Condo Review – Cosmopolitan in Downtown

Cosmopolitan in Downtown
819 Virginia St, Seattle

The Cosmopolitan is located at the nexus of Downtown, Belltown and South Lake Union putting it close to a ton of services, shopping and restaurants. This 34 story building has 250 residential units and 2 commercial spaces. It consists of studio, 1 bedroom and 2 bedroom condo units.

The stats:

• 250 units
• 16 studios ranging from 419-537 square feet
• 151 one bedrooms ranging from 719 – 1,176 square feet
• 83 two bedrooms ranging from 1,186 – 1,919 square feet
• Built in 2007
• Most of the units have 1 parking space and only a select few have two spaces, about half have a storage locker
• 19 units have sold in the last 6 months ranging in price from $185,000 to $640,000; at the time of this post 1 unit is pending at $515,000 and 7 are active ranging in price from $214,900 to $1,628,800
• HOA dues include: garbage, concierge, earthquake insurance, amenities, master insurance policy
• Amenities: 24 hour concierge staff, a facility manager, roof  top view deck with BBQs, gym, guest suite, business center, hot tub/sauna, party room and conference room

The pros:

• Many of the units have views of either the Space Needle, Lake Union, and/or city
• Some units on upper floors facing north and west also have Puget Sound and Olympic Mountain view
• Nice package of amenities in the building to enjoy along with your condo space
• No rental cap currently which makes it possible to buy units as investments and/or current owners have the flexibility to keep a unit and rent it out if their lifestyle needs might change
• Location is at the nexus of several neighborhoods which puts it in close proximity to restaurants, coffee shops, theaters, services, etc.
• Close to light rail, street car, buses, I-5 and HWY 99
• Units have central air conditioning
• Concrete and steel construction makes for less sound traveling between units

The cons:

• A lot of the units have carpet throughout which is not a plus for most buyers (though hardwoods can be installed)
• Having no rental cap can be a con as well as it can make getting financing hard for buyers or refinancing depending on how high the rental percentage gets
• The HOA is currently conducting their warranty investigation and are in the process of negotiating with the developer on having construction warranty items repaired
• There is no parking in front of the building making pick-ups and drop-offs challenging
• In many of the smaller units the decks are off the bedrooms and not off the living rooms- that makes entertaining with guests not as convenient because they have to walk through your bedroom to get to the deck
• Many of the views of the Space Needle (north side units) might be at least partially blocked by the upcoming Amazon towers to be developed and an apartment building on Lenora Street under construction currently

To see a video of an example of an actual unit at The Cosmopolitan click here.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.