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MLS Watch: 615 E Pike #403

By Matt Goyer February 18, 2007

Wow, penthouse unit #403 at the 615 E Pike Lofts (MLS: 27018606) is for sale for only $476/SqFt. $599,950 for 1,260 sq feet 2 bed 2 bath two floor unit seems like a great deal as compared to the units I have been looking at at Trace Lofts (most penthouse units at Trace are in the mid $700/SqFt and are not two levels.)

Also if you’re interested here are the past two years of sales for the building. Average sold price is $354/SqFt.

I bet this goes subject to inspection this week, I’m just sad that it is a little more than I’m looking for.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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4 responses to “MLS Watch: 615 E Pike #403”

EconE says:

February 20, 2007 at 1:14 am

Well whatta ya know…last night…when I did my search…the condo was not to be found…and today…there it is…UrbanLivingSeattle shows it as listed in the last two days but not in the last day…but…anyhow…it’s there.

So…yeah…cool pad…I like floorplans like that but the only thing that I *don’t really like is when a loft is called a BR. To me…unless it is a Studio loft that is meant solely for one person, a loft in a “2BR” doesn’t provide the necessary privacy in order for me to consider it a bedroom whether I choose to use it for myself or offer it to my overnight guests.

Also…although I love the high ceiling architecture and the overall look…it would be hard to work around one of my biggest passions…music…It is referred to as “audiophilia nervosa” in our subculture of society…lol. And the room acoustics and speaker placement are every bit as important as the gear…This condo would be ok for nearfield listening at lower volumes but at something higher…well…let’s just say it would need some expensive room tuning.

Believe it or not…when I look at floorplans…that is something that I consider. It definitely makes it harder…some of the buildings have acceptable floor plans…others are so poor that they deserve the Bose system that comes with it.

Don’t take this as me bagging on this condo…I don’t think that it will go STI as quickly as you do…it is a cool pad however. I wish that there were better pics of the kitchen and it is nice to see that they aren’t raving about Granite Counters and Stainless Steel Appliances because most of the granite counters are not of the 1 1/2″ style…and to me…Stainless Steel Appliances Mean SubZero, Viking, Thermador, Gaggeneau, Miele, Wolf…not a Whirlpool or a Fridgidaire with a SS front.

BTW have you noticed the big Parc Belltown “bulge” that is hitting the MLS?

and honestly…why is it the while pretty much everything else is languishing…I wonder why I’m continually seeing many of the offerings in the Press building that are STI when they hit the MLS…are they really that much better than everything else in the price range? It just seems a little odd…dont cha think?
EconE says:

February 19, 2007 at 5:14 pm

Well whatta ya know…last night…when I did my search…the condo was not to be found…and today…there it is…UrbanLivingSeattle shows it as listed in the last two days but not in the last day…but…anyhow…it’s there.

So…yeah…cool pad…I like floorplans like that but the only thing that I *don’t really like is when a loft is called a BR. To me…unless it is a Studio loft that is meant solely for one person, a loft in a “2BR” doesn’t provide the necessary privacy in order for me to consider it a bedroom whether I choose to use it for myself or offer it to my overnight guests.

Also…although I love the high ceiling architecture and the overall look…it would be hard to work around one of my biggest passions…music…It is referred to as “audiophilia nervosa” in our subculture of society…lol. And the room acoustics and speaker placement are every bit as important as the gear…This condo would be ok for nearfield listening at lower volumes but at something higher…well…let’s just say it would need some expensive room tuning.

Believe it or not…when I look at floorplans…that is something that I consider. It definitely makes it harder…some of the buildings have acceptable floor plans…others are so poor that they deserve the Bose system that comes with it.

Don’t take this as me bagging on this condo…I don’t think that it will go STI as quickly as you do…it is a cool pad however. I wish that there were better pics of the kitchen and it is nice to see that they aren’t raving about Granite Counters and Stainless Steel Appliances because most of the granite counters are not of the 1 1/2″ style…and to me…Stainless Steel Appliances Mean SubZero, Viking, Thermador, Gaggeneau, Miele, Wolf…not a Whirlpool or a Fridgidaire with a SS front.

BTW have you noticed the big Parc Belltown “bulge” that is hitting the MLS?

and honestly…why is it the while pretty much everything else is languishing…I wonder why I’m continually seeing many of the offerings in the Press building that are STI when they hit the MLS…are they really that much better than everything else in the price range? It just seems a little odd…dont cha think?
Ken says:

February 22, 2007 at 6:30 am

yeah I agree pretty much with the labeling and how it appears on MLS in general. Most of the units in Pikelofts shouldn’t even be listed as 1BR since those are not really bedrooms.

I have also long given up on finding anything that is acoustically sound in a condo type place. It’s just not possible without too much work to set something like that up.

Regarding Press – it’s just real estate / marketing tactic. Press actually has a lot of inventory still left (you will see if you go to their sales center, and actually look at the unit floors at the front that marks which ones are sold and not). What they do is to only ‘offer’ a few units on the market (MLS). This does a couple of things, but mainly:

1. It creates a sense of ‘rarity’ to the buyers. ‘Oh, there are only 3 units left! I must buy now!’.
2. They can target specific, harder to sell units to the buyers, utilizing (1) above to create an urgency to get buyers to buy now, and also buying the not-so-ideal units.
3. Because of (1), and (2), this allows them to continue to price these units at sky-high prices, for a conversion, Press is NOT worth the money they are asking for imho. But people buy them, because of (1) and (2). Ok, the location is great, but still I do not think it’s worth the money.
4. Even though only a select few are ‘on the market’ at one time (and shown on their pricing sheets at sales center), ALL of the units are actually still available for general purchase if you know that they are available.

So finally, what (4) allows the sales and marketing guys to do is, if a ‘hidden’ unit gets sold, they are immediately put on MLS, and then one day after the status is changed from ‘Active’ to ‘Pending’. This once again, creates the illusion that Press is a highly desirable building and tons of people are gobbling it up left, right and center. I.e. it looks good on MLS.

Ken
Ken says:

February 21, 2007 at 10:30 pm

yeah I agree pretty much with the labeling and how it appears on MLS in general. Most of the units in Pikelofts shouldn’t even be listed as 1BR since those are not really bedrooms.

I have also long given up on finding anything that is acoustically sound in a condo type place. It’s just not possible without too much work to set something like that up.

Regarding Press – it’s just real estate / marketing tactic. Press actually has a lot of inventory still left (you will see if you go to their sales center, and actually look at the unit floors at the front that marks which ones are sold and not). What they do is to only ‘offer’ a few units on the market (MLS). This does a couple of things, but mainly:

1. It creates a sense of ‘rarity’ to the buyers. ‘Oh, there are only 3 units left! I must buy now!’.
2. They can target specific, harder to sell units to the buyers, utilizing (1) above to create an urgency to get buyers to buy now, and also buying the not-so-ideal units.
3. Because of (1), and (2), this allows them to continue to price these units at sky-high prices, for a conversion, Press is NOT worth the money they are asking for imho. But people buy them, because of (1) and (2). Ok, the location is great, but still I do not think it’s worth the money.
4. Even though only a select few are ‘on the market’ at one time (and shown on their pricing sheets at sales center), ALL of the units are actually still available for general purchase if you know that they are available.

So finally, what (4) allows the sales and marketing guys to do is, if a ‘hidden’ unit gets sold, they are immediately put on MLS, and then one day after the status is changed from ‘Active’ to ‘Pending’. This once again, creates the illusion that Press is a highly desirable building and tons of people are gobbling it up left, right and center. I.e. it looks good on MLS.

Ken

MLS Watch: 615 E Pike #403

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