robust presales at spire condominiums; roughly 20 percent of homes are presold or reserved
Laconia Development and Realogics Sotheby’s International Realty Announce Robust Presales at SPIRE Condominiums; Roughly 20 Percent of Homes Are Presold or Reserved.
The total unit count has reduced to 337 condominiums as some units are identified for potential assemblages amidst demand for larger floor plans.
Executives of Laconia Development and Realogics Sotheby’s International Realty (RSIR) jointly announced that interest in homes at SPIRE is strong, as approximately 20 percent of the condominiums are in binding presales and reservation agreements. SPIRE — a 41-story high-rise currently under construction in the heart of Seattle’s Belltown neighborhood — will rise at 600 Wall Street in late 2020. In response to consumer demand, approximately twenty-four homes have been identified for potential unit assemblages to accommodate larger two-, three- and four-bedroom floor plans ranging in size from 1,135- to 2,635-square feet. In addition, there is further opportunity to combine even more expansive penthouse residences.
Prior to the official announcement of larger plan options, at least one new contract went under mutual acceptance for a combined AA/B floor plan on the 35th floor with 4 bedrooms and 3.5 baths set across 2,635 square feet — it sold for $4.35 million. A comparable home on the floor above just went onto the market for $4.5 million.
Laconia Development and RSIR debuted the SPIRE Sales Center and Model Home to the public in late October 2018. Brokers have said SPIRE represents the first luxury, high-rise condominium tower to hit the market in several years, touting its ability to tap into unmet demand from next generation urban residents that are looking for cutting-edge design, enhanced specifications and unobstructed views.
“It is our distinct pleasure to welcome scores of new homeowners to the SPIRE community just a month into our sales effort,” Paul Menzies, CEO of Laconia and representative of Seattle Realty One, LLC, the developer of SPIRE, said in a statement. “We are greatly encouraged by the overwhelmingly favorable reception from buyers both locally and internationally.”
Menzies said the team is responding to demand from move-up buyers in nearby condominium towers and luxury apartment buildings, in addition to downsizing empty-nesters seeking a lock-and-leave lifestyle. He confirmed that given the new potential for unit assemblages, the total number of homes available at SPIRE has been reduced to 337 homes. The latest construction update reveals that site excavation is nearly complete and the building is on track to rise at the corner of 6th and Wall Street for occupancy in late 2020.
“It’s pretty common to modify our offering in response to evolving market preferences,” Menzies added. “We are fortunate to have this sort of flexibility at this early stage. However, I would invite prospective homebuyers to explore this opportunity for penthouse unit combinations while we can still accommodate their interest.”
Excavation at the SPIRE site is near completion, with current timelines following a late 2020 occupation window.
The new floor plans will include larger homes on floors 33 and above with unobstructed westerly views of Elliott Bay and/or northwest to the Space Needle and beyond.
These include:
- Penthouse EE/FF— 3 Bedroom Plus Den / 3 Bathroom (~2,025 Sq. Ft. with 10’ Ceilings) From the Mid-$3 Millions
- Tower Residences AA/B— 4 Bedroom / 3.5 Bathroom (~2,635 Sq. Ft. with 9’6” Ceilings) From the Mid-$4 Millions
- Tower Residences AA— 3 Bedroom / 3 Bathroom (~1,825 Sq. Ft. with 9’6” Ceilings) From the Low-$3 Millions
- Tower Residences H/J – 2 Bedroom Plus Den / 2 Bathroom (~1,135 Sq. Ft. with 9’6” Ceilings) From the Mid-$1 Millions
The design team is currently finalizing penthouse specifications for the three bedroom and larger floor plan series. They will include state-of-the-art kitchens with Pedini cabinets with wood lowers and glass uppers, a Wolf™ double wall oven and gas cooktop, a Subzero™ side-by-side refrigerator, and a wine cooler (all as available per plan). Natural stone will grace the countertops and island (where applicable) with matching, full-height backsplash. Bathrooms will include premium plumbing fixture upgrades. Walls of windows will include electric blinds with automated controls and backouts in the bedrooms. Wipliance will provide a Smart Panel Pad-style system with automated controls for the lights, blinds and thermostat (options for A/V coordination are available for personal upgrade). Buyers will select from several pre-set modular organizer options in the closet with premium finishes. (Note: seller reserves the right to change the product offering without notice.”
As Michael Cannon, Sales Director for SPIRE Condominiums and a broker with RSIR said, “SPIRE has already established a new standard of luxury for downtown Seattle condominium living two years before it delivers. In addition to the commanding views and enhanced finish specifications, we offer an enviable timeline for completion by late 2020.”
Cannon notes that the presale window of 24 months is ideal for those buyers that wish to plan ahead because it provides ample time to prepare a current home for future sale within Seattle’s rising market. In some cases, he says buyers are forecasting future capital events such as vesting their Restricted Stock Units at Amazon to lock in their purchase price today. SPIRE presales require only a five percent earnest money deposit, which is held in escrow and applied to the final purchase price at closing.
“Savvy buyers know that opportunities such as this only come around once every decade or so,” added Cannon. “These premium properties atop high-rise towers are akin to urban waterfront — there’s only so much of it and it’s very coveted real estate.”
In addition to the new unit combinations, SPIRE offers a diverse collection of condominium options for presale including one bedrooms from the high $600,000s, one bedroom plus dens from the low $900,000s, and two bedrooms from the low $1 Millions.
For more presale information, contact us today here.
