If you like the idea of living right above a giant supermarket like the Lumen condo but find that the price is a little steep for you, Look right across the street. Serana is a new conversion on the corner of Valley St and 5th Ave North. It doesn’t have the tall ceilings or the clean, sleek look interior/exterior like Lumen but is a little bit more modest and still has the convenient location. Both will have to deal with traffic issues some SCR readers have commented on in the past.
Serana is a four-story, brick-accented building with 34 units consisting of studios, one bedroom’s and two bedroom’s. Similar to Lumen, Serana doesn’t have too much of a view from any direction. Its roof top deck does have the view of downtown Seattle and the Space Needle.
Prices will start at $270,000’s for 1BR’s and mid $400,000’s for their 2BR’s.
Serana’s finishes:
Standard options
• Stainless steel GE appliances, Energy Star rated refrigerator, range and dishwasher
• White-on White GE Spacemaker full size washer and dryer
• Euro-style tile countertops with custom tile backsplash
• Polished chrome fixture
• Tile tub surrounds
• Light and dark finishes
Upgrades
• Hardwood flooring in the living area
• Stainless steel GE profile appliances
• Slab granite kitchen counters with undermount sink
• Tiled master bath flooring
Out of all their two bedroom units, #09 has a better layout, more windows and probably less road noise. As for their one bedroom’s, #07 and #08 will be on the quietest side of the building but your unit is facing a parking lot and restaurant. #01 is the only floor plan that has a separate utility room.
Pros
– Easy access to I5
– Convenience of grocery store right across the street
– Adjacent to the future Melinda Gates foundation
Cons
– Street noise
– Except for the roof top deck, not much amenities
Exterior Average
Interior Average
Location Average
View Below Average
Amenities Average
Value Average
Overall Average
Serana’s greatest competition is Residence at 5th Ave which is also a conversion that went on the market around April. It has pretty much the same price range as Serana. So far Residence has sold 90% of their units. Serana is kicking off at a slow start. Their grand opening to the public will be on Sept 5th from 4 to 7pm at their sales center.
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For the “hardwood floor” upgrade at Serana (which looks like composite tiles, not hardwoods, to me) they are asking around $12,000 for 1BRs. And it’s only in the living room, not the bedroom, as I understand it. That works out to something like $400 per sq foot. Insane!
There is a third alternative… Save your money, wait for the bubble to burts, and buy at discount prices….