Tours are available of 34 newly staged condominium homes at Atrium on Seattle’s Capitol Hill.
SEATTLE — Representatives of Atrium, a recently developed condominium building on Capitol Hill, are offering prospective buyers and brokers private tours of 34 homes ahead of their formal sales debut later this month.
Visitors can review floor plans and price guidance during tours of the newly staged homes, located at 750 11th Ave. E.
“This is just what the market was waiting for,” says Carlene Pride, the listing broker with Realogics Sotheby’s International Realty. “Our team is well positioned to help consumers compare owning versus renting, to share market trends, and to prepare for the upcoming sales opportunity.”
For the first time in a decade, new-construction condominiums are becoming available in the popular neighborhoods such as Capitol Hill and Wallingford as developers begin offering homes for sale instead of apartments for rent, Pride says.
“To be clear, more than 93 percent of the 27,000-plus multifamily units to be delivered throughout downtown Seattle during the current decade are purpose-built for rent while 90 percent of what will be delivered by 2020 for sale is already presold,” she says. “Developers are playing catch-up to demand.”
According to the Northwest MLS, the most affordable price points continue to be elusive as median home prices rise by 1 percent per month. Most of the selection tends to be older residences or outside the preferred neighborhoods.
“We are witnessing a steady increase in consumers migrating from renting to buying, and this new inventory will be very compelling at these price points,” says Brandon Ehrlich, vice president and branch manager with HomeStreet Bank. “Only homeownership provides tax advantages and the opportunity for capital appreciation, especially for those with limited down-payment opportunities. This is widely understood to be their single greatest wealth-building strategy.”
Atrium is part of the Neighborhood Collection, which also includes the 51-unit Edison on Capitol Hill and the 48-unit Wallingford 45 in Wallingford. Each community has new homes available for occupancy this year at prices from the low $400,000s to more than $800,000.
Most of the homes will have conforming loan limits, allowing buyers to qualify with a down payment as low as 3.5 percent, as well as lower FICO scores.
Atrium features studios, open one-bedrooms and one-bedroom home plans, a community rooftop deck with views of downtown Seattle’s skyline, and exterior breezeways and courtyards to evoke a sense of connection among residents. The building is the first new condominium in more than 30 years in this nostalgic residential neighborhood a block from Volunteer Park.
Pride says Atrium offers the perfect balance of convenient condominium living, but within a quiet, tree-lined community surrounded by some of Seattle’s most established residential estates.
“This is the quiet side of Capitol Hill, as we front single-family neighborhoods,” says Pride. “Yet our residents will be just a short stroll from the vitality of Broadway and 15th Avenue attractions and residential services.”