We had a chance to connect with the Sales Director, Stephanie Schuessler, at Graystone Condominiums this week and wanted to share the highlights of our interview.
One of the things that stands out to me is that this is the first new construction condo building offering up in First Hill in the last 3 years. Luma over on Seneca was completed back in 2018. Additionally, even though First Hill is not a neighborhood with a large concentration of condominiums, the ones that are there, have a great benefit of close proximity to both the work centers of Downtown Seattle and South Lake Union, but also the recreation, dining, and activities of Capitol Hill, International District, and Pioneer Square, which make this location very unique and possibly very desirable for some buyers. Check it out, and if it peaks your interest, let me know and we’ll set up a meeting and get more details on the best floor plans, location within the building and view orientations of units that might best fit your needs.
Graystone Condominiums Question and Answer
[SCR] Marco Kronen
[GC] Stephanie Schuessler
The Basics:
[SCR] How many units are in the Graystone?
[GC] 271
[SCR] How many are still available?
[GC] We are 10% reserved
[SCR] How many stories is the building?
[GC] 31
[SCR] What layout options are there and what types are still available? (studios, 1 bedroom, etc.)
[GC] One Bedroom Urbans, One Bedrooms, Two Bedrooms and Two Plus Dens (Penthouses)
[SCR] What are the price ranges for the different available layout types?
[GC] One Bedroom Urbans start in the $500’s, One Bedrooms start in the $600’s, Two Bedrooms start in the $800’s and Two Plus Dens start in the upper $2 millions
[SCR] When will the building be completed for move in?
[GC] Summer of 2022
The Developer:
[SCR] Tell us about the developer of this project.
[GC] Daniels RE is a local developer who has contributed to the PNW for over 30 years under the leadership of Kevin Daniels. Along with new builds (The Mark, Stadium Place, the Wave and Nolo), Daniels RE is known for adaptive reuse projects such as: The Sanctuary, Seattle Plumbing Building (Gridiron Condominiums), Sears Robuck (Starbucks Center), Union Station, Frye Art Museum, Merrill Place, and St. Edward Seminary in Kenmore The Lodge at St. Edwards. “Always Exceptional, Never Ordinary” and “Sustainability starts with Preservation” represent the developers’ projects. Impeccable track record with projects that “preserve and transform the core and shape the skyline of Seattle”.
[SCR] What are the key things you feel are unique about the developer?
[GC] The fact that they are local is a huge selling feature for me as that is rare in a condominium project these days. They have a passion for sustainability and honoring the history of Seattle which is extremely attractive as well.
Condo Unit Details:
[SCR] Do the units have decks?
[GC] On the roof, as an extension of one’s home
[SCR] How tall are the ceilings?
[GC] Just under 9’ up to 11’8” depending on the home
[SCR] What are some of the key finishes you want the buyers to know about within the units?
[GC] Wood flooring throughout (with tile flooring in the bathrooms), Quartz countertops, Bosch appliances and Kohler plumbing fixtures, large windows, well designed cabinetry (for aesthetics and function)
[SCR] Are there fireplaces?
[GC] No (except on the rooftop terrace there are 2 outdoor firepits)
Building Details:
[SCR] What are the amenities?
[GC] Two-story grand lobby with seating/meeting spaces, fitness center, business center with co-working or personal rooms available, pet area, waterfall park, rooftop terrace featuring 360 degree views, indoor and outdoor spaces, BBQ’s, wine bar, large chef’s kitchen connecting to a dining/banquet room and a media room.
[SCR] What are the HOA Dues going to be per square foot and what will they include?
[GC] They are estimated to be at $.92/foot. They include water/sewer/garbage/earthquake insurance, concierge service including package services, use of electric bicycles, common area maintenance, and a large array of perks from Columbia Hospitality (the management company) that extends to their portfolio of golf courses and hotels.
[SCR] How many parking spaces are there? Will each unit have at least one? If not, how will the parking being assigned/cost/etc.?
[GC] There are 195 spaces. The cost is $75K for a standard and $85K for an EV space. At this time it is first come, first serve but I imagine we will begin to limit that at the end of our reservation period and as we begin purchase and sale agreements in May. So if you want parking, a Risk Free Reservation now is recommended.
[SCR] By comparison, based off 195 parking spaces for 271 condo unit, this puts their parking ratio at 72% . How might this compare to other new construction projects you might wonder? This is similar to the parking ratio at Spire’s valet lift system & First Light, but is a higher ratio of parking spaces than that available to owners at Emerald.
[SCR] Are there storage units?
[GC] Yes
Sales:
[SCR] What is the required earnest money?
[GC] 5%
[SCR] What is the sales process?
[GC] We are currently accepting Risk Free Reservations with a $5k refundable deposit. We will begin converting to PSA’s in May.
[SCR] Is there a rental cap or a cap on the percentage of investors allowed to purchase?
[GC] TBD but most likely, yes.
Other:
[SCR] What makes Graystone stand out from the competition?
[GC] The Graystone is in a very special part of the city, nestled on First Hill, surrounded by tree-lined streets and pocket parks. It is named after one of Seattle’s first social clubs, Graystone Manor. The style nods to mid-century modern and has a classic and timeless aesthetic, along with a modern feel. The architecture is designed to maximize light and to enjoy the homes themselves but to also enjoy the gorgeous amenity spaces as an extension of the homes. The waterfall park and statue by Julie Speidel outside (I am hoping to have a photo for you) is one of my favorite features. The park is inline to be named after famed Seattle Architect Paul Thiry, who once had an office space right here at 800 Columbia St.! This is a one-of-a-kind opportunity. Can you tell I love it?
[SCR] What unique features do the units have?
[GC] The homes feature high end finishes and large windows
[SCR] What unique features does the building have?
[GC] We have a number of corner one-bedroom options which is nice
[SCR] What is your favorite unit layout in the building?
[GC] That is a tough question! I like the Geekwire Home of the Week which is Home #3502, one bedroom 835sqft for $953,490
[SCR] What unit(s) do you think it the best value?
[GC] The corner one-bedroom homes are priced very well for the value
Hopefully this gives you some insight into this new construction condominium option in Seattle.
Feel free to let us know what other questions you may have about Graystone or any other Seattle condo project.
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