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306 Summit Ave

By Matt Goyer November 3, 2006

306 Summit Ave just hit the market:

This building site comes with complete set of approved plans for 4 contemporary townhomes; permits already issued! Each unit is 4 stories: ~1500 sq ft w/ 2 bed, 2.5 baths & private garaged parking off alley. Located on the westside of Capitol Hill, it’s the perfect solution for the urban builder who is looking for a high-profile design.

Price at $1.1 mil.

I don’t know how commonplace it is to do the ground work for a project but not actually build it, but I do wonder if the builder got cold feet. I suspect this because of the slow sales at Three19 (just down the street at 319 Summit). Three19 went on the market in April and while there are only 16 units (many are two bedrooms like this project), they’ve only sold ten. What is even more disturbing is that their average price per square foot is lower than many of the conversions in the area. Are two bedrooms just a hard sell on Capitol Hill?

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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7 responses to “306 Summit Ave”

Ken says:

November 20, 2006 at 8:32 am

I have gone to take a look at the three19 condo recently, I think the reason why the remaining units on 2nd and 3rd floor are going to be hard to sell are (not in any particular order):

1. outrageous HODs – the HODs are averaging close to $400 per month in three19. With a huge mortgage to pay at the same time, this is gonna push a lot of buyers away

2. If you look at the units that are already sold in the building, it’s the first floor unit (the biggest), and the 4th-5th floor units. Where the views are guaranteed to stay, 2nd and 3rd floor units, while currently have a view, can potentially lose it at any time if that shabby shack in the block at the front gets demolished and another big 6-7 story condo comes up. No one in their right mind will pay the price they are asking right now for a unit that will potentially lose its view in a year or two.

I wouldn’t buy at three19 – the HODs and the price they are asking for the remaining units just do not make it an attractive place to buy right now. The builder is also not making any effort to entice the buyer with any sort of incentives. I think it would be a while before they sell the remaining units.
Ken says:

November 20, 2006 at 3:32 am

I have gone to take a look at the three19 condo recently, I think the reason why the remaining units on 2nd and 3rd floor are going to be hard to sell are (not in any particular order):

1. outrageous HODs – the HODs are averaging close to $400 per month in three19. With a huge mortgage to pay at the same time, this is gonna push a lot of buyers away

2. If you look at the units that are already sold in the building, it’s the first floor unit (the biggest), and the 4th-5th floor units. Where the views are guaranteed to stay, 2nd and 3rd floor units, while currently have a view, can potentially lose it at any time if that shabby shack in the block at the front gets demolished and another big 6-7 story condo comes up. No one in their right mind will pay the price they are asking right now for a unit that will potentially lose its view in a year or two.

I wouldn’t buy at three19 – the HODs and the price they are asking for the remaining units just do not make it an attractive place to buy right now. The builder is also not making any effort to entice the buyer with any sort of incentives. I think it would be a while before they sell the remaining units.
mattgoyer says:

November 22, 2006 at 9:40 pm

HOA is $0.46/SqFt which seems high given that there are no amenities.
Matt says:

November 22, 2006 at 4:40 pm

HOA is $0.46/SqFt which seems high given that there are no amenities.
Alvin says:

November 26, 2006 at 10:56 am

How do HOA get evaluated? I too thought that the amount of HOA is kinda high for a building that has no amenities.

What are the HOAs like for, say, Meritage?

Maybe it is because of the fact that there are not that many units in the building (only 16). So the cost of the maintenance and the reserves fund for HOA need to be built up and hence the $/sqft for HOA is high?

The other factor I think for the unsold inventories at three19 is that the side windows of all the remaining 2nd/3rd floor units look directly into the two buildings beside it. There are not a lot of room between three19 and its neighbouring buildings. Making those units less attractive than the 4-6th floor units. Along with the potential loss of view, high HOA, the number of conversions on Capitol Hill and the other new constructions looming over the horizon (Cameo, Trace Loft, Trace North, Brix etc) – it will make it harder to sell these inventories I think.

Perhaps, as you said, seeing the units completed will change the potential buyer’s mind, who knows…
Alvin says:

November 26, 2006 at 5:56 am

How do HOA get evaluated? I too thought that the amount of HOA is kinda high for a building that has no amenities.

What are the HOAs like for, say, Meritage?

Maybe it is because of the fact that there are not that many units in the building (only 16). So the cost of the maintenance and the reserves fund for HOA need to be built up and hence the $/sqft for HOA is high?

The other factor I think for the unsold inventories at three19 is that the side windows of all the remaining 2nd/3rd floor units look directly into the two buildings beside it. There are not a lot of room between three19 and its neighbouring buildings. Making those units less attractive than the 4-6th floor units. Along with the potential loss of view, high HOA, the number of conversions on Capitol Hill and the other new constructions looming over the horizon (Cameo, Trace Loft, Trace North, Brix etc) – it will make it harder to sell these inventories I think.

Perhaps, as you said, seeing the units completed will change the potential buyer’s mind, who knows…
web design London says:

October 31, 2011 at 11:35 am

I wouldn’t buy at three19 – the HODs and the price they are asking for the remaining units just do not make it an attractive place to buy right now. The builder is also not making any effort to entice the buyer with any sort of incentives.

306 Summit Ave

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