Gallery Condos Hit the Auction Block...Again

Belltown's Gallery Condominiums are heading to auction, again.

24 open 1 bedrooms and 1 traditional 1 bedroom + den, ranging in size from 571 to 883 square feet, will be up for sale on March 5th. The homes are located on floors 6, 9, 10, 11 and 12 and the minimum bids start at $175,000 and go up to $295,000.

As with other auctions, potential buyers must register to attend the auction, be pre-qualified with one of the Seller's preferred lenders, have inspected the properties in advance, reviewed the Purchase and Sale Agreement ahead of time and must bring a $2500 cashier's check to the auction along with a blank personal check which totalled together will serve as the buyer's 3% earnest money deposit.

Want more information? Want to check Gallery out? Interested in buying at the auction? We are here to help! Call us or send us an email!

Olive 8 Drops Their Prices & Changes Marketing Firms

Olive 8, the Downtown Condominium Tower that sits above a Hyatt Hotel, has switched marketing teams and dropped their pricing.

With more than 50% of the homes sold and closed, Olive 8 has decided to change things up and has hired Realogics Sotheby's International Realty to market and sell their remaining homes.

With this relaunch comes a change to the pricing, with 15-25% reductions. There are 1and 2 bedroom homes available ranging from 650 to 1,586 square feet as well as larger penthouse units. Here is a sampling of their new prices: (click on the pricing chart to make it larger)


To refresh your memory, Olive 8 has some spectacular amenities including a media room, party room with kitchen and a massive outdoor deck featuring 3 barbecues. Homeowners can also use the hotel amenities and services like the lap pool, saunas, room service, gym, housekeeping, and dry cleaning.

Want to check Olive 8 out or have some questions? Send us an email or give us a call!

Greenfab's First Modular Green Home in Seattle

Today we attended Greenfab's Modular Home Craning Day. And it was awesome!

Greenfab, a local Developer, offers homes that balance sustainability with affordability and design. Their goal is to offer a better way of living for all people. Today their first modular home, after being prepped yesterday in a staging area, was craned into place in the Jackson Place neighborhood. There were six total modules for this home and each one was lifted off a truck by a large crane and put onto the foundation already built on the site.

Greenfab focuses on prefabricated homes because they are precision-built in a controlled factory environment designed to increase efficiencies, save resources and reduce costs. While the prefab home is being constructed in a factory, the site work on the foundation can go on simultaneously making it a much faster build time than with traditional stick-built-on-lot homes.

Once this home is completed you will have a chance to come and check it out so please stay tuned to find out when the grand opening will be!

A Tunnel, a Bridge and a Train - Moving Seattle Forward

A TUNNEL, A BRIDGE AND A TRAIN – MOVING SEATTLE FORWARD
an Editorial Series by Urban Marco
How upcoming transportation systems affect our neighborhoods, our connections to each other and our lifestyles

For any of you that have spent any time with me looking at condos and homes around Seattle, you know that I’m determined to get our local transit and transportation systems upgraded to help us get around town better.

You’ve heard me talk about my strong support of the Light Rail and replacing the aging Alaskan Way Viaduct with a safer, quieter thoroughfare that’s safe for pedestrians, bikes, and ultimately helps our economy and boosts property values. People traveling and relocating to Seattle will also benefit from a new revitalized waterfront, new connections to the downtown core and the freeways, as well as better connections to the eastside, the Seatac airport, and eventually better connections north to UW, Northgate, Lynnwood, and to the south to Seatac and Federal Way.

In this editorial series “A tunnel, a Bridge and a Train - Moving Seattle Forward”, I want to bring you along with me to learn and discover what’s happening as our city and our region enters into a pivotal point of replacing the Viaduct, improving the waterfront, expanding the light rail and replacing the 520 Bridge. And ultimately, since I’m in real estate, how does this affect us, our neighborhoods, and condo and home values.

It All Starts with the Tunnel- Part 1

Click here to read the rest of the article....

FHA Changes Again

Effective last month, FHA announced more changes that affect buyers using FHA loans.

With every FHA loan, there is an Upfront Mortgage Insurance Premium (UFMIP) and an annual Mortgage Insurance Premium (MIP) paid monthly associated with it.

The recent changes are decreasing the amount of the UFMIP and increasing the MIP. This means less out of pocket when you purchase but a higher monthly payment.

Here is an example of how the changes affect your monthly payments (granted the loan amount in this example is a little low for our Seattle area condos and homes, but it is just an example people!)~

Old Rules – Before Oct 4th
Loan Amount: $161,500
UFMIP flat fee: 2.25%
UFMIP flat fee charge: $3633.75
Monthly MIP %: .55%
Monthly MIP cost: $73.48

New Rules – After Oct 4th
Loan Amount: $161,500
UFMIP flat fee: 1%
UFMIP flat fee charge: $1615
Monthly MIP %: .90%
Monthly MIP cost: $120.24

Click here to see Sheila Bryan's, a Mortgage Banker with Cobalt, information sheet on this.

Interested in purchasing a home or condo or with an FHA loan and want to know more? Send us an email or give us a call!

10 Reasons to Buy a Home

Realtor Magazine reported on the Wall Street Journal piece about Home Ownership.
They laid out 10 reasons to buy a home.

And here are those reasons:
- You can get a good deal
- Mortgages are cheap
- You can save on taxes
- It'll be yours
- You can get a better home
- It offers some inflation protection
- It's risk capitol
- It's forced savings
- There is a lot to choose from
- Sooner or later the market will clear

The article goes into more detail about explaining each of the ten reasons so check out the article!

Going Green is Not Just for the Planet - An Editorial Series - Part II

GOING GREEN IS NOT JUST FOR THE PLANET
An Urban Editorial Series by Marco Kronen

Recently, after receiving my STAR certification from the Earth Advantage Institute of Portland, I decided to share my excitement of green building and living practices. In Part I of my Editorial series I covered how green can help People, Planet and the Pocket Book. Now on to Part II!

Part 2- The Different Classifications and Certification Levels of Green Homes and Buildings

You’ve seen builders, product sellers, and marketers throw around many terms that make them look or appear Green. But what really carries weight and true value if we are looking for something green? There are green appliances with Energy Star Stickers, there are houses and townhomes all over our city being built with claims galore of being built green, and even retailers are now selling green products. So how do we keep this straight and determine what is meaningful and actually making an impact on sustainability in our homes and in our lives. And what will be worth money now and in the future. We’ll review LEED, Energy Star, Earth Advantage, Built Green and The Living Building Challenge so read on…..

Click here to read the rest of Part II