Ruby Condominiums, a low profile mixed-use condo, is located in the developing Eastlake neighborhood on Eastlake Ave E and Alison Street. Unlike boutique condos such as Eastlake Lofts or the larger construction efforts like Equinox, Ruby will only be featuring 52 one bedroom homes, though many will have alcoves for a den or office.
This 4-story project is developed by Maria Barrientos, the same developer involved in the Stadium Lofts in Pioneer Square, Leona in Queen Anne and several apartment buildings in Seattle. Pricing for these homes is not firm yet but will probably be in the range of $300,000’s to $400,000’s. Home sizes will be ~600-800 square feet. Contruction started in Spring 2007 and is expected to complete in Jan 2009.
no amenities at this place, the website pretty much sux and its right next to I-5. They’ll have a really hard time selling these condos in today’s market.
I dunno. I think that project sounds good. The location to the lake and all the new development in that area is great. Also, the prices actually sound reasonable…
I live a few blocks away now, it should be noted that Ruby is *basically under* I-5. If you walk past the construction site, to Eastlake Bar and Grill, you can’t even hold a conversation with another person – it is too loud.
I figure, no balconies probably?
Each home comes with a balcony or private terrace. Yes, there’s no denying the close proximity to I-5 however apparently the Developer has paid very close attention to sound proofing the building. I hear the views toward the lake from the homes are stunning, water views in the 300K – 400K range are a rarity so If indeed that’s what they plan to price the homes at, I think the project will do very well.
but their selling price is getting lower and lower.
I’m actually looking for a condo right now and i wonder how come such a nice condo could be priced so low? is there any other reasons aside from the i5 noise?
Kern,
The main reason is that it is a wood frame building. If you are new to condo life, a wood frame building is horrible. Please keep in mind, no matter what the sales crew says, you will hear your neighbors above and below and from side to side.
You are much better buying in a high rise and buying a smaller unit in a more refined building. If your budget is tight, buy in an older building that might need updating, but the bones (concrete) is good.
Some lower end new buildings are the Gallery, The Parc, but there are some older ones that are not too old like the Concord and the Vine.
GOod luck!
Hi Wendy,
I noticed the other day that three of the commercial condos at Ruby have sold. One looks to be for a restaurant called Ravish. Do you know what the other two will be?
Thanks.
State Farmers Insurance and Dentist. One of them is still in negotiation.