Alright, I know most of you are tired of hearing about 1521. The water views, inviting lobby, and the lawsuit. However, I couldn't resist not checking out the building. So indulge me and I promise you this will probably be the last time you'll hear about this condo for a little while. Here are some of my observations from the 1521 tour I took yesterday:
(Pictures provided by Realogics, archived at Seattle Condo Review Gallery)
Finishes
Finishes are better than Gallery, Mosler Lofts, Rollin, and the Parc. One notch more modest than Four Seasons but the color schemes are well put together. The appliances (microwave, refrigerator, and dishwasher) are nicely concealed behind the cabinets which give cleaner lines.
Views/ layout
Floor Plan A has the most optimal views in my opinion as you're able to capture both the water and city views from the two walls of windows in the living room.
As for Plan B, you need to be on the 9th floor or higher to clear your view from the building right across on the north side of the building. The 1 Hotel Residence empty lot does not make the view appealing at all. However, this floor plan has the biggest living space compared to the other floor plans. It also comes with a pantry/laundry room.
Plan C has a longer entry way and smaller living space compared to the other floor plans but you get an additional laundry/pantry room.
Plan D has a nice little office nook (which the rest of the floor plans lack). There is also window in one of the bathrooms.
Plan E has great water views but the 2nd bedroom seems much smaller than the other floor plans.
For those of you who are looking to hang some paintings on the wall, you would probably prefer Plan C. If you are looking for views, you should check out A, D, and E. My favorite, Plan A, has the best view, a great layout, and 2 reasonable sized bedrooms. As for all the fuss about the shorter entry doors, I think it would be nice to have that extra foot of height but I don't think it's a deal breaker. The developer should probably have done a better job at informing buyers about the change earlier and worked with them to resolve the issue.
Cool stuff
Owners who upgraded their bathroom with the Neorest toilet system know how to pamper their bottom. The toilet system has a sensor that automatically opens the cover and cleans and dries your bottom. Ok. Maybe too much information. All the homes are installed with motorized shades that come with black-out blinds. You probably need it during the hot summer time.
Amenities
1521 includes concierge service, a fitness center (with yoga and pilates room), rooftop terrace, and a business center. You can also find a children's room and the porte cochere in this building which are fairly uncommon amenities for condos.
Overall, 1521 lives up to some pretty high expectations. Spectacular views (partly protected by a perpertual air easment), excellent finishes, comprehensive amenities, and nice floorplans situated in the center of the action make this a must-see for well-heeled urban dwellers.
See previous 1521 posts:
Fifteen Twenty One Opening Ceremony
Fifteen Twenty One Update
Fifteen Twenty-One-1521 receives 14 awards
Fifteen Twenty One, not just another number
Is 1521’s price per sq foot realistic? It seems even the so-called luxury condo’s like Olive 8 and 5th & Madison are struggling to sell units above $600 s/f, but 1521 is asking for 2-3x that.
Exactly how many units at 1521 have closed? If you take out the speculators behind the lawsuit, how many does that leave?
I actually believe the price per square foot is realistic (go figure). I checked the King County records, and its showing 38 closed sales as of January 26th. Most of these sales are lower floor units, with and average price SO FAR of $1,351,000, or $760/square foot on average. When these units start closing the higher floor units, that is definitely going to continue to rise. So far, per the records, the most expensive unit sold is at $1,446/square foot. This is still a bargain when you compare it to Four Season at well over $2,000/square foot. Also, I think 1521 Second Avenue actually has better finishes overall than Four Seasons with additional touches that were all add-ons at Four Seasons – not to mention better views at 1521. Does anyone know how expensive 1521 is expected to go on a price per square foot?
Yeah, I think the price is realistic JUST THIS ONE TIME because its a product that isn’t easily found in Seattle.
Did MD just say something that wasn’t fatalistic?! MD, I’ve slammed you in comments before for being Dr. Death. I stand corrected. You go girl!
Like I said – I am an objective person, unlike many of the agents that hang out on these sites just to keep prices artificially high (*wink*). If a product is worth it, hey, its worth it, and it deserves recognition for it. Unfortunately, my complaint is that a lot of real estate in Seattle is not worth it, so now buyers are going to just hang out on the sidelines for a while (like I’ve been saying they would). 1521 is an exception to this assessment as it actually gives buyers what they SHOULD get at price points such as these. There is very little to critique in this building. So, I consider it a very strong value. Like I said before, I have been on both sides of this market. I used to be quite “bullish” about it, and now I can be a “bear.” I make my assessments on data and facts and trending reports – not emotion and hopes of yesterday.
Now, what would it take to get the needle exchange at its base removed?
Relocate the needle exchange and all prices within a several block radius go up 10%.
Man I want to buy one of these condos. Beautiful. I can afford it, but I’m not moving to Seattle until July.
How likely is it that any of these will be still available in the summer? I assume there must be some people who won’t be able to close. Plus maybe those 8 people suing will get out of their contracts.
Who knows, given the economy maybe there will be a surplus then and prices will drop a lot.
I’m hoping.
Thanks MD. $760 s/f is actually OK for a Seattle luxury condo.
Miser – don’t believe the hype. 1521 claimed they had sold all but 5 units in July 2008. Now they only have 38 closed sales. They like to inflate these numbers. I’m sure they’ll still be selling all through 2009. It’s not exactly a red hot market for real estate.
The plaintiff named in the lawsuit is a well known Seattle realtor who has speculated in multiple condo properties (Google his name and you’ll see him listed all over Hotel 1000 for example).
I suspect the luck of the Irish has run out and he cannot close financing. The lawsuit is a way to get his earnest money back.
Not sure who the other 7 buyers are. It’s not unheard of for speculators to use cut-outs or straw men to work around restrictions on investors in condo buildings.
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Damn straight, Reader. Those days of LIAR LOANS, and PHONEY “primary residence” buyers are over. We can all thank the fraudulent buyers like this for helping take our economy down. Just wait till the truth comes out in this BS “lawsuit”. Not even a LEPRACHAN will be able to save the most INFAMOUS FLIPPER in Seattle history from the rath of the law. And who knows, his replacement attorney might just be answering to the Bar Association for sending a bogus press release. Not kosher.