Condo Review - Olive 8 a Downtown Seattle High Rise Condo with Hyatt Olive 8 Hotel

Olive 8 in Downtown
737 Olive Way

Having recently worked with a client interested in the Olive 8 Condominiums I realized it had been a long while since we updated the review of this downtown condo since it was newly built back in 2008.

Located at 8^th Ave and Olive Street, this building is both Olive 8 Condominiums and The Hyatt Hotel at Olive 8. It is centrally located near Downtown shopping, the business district, as well as the transit tunnel, which allows for quick connection to buses and the light rail for easy commutes to the airport, and over to the eastside (soon the light rail with also have a route up to Capitol Hill and further north to the University of Washington campus as well).

Olive 8 is NOT a “condotel”, where owners contribute their units to a rental pool that is managed by the hotel and rented out on a nightly basis. The condominiums have a separate HOA and management company as well as separate entrance and concierge staff from the hotel.

The stats:

229 units –1 and 2 bedrooms, and only one 3 bedroom
Range in size from to 650 to 4,315
39 stories
Built in 2009
12 units have sold in the last 6 months ranging in price from $415,000 to $1,260,000; at the time of this post 1 unit is pending at a list price of $899,000 and 4 are active ranging in price from $525,000 to $590,000
HOA dues include: Water, sewer, garbage, gas for the cooktop, central hot eater, building insurance, concierge and building management and maintenance staff

Dues do NOT include the Health Club membership for use fo the gym pool, spa, and hot tub. A separate fee of $60 per month is charged for a single membership or $100 per month for a couple.
- Amenities: party room, game room, view terrace, doggie relief area, and access to the Hotel’s Health Club package

The pros:

Interior finishes are on the higher end of the scale with well-appointed kitchens and baths
There is an impressive amenities package which includes: an owner’s lounge/party event room, a game room with large panel TV and pool table, and outdoor view terrace with four, yes four, large gas Barbeques, a doggie relief area, and owners also have access to the Hotel’s Health Club package which includes a very well appointed gym, a full size lap swimming pool, a hot tub and a Spa providing full service treatments such as massage, facials, manicures, etc.
Owners can easily hop down to the lobby of the hotel which has a coffee shop, Urbane Market, and a bar and restaurant, Urbane, that they can enjoy
If you do not use the Health Club membership you don’t have to pay for it, keeping dues manageable
The location is very central to all the activities of Downtown, Capitol Hill, Belltown and South Lake Union
Many of the units have views of either city, Lake Union, or Capitol Hill
Upper floor units will pick up views of the mountains and the Puget Sound to the west

The cons:

HOA dues do not include use of the gym, pool and hot tub (see above)
There is not a roof top terrace
Freeway noise is an issue when out on the decks of the east and south facing units
Bedrooms are separated with sliding glass panels instead of doors in many of the units
The developer installed electric fireplaces which we have found is not a favorite of most buyers who prefer gas fireplaces