e s a t w w w . L I V E 2 2 0 0 . c o m 2 0 6 2 8 7 0 0 2 2

a NEIGHBORHOOD isn’t just a place.

It is a collection of memories.


Car Free: CarefreeSeattle’s traffic congestion is notorious – among the top three worst commutes in the country. Seattle’s natural beauty – mountains, lakes and hills – is also its nemesis where traffic is concerned. Bridges that connect suburbs to city are constantly packed, stealing precious

hours from commuters’ already time-starved lives. Proposed transportation solutions, such as the Monorail or the revamping of the viaduct – are still uncertain, and if the plans do proceed, they are years away from being completed.

Those who live and work in the city gain the luxury of no commute. They can forgo their vehicles and the hassles of parking and head out on foot instead.

Restaurants and Shopping and Culture – oh my!Since Nordstrom redeveloped the former Frederick & Nelson Building 10 years ago, several billions of dollars of private and public investment has transformed a little Boeing town into a thriving cosmopolitan center. Seattle can now compete with the likes of Boston and San Diego, boasting three new sports venues, swank shopping centers, scores of theaters, reno-vated performance halls, new concert pavilions, museum expansions,

a world-renowned new library and shiny new government buildings to round out the landscape.

There is certainly no shortage of entertainment here. Every year, more than four million people visit one of

Seattle’s many museums. Over two million enjoy a live music or theater performance at one of over 15 venues. And nearly five million fans cheer on the home team at a Mariners, Seahawks, Sonics or Storm game.

Downtown Seattle has more than 1,800 retailers, providing an endless selection of shopping opportunities from new-to-Seattle national brands to eclectic boutiques. And if you’re hungry, there are more than 600 dining options – from fine dining atop the Space Needle to the best hole-in-the-wall teriyaki joint this side of Japan.

Not only does Seattle boast all of these exciting diversions, they just seem to get better and better. The Seattle Art Museum (SAM) is currently undergoing a major expansion that will occupy the entire block of First Avenue between Union and University streets. When the first phase opens in 2007, the museum will have 70% more gallery space, as well as free public spaces with art,

reading areas, a restaurant and a retail store. Further north, in Belltown, the SAM Olympic Sculpture Park has broken ground and is scheduled to open next summer. This 8.5-acre green space is set against a backdrop of breathtaking city, water and mountain views and will

allow visitors to experience world-class artwork outdoors for free.

The Olympic Sculpture Park will showcase both extraordinary sculpture and the Northwest’s natural beauty. This world-class amenity will also con-nect the mile-long Myrtle Edwards Park to Belltown, defining a much-anticipated Park District for downtown Seattle.

Downtown is happening, all right. Last June, the U.S. Conference of Mayors voted Seattle the #1 Most Livable City in the country. That’s not too shabby, Seattle – we must be doing it right.

“We couldn’t be more proud of our city,” says Kate Joncas, president of the Downtown Seattle Association. “Visitors and new residents are discovering what Seattleites have known for a long time – this is a very special place in the world. And with so much growth in the pipeline, downtown Seattle’s dynamic metropolitan energy will only grow stronger.”

The ReaSonS FoR living downTown are pretty convincing.

The downtown Seattle cityscape is about to

change. In the next 10 years, it’s estimated

that over 50,000 residents will be calling it home.

Seattle voted “#1 Most Livable City

in the nation– U.S. Conference of Mayors

(June 2005)

Image by Vulcan Real Estate. Photo by John McKinney.


indulgence

culture

style

energy

Second and Pine

S e c ondand Pin e . c om

Seller reserves the right to change the product offering without notice.

With a location this enviable, there is only room for the best.Be among the first to discover a new tableau for modern living. Experience first-class hospitality united with fine cuisine, health and wellness, and flagship shopping. A new echelon of residential excellence in downtown Seattle is breaking ground at Second Avenue and Pine Street.

Spring 2006.


There’s no Place like homeSeattle is a city of neighborhoods. But until recently, downtown Seattle was known predominantly as – well – downtown Seattle. As the urban core has grown in population, however, different neighborhood personalities have begun to emerge and define themselves.

Belltown:Seattle’s Lifestyle MileIn 2000, Sunset Magazine proclaimed Belltown, “The Newest Belle of the Ball,” comparing it to New York City’s Upper West Side. And since then, it’s only gotten better. Unquestionably, Belltown is downtown Seattle’s hippest neighborhood – and as a result, it’s also the most densely populated. In the last five years, it’s become a destination hotspot for visitors and residents alike, sought out for its eclectic boutiques, popular nightspots and epicurean dining options.

But while people tend to think of Belltown’s sidewalks bustling night and day with activity, there is a softer side to the area. On the north end of its boundaries in the burgeoning Park District, you’ll find side streets with mature landscaping and smaller neighborhood shops and restaurants that define a more livable walking neighborhood.

Intracorp Real Estate, LLC, which also managed the development of the sold-out Avenue One condominiums on First Avenue, has been active in Belltown for many years. And now, an innovative new community that’s already garnering a wave of attention has broken ground. Aptly named “The

Parc,” this 185-unit condominium development will span Western Avenue between Cedar and Clay streets with first occupancy scheduled for late 2006. The Parc’s desirable Belltown locale offers homeowners the best of both worlds – immediate access to First Avenue’s attractions just one block away and adjacency to both the Olympic Sculpture Park and the mile-long Myrtle Edwards Park.

“What we found so appealing about this location was that it offered a balance between the vibrancy of Belltown’s urban lifestyle with the serenity of the existing and planned green spaces that surround it,” says Scott Surdyke, project manager for The Parc. “We’ll be integrating landscaping throughout the building – the streets, in the lobby, on the terraces, in the courtyard and upon a large roof-top patio – a real complement to the neighborhood and it will provide an amazing environment for our residents.”

A few blocks east near Seattle Center, developers remain coy about another

Belltown community that’s soon to arrive on Second Avenue at Broad Street.

“We’re still in the conceptual design process, but I can share that we will be introducing entirely new formats for high-rise living,” says Suzi Morris with S/I Belltown, LLC. According to Morris, the project cloaked as “BelltownNext” will offer a unique mix of floor plans including elevated two-level lofts with stunning views of the Space Needle, Queen Anne, the city and Elliott Bay.

Uptown Queen anne:Seattle’s Cultural CenterOn the other side of Seattle Center, in the shadow of the Space Needle, lies Queen Anne’s Uptown neighborhood. Around there, it’s hard to tell the tour-ists and residents apart because this popular area often swells up for count-less special events, festivals, live the-ater, ballet and opera, earning its billing as Seattle’s Entertainment District. This area is already home to KeyArena, McCaw Hall, Seattle Repertory Theatre, Experience Music Project (EMP), and


In 2006, SAM will open the Olympic Sculpture Park in northern Belltown, which, along with Myrtle Edwards Park, will define the much-anticipated Park District in downtown Seattle.

Image by Seattle Art Museum. Photo by Weiss/Manfredi.

“We couldn’t be more proud of our city.

– Kate Joncas, president of the Downtown Seattle Association.

Designed by award-winning architect David Hewitt, the mixed-use community known as LUMEN is now under construction on the former Tower Records site near Seattle Center.

Image by Landstar Real Estate. Photo by Pixelframe Inc.

of course the Seattle Center itself – all with convenient Monorail access to downtown Seattle’s Westlake Center and retail core.

Anticipation and much speculationsurround the tower crane now poised high above Fifth Avenue and Mercer Street on the former Tower Records site. Tower Records, an icon in the neighborhood, has relocated to updated digs just one block north on Fifth and Roy. In their former footprint, construction is well underway on a full-block development known as LUMEN. This architecturally significant,

97-unit boutique concrete and steel condominium will incorporate a collec-tion of open-plan flats, lofts and town homes above a 70,000-square-foot lifestyle retail center at its base. The

retail will be anchored by QFC’s flagship urban grocery concept called “Fresh Fare.” A host of other popular retailers, residential services and restaurants will all come together to define a new shopping destination for the city. And just in time too, as all other parking lots around Seattle Center will soon be developed into new communities, not to mention the impending 12-acre world headquarters for The Bill and Melinda

Gates Foundation campus located across from EMP.

With pent-up demand and occupancy scheduled for fall 2006, LUMEN will be

one of the first new condominiums to arrive in downtown Seattle ahead of its high-rise counterparts that have much longer construction schedules.

eastlake: Village in the CityOn the other side of Lake Union is one of Seattle’s oldest neighborhoods, Eastlake. Here, a bohemian collection of neighborhood retailers, busi-nesses, and restaurants co-mingle with

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Downtown Seattle is loosely defined by numerous neighborhoods that afford diverse urban lifestyles and unique residential opportunities.

FEATURED DOWNTOWN COMMUNITIES

1 New CoNdomiNiums* Fairview & Eastlake

200+ Units / Fall 2007YourEastlakeCondo.com

2 2200Westlake & Denny

261 Units / Fall 2006Live2200.com

3 LumeNFifth & Mercer

97 Units / Fall 2006LumenLife.com

4 New CoNdomiNiums*Fourth & Virginia

283 Units / Late 2007MidtownSeattle.com

5 New CoNdomiNiums* Second & Pine

120+ Units / Fall 2007SecondandPine.com

6 FiFteeN tweNty-oNe1521 Second Avenue144 Units / Fall 2008

FifteenTwentyOne.com

7 the ParC81 Cedar Street

185 Units / Late 2006ParcBelltown.com

8 New CoNdomiNiums* Second & Broad

175+ Units / Late 2007BelltownNext.com

*Not yet named

Image by REAL Project M

arketing. Map by Kroll M

ap & Jenna Sylvester.

Images by REAL Project Marketing and Vulcan Real Estate.

continued from previous page

housing of all forms, from single-family homes to houseboats and apartments to condominiums. The relaxed lakeside lifestyle has inspired movie sets like Sleepless in Seattle, with all the charm of a close-knit village, including cozy bakeries, specialty shops and friendly neighborhood pubs. Yet for as small-town as Eastlake feels, in reality this neighborhood is as close to downtown as Belltown. This connection will soon become evident when, in 2007, the impending South Lake Union Streetcar winds through Westlake Avenue towards Westlake Center.

At the terminus of the Streetcar lies another proposed development located at Eastlake and Fairview. It’s here where S/I Eastlake, LLC, envisions a new 200+ unit condominium community comprised of three distinct buildings that will rise around a central courtyard plaza. Larger than other condominiums in the area, the Eastlake project is poised to compete head on with downtown’s high-rise neighborhoods. “We believe the market is ready for more elevated product in Eastlake,” says developer Todd Seneker. “We’re planning a unique mix of lofts, town homes and flats unlike anything else in the area. It will feature quality materials, systems and amenities typically reserved for high-rises – and we’re bringing it all home to Eastlake.”

South lake Union:Rethinking Urban LivingA discussion around development in downtown Seattle would not be complete without mention of South Lake Union. You’d be hard pressed to find someone in Seattle – or the entire region for that matter – that hasn’t heard about the big plans for this area between downtown and Lake Union. At the epicenter of this market-shaking phenomenon is the gateway project, called simply, 2200. More than just an address, this mixed-use project of nearly 1 million square feet created quite a stir in the market earlier this year when 95 percent of the 261 condominium homes sold within the first month of opening to the public.

Located at the corner of Westlake and Denny avenues, 2200 is the first of its kind to integrate premium condominiums, a world-class Pan Pacific Hotel, a host of retail shops and services and of course, the eagerly anticipated Whole Foods Market ®.

A visit to the South Lake Union Discovery Center showcases Vulcan’s vision for the 60-plus acres the company owns in the area. Perhaps unin-tentionally, the area is fast-becoming Seattle’s life science research hub. Organizations like Seattle Biomedical Research Institute, Rosetta Inpharmatics/Merck and the UW School of Medicine research facilities have already settled in, joining Fred Hutchinson Cancer Research

520

405

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iscover the intimacy of refined living in Kirkland’s preeminent neighborhood. Built at the historic town center, Leland Place blends nostalgic charm and classic styling with state-of-the-art amenities to create an exclusive lifestyle of easygoing affluence. A limited collection of one and two bedroom luxur y condominiums, offered from the low $500’s to over $1.5 million.

617 Market StreetDowntown Kirkland, WA

Seller reser ves the right to change the product offering without notice.

Tony Ferrelli 425-714-2785 (By appointment only)

www.LelandPlace.com

“Downtown Seattle has emerged as a world-class destination with some of the best arts, culture, shopping, dining, and entertainment in the nation. Its round the clock energy is building and Seattle’s city

center is poised for even more exciting opportunities. New hotels, condos, parks, office towers, and retail are slated to open, and in the next decade we expect 57,000 new jobs and 24,000 new households in the urban core. Our future is very promising.” Kate Joncas is the president of the Downtown Seattle Association – a membership organization working to revitalize Downtown Seattle into a thriving, world-class destination. www.downtownseattle.com

CommunityKate Joncas



Elegance on every level. Introducing a higher standard for today’s in-city lifestyles. Expansive interior and exterior living spaces, luxurious

appointments and uncommon amenities come together to create a new classic in the center of downtown Seattle.

City Homes and Sky Villas priced from below $500,000 to over $2 million. Penthouses also available.

Ground breaking Spring 06. Fourth and Virginia, Downtown Seattle

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Center and ZymoGenetics. And with the new jobs these organizations provide, hundreds of new residents are moving into buildings such as the Alcyone Apartments and the upcoming Alley 24. New services, stores, restaurants and cafés have seemed to literally sprout up overnight to accommodate the growing resident base.

“South Lake Union is brewing with activity,” said Alison Jeffries, marketing manager for Vulcan. “The neighborhood is growing and changing every day, becoming a great urban community. We

are expecting to announce some new condominium projects later this year. They’ll offer a range of home designs and pricing, so there will be something for everyone.”

On the north end of the neighborhood, South Lake Union Park, home of this year’s “Cingular Summer Nights at South Lake Union Park” concert series, will soon be undergoing a major renovation of its own. The plans will transform the 12-acre plot into a stunning waterfront gathering place for the region. And, in addition to the

Streetcar, the Seattle Department of Transportation is studying other ways to improve safety and mobility in, out and through the growing area. Probable improvements include reconfiguring Mercer into a two-way tree-lined boulevard connecting to Uptown and Seattle Center and narrowing Valley Street.

The emergence of residential amenities such as the Whole Foods Market ®

downtown has made the city more livable than ever. Case in point – within walking distance south of 2200 lies another overnight condo success called The Cosmopolitan, which sold virtually all of its 250 homes in a matter of just two weeks. This unprecedented demand highlights homebuyers’ motivation to not just be close to the city, but to be a part of it.

Midtown:Manhattan Living in SeattlePerhaps no neighborhood is more urbane than Midtown, which lies at the nexus of all neighborhoods. With renowned restaurants like Tom Douglas’ Dahlia Lounge and Palace Kitchen, entertainment venues like The Moore Theatre, Jazz Alley and Cinerama,

and a world-class shopping district all within a few blocks, it’s no wonder this downtown area is primed to become one of the city’s hottest new residential enclaves.

It is in Midtown where LEXAS Companies chose to locate their yet-unnamed 283-unit condominium tower.

“Buyers have been waiting for this level of development,” says developer John Midby.

Located at Fourth Avenue and Virginia Street, this 330-foot building will rise gracefully into the sky, maximizing the views of the city, water, Space Needle and mountains. Catering to a market underserved by typical condominium buildings, all homes were designed with exceptionally large living spaces ranging from about 1,000 square feet to well over 4,000 square feet. Adding to the volume, ceilings boast an average of 9 feet 6 inches in height, making the most of floor-to-ceiling glass windows. The grandeur carries to the outside as well, extending the living rooms onto entertainment-sized, covered balconies complete with private outdoor fireplaces. Amenities were also upsized


THE

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SalesDean Jones

“Consumers are recognizing that in-city condominiums are not a compromise – it’s a lifestyle choice. The value proposition of more time, improved surroundings and truly an enhanced way of life will call upon all of us to consider the alternative. And as our city and the housing market matures, the reciprocal relationship between the residential population and expanding urban amenities will result in exponential growth. Downtown Seattle is primed to become a mecca for urban living.” Dean Jones is the president of Belltown-based Real Estate Applied Logics, Inc. (REAL), which performs market research, product development, marketing and sales for urban communities. www.realogics.com

with an entire floor of opulent common areas, including a private theater, great room, and dining room as well as a two-level lobby with concierge.

While a project of this magnitude seems destined for markets like New York or Chicago, the developers at LEXAS are beaming with confidence about downtown Seattle. “The most respected [residential] towers are always memo-rialized by time and place,” says Midby. “Now is the time and this is the place.”

Pike Place Market:A Seattle Original With so much confidence in the booming real estate marketplace, developers are also revitalizing downtown’s more nos-talgic neighborhoods. The Pike Place Market just may be Seattle’s most-loved downtown icon – the original “built-in” grocer for the city. What could be a better draw for residents than to have flying salmon and fresh groceries right outside their doors?

It’s only logical that more condominiums would be in the works in a location with an amenity like the Market nearby. Across the street from the new 42-story Washington Mutual-Seattle

Art Museum tower on First Avenue, the Four Seasons Hotel Seattle and Condominiums are already over-subscribed with buyer interest pushing up unprecedented home values. A few blocks north, the Market District is slated to receive three additional residential towers all located within a one-block span on Second Avenue between Pine and Pike streets.

First out of the gate will be the mixed-use development at Second Avenue and Pine Street – to be located on the full block shared by the Macy’s parking garage. While shrouded in secrecy for several years, it appears this project will finally break ground (and its silence) next spring, according to developer Paul Brenneke of AvStar, LLC. “We’re getting ready to make some pretty big announcements,” says Brenneke. “This development will certainly not disappoint.”

Rumors suggest the site will soon host a luxury hotel, a destination restaurant concept by an internationally-recog-nized chef, a major fitness club and spa, flagship retail and, of course, a collection of high-end condominiums above.

Half a block south at 1521 Second Avenue, the architects at Weber + Thompson have been busy designing a tower that lead architect Blaine Weber describes as a “sculpture for living.” All of the 144 homes were designed as penthouses from the first residential floor all the way to the 38th floor. They average a generous 1,900 square feet and feature enclosed solariums that open to the outdoors like balconies – perfect for year-round use in a mixed-bag climate. But for some, 3,000

square feet or more is needed to make the move downtown. “Many buyers are seeking to combine homes for even larger spaces,” says Weber.

“The architecture will be anything but typical for Seattle,” says Andy Taber, project manager for Opus NW, the community’s developer. “It will be a very slim, all-glass building that offers every residence a view of the water. Our premium design coupled with our immediate proximity to retail, arts and

Elegance on every level. Introducing a higher standard for today’s in-city lifestyles. Expansive interior and exterior living spaces, luxurious

appointments and uncommon amenities come together to create a new classic in the center of downtown Seattle.

City Homes and Sky Villas priced from below $500,000 to over $2 million. Penthouses also available.

Ground breaking Spring 06. Fourth and Virginia, Downtown Seattle

REGISTER NOW at www.MidtownSeattle.com.Seller reserves the right to change the product offering without notice.


“Consumers are becoming far more discerning and so the days of building production apartments sold as luxury condominiums are over. Builders are slowly realizing that good design – just as in the automobile and other design industries – results in enhanced value and repeat custom-ers. The increasing constraints on floor space means tomorrow’s interior programs need to work harder to serve today’s urban lifestyles. That said, there’s always room to personalize an environment and that’s where the (design) trade will always have a role to play.”Garret Cord Werner is an award-winning interior designer based in Downtown Seattle representing both local and international cliental for residential and commercial projects. www.garrretcordwerner.com

THE

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gh in Design

Garret Cord Werner

Specializing in Financing for Seattleʼs Urban Communities

Jeff BellMortgage Banker/Broker425.891.2200, [email protected]

* Long-Term Locks Available* Guaranteed On-Time Closings* Competitive Pricing* More Product Choices* Loan Review Every Six Months After Closing

entertainment make it an especially attractive address for new homeown-ers.” Pending entitlements, the project is scheduled to start construction next summer with occupancy in late 2008.

Completing the trio on Second Avenue, developer Gregory Broderick Smith has announced his plans for another 400-foot condominium tower at the corner of Pike and Second streets. All combined, the Pike / Pine corridor between Post Alley and Fourth Avenue will soon experience a residential

transformation on a grand scale that represents an exciting residential revitalization of the Market District.

But with more choices than ever, developers, architects and designers look to innovate in the attempt to woo buyers. Whether it’s larger, taller, more exclusive, more efficient or simply more for less, downtown Seattle is no longer about comparing one beige box to another.

Urban living to new heights Perhaps the greatest innovations are outlined in Mayor Nichols’ Center City Plan, which is based on the plans prepared by the five downtown neigh-borhoods and contemplates re-zoning certain areas. If approved by Seattle City Council next year, segments of downtown will soon host new residential buildings up to 400 feet adjacent to the high-rise office core, or even 600 feet within the office core. The towers would be narrower and more sympathetic to their neighbors than allowed by the current code, by providing more views between towers and more sunlight at street level, as well as increased public benefits for the community.

Developer and urban living advocate William Justen says it’s the right thing to do for the city. “It just makes sense to me,” says Justen. “An increased residential population downtown offers so many positive benefits for our com-munity, surrounding businesses and public interests. Every great city I can think of has a much greater proportion of residential to commercial use in their downtowns.” By contrast, Vancouver B.C has about twice the residential population downtown and less than half the office space when compared to downtown Seattle. Justen is working with OPUS on the 1521 Second Avenue project, which would be the first tower built under the proposed new zoning. Their design concept is unique, offering only five homes per floor. Named after its premier address, the condominium estates at Fifteen Twenty-One will start where other buildings top off. “We envision a community with uniformly high-end homes. We’re not trying to be all things to all people in this building; rather we’re looking to be the best for one particular niche of buyers,” says Justen.

“Our location and views certainly warrant the effort.”

But exclusivity doesn’t have to mean expensive. Other developers in search of a niche market are building in high design within smaller spaces to keep prices within reach.

Mayor Nichols’ Center City Plan” contemplates residential up-zoning for some blocks to 400-600 feet.


Fifteen Twenty-One, located near Pike Place Market is proposed as

the city’s first “tall and skinny” tower as outlined under the Mayor’s

Center City Plan. Image by OPUS NW Development

Rendering by Weber-Thompson & Pixelframe, Inc.

For information on new condominiums coming soon to your favorite neighborhoods, visit urbancondominiums.com and register for priority pre-sales information.

Y O U R P L A C E I N T H E C I T Y

Redefining inner SpacesThe product concepts behind LUMEN are about form and function while maintaining attractive price points. Interiors are designed for maximum efficiency while allowing for individual expression and flexibility. Most homes at LUMEN have ceilings well over 10 feet high. It is the volume of space, massive window-walls and interplay of light in the homes that led to the development’s unique name.

LUMEN was designed by David Hewitt of Hewitt Architects, with interiors by Garret Cord Werner. These stylish, innovative homes will range from about 500 to 1200+ square feet. While perhaps more efficient in aggregate square footage, the open plan designs actually provide for more everyday living space than typical condominiums because single-purpose hallways are eliminated. LUMEN also features floor-to-ceiling windows, opaque panel walls and multiple options for personalization by homeowners. The use of modular design components will allow residents to adapt their homes even after it is complete.

“This is a landmark project, not only for us, but for the city of Seattle,” says Alan J. Winningham, principal of Landstar Real Estate, the project’s developer. “There are simply no other develop-ments in downtown Seattle with this adaptable, innovative format. Combined with the conveniences of the lifestyle re-tail center, LUMEN will, without a doubt, be a highly sought-after location for selective homebuyers that appreciate high design.”

amenity and Service ParadigmCondo convenience was the party line of the year. With so many hotel/condo-minium announcements, it has become a ‘battle of the brands’ out there with concierge programs promising to do everything for residents but pay the mortgage.

Inspired communities like 2200 outline the numerous buyer benefits much like an owner’s manual for living.

In the Puget Sound region, downtown living is not just limited to Seattle. The eastside also offers new homeowners opportunities for the urban lifestyle, albeit at a perhaps quieter, more relaxed pace.

Consider for example, the waterfront community of Kirkland. With a population of about 44,000, the city has much to offer new condominium homeowners, including a charming, pedestrian-friendly downtown featuring art galleries, specialty shops, fine dining opportunities and a vibrant nightlife.

Urban Living in

KIRKLAND


“The Seattle metro area continues its strong recovery adding 45,690 payroll jobs during the last three quarters of 2005. It is our opinion robust payroll employment growth will continue for the foreseeable future creating increased demands on in-fill housing. Notwithstanding the substantial housing supply planned, home values will continue to see reasonable appreciation between 4 to 7 percent per year with growth management limiting land supply and positive in-migration driving demand. Matthew Gardner is the principal of Gardner Johnson, LLC – a Seattle-based land use economics firm and an opinion leader on the economy and its effects on urban housing. www.gardner-johnson.com

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Matthew Gardner

Find an uncommon condo

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Ready for something new? Entirely new concepts for high-rise living are in development – coming soon to Second Avenue & Broad Street.

Hotel, grocer, spa, restaurants, café, shopping – it’s everything a homeowner could want all in one place. Following suit, mixed-use buildings like LUMEN and now AvStar’s Second and Pine property are taking these concepts to new locales in the city.

“They’re not just buying the amenities and services – they’re buying back time,” says Dean Jones, president of REAL Project Marketing, a local real estate marketing firm. “Living in the city with access to conveniences can add hours back to your day to spend as you wish. It all comes down to valuing your time.”

The Buyers are Coming...With so many unique condominiums be-ing built, one can’t help wonder: Who’s going to fill them? Why are these buyers moving downtown? “It’s inevitable,” says Jones. “The convergence of consumer demographics, undeniable lifestyle advantages and economic benefits create a residential center of gravity at our city’s core.” Ultimately, people move because they are looking to enhance their life. Whether they’re looking to upsize for more space, downsize to simplify, avoid a long com-mute, be part of the action, reside in a unique product type, or make a sound investment – downtown Seattle serves it up better than anywhere else.

The Urban dwellerThe most populous of buyer profiles are young urban professionals under 35 years, representing virtually half of downtown’s 22,000 residents today. Seattle has attracted more well-educated residents per capita than any other major metropolitan city in the nation, an effect known as “brain gain.” They’re lured by the better quality of

life and higher paying jobs offered in urban centers. They tend to be more af-fluent and are attracted to the vibrancy of the city through the arts, culture and entertainment opportunities, as well as to the diversity of the people.

These residents may rent for a while to road-test a neighborhood, but many eventually buy, taking advantage of low interest rates, tax benefits and investment appreciation.

Beyond the economic benefits, “hiving” has also become a driving force for multi-family living. An interesting backlash from the “cocooning” trend of the 1980s and 1990s, the term “hiving” was coined by the national research firm Yankelovich to describe the need for individuals to experience a sense of community through social interaction. To address this need for connectedness, developers began adding amenities to their projects, such as great rooms with full kitchens, mini-theaters, lending libraries, concierge service and large community terraces with seating areas, outdoor fireplaces and barbeques.

But the real story today is the emerging market that’s filling up towers that offer homes averaging $1 million or more. This is the new economy for residential real estate.

What’s behind the demand? Baby Boomers are one-third of our nation’s population and are now in their top earning years. These consumers have significant equity positions in their homes and are about to experience

a tremendous transfer of wealth from their parents. Unlike their folks, empty-nesters are more likely to spend money on non-essential luxuries such as recreational travel and high-value condominiums.

Jones says we’ve only seen a sliver of the massive influx about to hit the market. “They’re moving back into the city for the ‘lock and walk’ lifestyle,” says Jones. “Their children have left home so they’re cashing in their home in the suburbs and are repositioning themselves for the next chapter of their life.”

While Urban Professionals and aging Baby Boomers may be the market drivers, 80 percent of the city’s annual sales have traditionally been resales and rental conversions. However, that’s also changing. New construction is gaining market share and value as product evolution stretches to meet the unique demands of today’s emerging demographic. In fact, many city dwellers are moving up to new offerings every day, improving their view, expanding their environment and getting closer to the action.

People beget people. And more consumers mean more retail and restaurants. More amenities mean a greater draw. Greater draw means more people. Rinse and repeat for a cleaner, shinier, bouncier city that attracts more people every day.

Condo ConfidenceWith housing development now occur-ring at a frenetic pace and housing

Buyers filling up buildings with

units averaging $1 million+ are creating a new

residential economy downtown.

With increasing housing costs, some developers are creating

open plan environments offering enhanced, flexible living in more

efficient spaces.

Image by Landstar Real EstatePhoto by Mercury Cloud

“I’ve been living downtown since 1977 when there was little diversity in housing. Today a new paradigm for living has attracted many of my friends to relocate to the city too. Their suburban homes are being recycled for new families to raise their children, which mitigates urban sprawl. An increased in-city population is creating a 24-hour presence that provides for a safe and livable community downtown. To me the future means residential stakeholders that care for their city with as much passion and resolve as they held for their past neighborhoods – albeit in an urban setting.” William Justen is an urban living advocate and principal of The Justen Company, a project management and development firm specializing in residential high-rise communities. www.justencompany.com

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William Justen


Obtain the proper ty repor t required by federa l law and read i t before s ign ing anyth ing . No federa l agency has judged

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W H E N YO U K N O W E X A C T LY W H AT TO L O O K F O R

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values rising rapidly, it’s a wonder how the supply and demand balance will hold up over the next several years.

Recently, one of the largest mortgage insurance companies in the nation, PMI, which, among other interests, insures home values against the risk offoreclosure, ranked Seattle as oneof the least risky housing markets in the U.S. to experience a bubble. And according to local real estate

economist Matthew Gardner, it’s just not an issue. “There’s no [housing] bubble in Seattle,” says Gardner. “The reality is that we’re only just now starting to see the kind of development that you’d typically find in a city of our size. In theory, we’ve really been asleep at the wheel for several years.”

Jones agrees and explains the nuance. “It takes a market up to two years to respond to demand,” says Jones. “Once

it can be evidenced with closings that the market has expanded, developers must acquire land, apply for permits and get rolling with marketing and construction. That process creates a ‘condo holiday’ between demand and arrival of new inventory.

This imbalance, coupled with improving product, has been largely responsible for the quick run-up in pricing. With more housing coming online, annual

price appreciation will not likely spike past 10 percent per year, as it did in 2004 and 2005. But it will remain strong; Gardner estimates prices to rise between 4 and 7 percent per year.

“I far prefer more rational growth versus wild swings in value.” says Gardner. “It’s evidence of a value-stabi-lized marketplace and is far healthier long term.”

But even with increasing housing costs, Jones believes Seattle is still a bargain, relatively speaking. When compared to other West Coast cities, Seattle’s aver-age new construction pushes upwards of a $500,000 for a more typical 900 to 1000-square foot home. This same home would be in excess of $650,000 in San Diego and a whopping $800,000 in San Francisco. “We’ve still got lots of room to grow,” concludes Jones. “Especially if interest rates remain low.”

Jeff Bell of Homestone Mortgage says buyers are in no immediate danger of drastic interest rate spikes, but hints that rates are headed away from the rock bottom rates of the last two years. “The trend line has been pretty clear,”

2000

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year to date

New condominiums on Eastlake designed to ref lect the ideas of the people who will actually live there.

Yes, you could be one of them.Register now.

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I M A G I N E


Information provided by sources deemed reliable but, cannot be guaranteed. E&OE. Downtown Seattle New Construction Condominiums – Average Home Values

Overall downtown condo values have recovered nicely from recession with significant growth in 2004 and 2005 in response to evolved product designs. Source: Gardner Johnson, LLC.


says Bell. “As a result our long term interest rate lock programs have been very popular for presale buyers.”

In fact, many consumers are taking advantage of presale pricing and then locking down today’s rates for a future closing. It’s like buying a home with 2007 dollars but at today’s pricing and interest rates. The economic benefits have been making armchair investors out of everyday people.

“Many homebuyers have been able to pull equity from their current residence under an interest-only line of credit,” says Bell. “Then they can put down a deposit on a new place and buy some upgrades without having to sell first. This way, they’re staying in the market on two homes without having to go out of pocket significantly.”

This practice is becoming more and more common as many city dwellers move every couple of years, moving up each time. Condominiums are becoming a commodity.

An Investment in LifestyleA thriving downtown cultural, arts and entertainment community. A bevy of private and public companies investing billions of dollars into our city. New housing products, emerging neighborhoods, innovative design and architecture.

Downtown Seattle is quickly evolving into an exciting and dynamic metropoli-tan city right before our very eyes. The news is not surprising. After all, our city has a history of bringing to market innovative, life-changing products – at Boeing, Microsoft, Nordstrom, Starbucks or Amazon.com. And today our stock is in urban living and the future of our fair city – it makes sense. Just think of it as a lifestyle investment that you get to enjoy everyday.

“Seattle will witness a new generation of high-rise towers that are taller, more slender, and more elegant than anything that has been built to date. Updated zoning and new tech-nologies will allow for some exciting architectural innovations that will soon grace our evolving skyline. New development will also respond to growing appreciation for sustainability as Seattle buyers begin to insist on healthy products, energy-efficiency and environmentally friendly systems. I believe that Seattle is positioned to become a world class leader in innovative design and sustainable development.” Blaine Weber is a principal of Weber +Thompson – a full-service architecture and design firm based in Seattle specializing in high-rise residential projects. www.weberthompson.com

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Blaine Weber

Nationally recognized for real estate marketing excellence, REAL specializes in representing high-profile urban properties from concept to closing.

www.realogics.com


There’s no (housing) bubble in Seattle”– Matthew Gardner,

Principal land-use economist with Gardner Johnson, LLC

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