March 15, 2013
From the mid-$500,000s
206-992-8553 or olive8.com
SEATTLE — Olive 8, a 229-unit condominium high-rise in downtown Seattle, is 98 percent sold and has five units left to sell. Remaining homes include one-bedrooms priced from the mid-$500,000s and two bedrooms from $1.26 million.
The LEED (Leadership in Energy and Environmental Design) Silver-certified building includes a Hyatt at Olive 8 hotel on the first 17 floors, and residents have access to amenities such as a fitness gym, a Pilates studio and stretch room, an indoor 65-foot saline lap pool and whirlpool, and a full-service day spa called Elaia.
"Despite the turbulent market conditions over the past four years, Olive 8 has emerged as a thriving community with validated market pricing in one of the nation's best housing markets," says Dean Jones, principal of Realogics Sotheby's International Realty, the brokerage firm listing Olive 8. "This building is well positioned for today and tomorrow — there are effectively no new-construction condominiums expected to arrive for at least two more years, and none will offer hotel amenities. We predict demand for in-city condominiums will continue to increase as liquidity returns to the surrounding single-family neighborhoods and as job growth expands."
Jones says there are fewer than 90 new and resale units on the market in downtown Seattle, which represents "the lowest inventory in years."
"For the entire year 2012, median home prices in the city center rose by 7.4 percent and total sales volumes rose 9.8 percent compared to 2011," he says. "Not surprisingly, Seattle was recently noted as one of the Biggest Turnaround Housing Markets in the nation, according to a Trulia.com ranking."
Emmanuel Miranda-Steiner is one of the recent homebuyers at Olive 8 and will move into his new condo this month. He says he's been watching the market for the past few years and decided to buy now instead of leasing another term in a nearby apartment building.
"I really didn't look anywhere else because I knew Olive 8 was where I wanted to live," Miranda-Steiner says. "It's central between the retail core and many of my favorite restaurants and theaters on Capitol Hill. And the transportation is so convenient — I can hop onto the light-rail service to Sea-Tac Airport across the street and be there in about 40 minutes without worrying about parking or traffic."
Miranda-Steiner acknowledges that the best time to buy a home may have been a year or so ago, but he says he has no regrets about sealing his deal now.
"The [condo] market is definitely picking up and mortgage rates are insanely low," he says. "New-construction inventory at Olive 8 is quickly disappearing, so I wanted to make my purchase while preferred selection and pricing was still available."
Standing 455 feet tall, Olive 8 is marketed as an "in-city resort" that offers hotel services at preferred pricing, including valet parking, in-room dining, housekeeping and a concierge. An 18th-floor amenity level is reserved exclusively for residents and features a catering kitchen, media room, billiards room and outdoor barbecue terrace with a dog run.
Content provided by Olive 8