Got this press release from the Enclave marketing team. Seems like a neat project. I was impressed with the square footage and pretty sweet location. Will be interesting to see if they get some takers to commit pre-construction in exchange for the "introductory pricing." I'd want some kind of protection against price reductions as well as pretty low earnest money to consider an early committment.
The Enclave on Lake Union
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About the Author: Marco Kronen
Marco Kronen is the author of Seattle Condo Review and is real estate agent in Seattle who specializes in condos. He has been serving clients in Seattle since 2004.
I definitely would like to see floor plans before commenting…I do hope that the rooftop terrace has a (partial) roof to make it usable on rainy days…the use of “boutique” this boutique that always amuse me as, in France, this word is used, very often pejoratively, to mean a plain small store, as in “so and so has a boutique selling tacky souvenirs”. No connection whatsoever to style, luxury etc. Mind you, very recently a small, somewhat stylish, moderately-priced hotel in Paris has been referred to as “un Boutik hotel de style USA”… yes, with a K!!??
Boutique or not, waterfront real estate on Lake Union is a limited supply. These will be great long-term investments.
An investment is all about buying the property right. These things will NEVER cashflow as an investment at $1 million plus. You would have to rent them out for close to 10k a month. They are not waterfront and back up to an industrial office building where people stare down at you. They are too big and are missing the market completely IMO. I think they paid too much for the dirt and now have to try and get money out of it. Good luck pre-selling million plus townhouses in this market without a model. I doubt they break ground before summer of 2010. Great project though, just bad timing.