The collection includes studios, urban one-bedrooms, and one-bedroom flats and lofts in three Seattle locations.
SEATTLE — Condominium homes in three recently developed multi-family buildings on Capitol Hill and in Wallingford — known collectively as the Neighborhood Collection — will be offered for individual unit reservations beginning Sept. 15.
The Neighborhood Collection includes 133 studios, urban one-bedrooms, and one-bedroom flats and lofts that are priced from the low $400,000s to more than $800,000. The three properties in the collection are:
- Atrium, with 34 units at 750 11th Ave. E.
- Wallingford 45, with 48 units at 1601 N. 45th St.
- Edison, with 51 units at 121 12th Ave. E.
Model homes are expected to be open by October, with homeowner occupancy soon after, says Carlene Pride, the listing broker with Realogics Sotheby’s International Realty.
“This is just what the market was waiting for,” she says. “Prospective buyers can take advantage of introductory pricing, interest-rate lock programs and the opportunity for tax advantages in 2018 — all without concern of multiple offers or ‘condo FOMO’ (fear of missing out).”
Pride says it’s been a decade since the last condominiums were built in these popular neighborhoods.
“Several new high-rise condominiums were recently offered for reservation and presale, which resulted in nearly all the homes being secured on opening weekend,” she says. “The challenge is these towers can take years to deliver, whereas the Neighborhood Collection will be move-in ready now.”
Developers will open a sales gallery at 1420 E. Madison St., Suite 113, on Capitol Hill at 11 a.m. on Sept. 15 and 16. Prospective buyers can preview artist renderings, review floor plans and price guidance online in advance, as well as information on the reservations process.
Prospective homebuyers are encouraged to arrive early for the best selection.
“Reservations are offered as a convenience for both the buyer and seller,” Severson says. “We look forward to welcoming each new buyer into the building by appointment a few weeks later to experience the model homes, inspect their home when it’s finished and then proceed with the sale.”
Reservations require a fully refundable $5,000 deposit that is held in escrow. The option agreement will include the specific home, the price range, and the process for mortgage pre-qualifications and financing.
Once the home is complete, an offer will be made within the stated price range. The buyer will have an opportunity to fully explore the home, the building and the neighborhood over several weeks without worry of losing the purchase option, Severson says.
“Second-position reservations are also being offered in case a preferred home also has been optioned, pending the decision of the first position, of course,” he says.