With all the doomsday media coverage of the sub-prime credit market, many Seattle home buyers have been anxiously hoping for prices to drop considerably. So far, while $5-10k reductions are becoming more common, it doesn’t look like the market is giving up too much of it’s gains accumulated over the recent years.
How are the hotel/condo projects affected by this? Apparently, not too much. 1 Hotel, which will be launching their private purchase appointments next month, claims to have been receiving great interest in their units. So far, 70% of their 176 city suites and 50% of their residence units are reserved (reservations require a refundable $10k deposit).
City Suites: 9th-16th floors
While the sales center itself is still in the works, prospective buyers are eager to find out more about the City Suites, the first of its kind in our market offering homeowners fully furnished units and the ability to participate in a rental program. The City Suites model displays clean lines, neutral colors, and 5 star hotel like finishes. Unlike many other projects which have upgrades available for homebuyers, the City Suites and Residence units will each have their own fixed offerings with no upgrades.
What you can find in the these homes:
- Flat panel TVs
- Dual flush water closets
- 5 fixture bathroom with soaking tubs
The Residences: 17th-21st Floors
These are your traditional condos with no managed rental options but they are larger in size ranging from 1,477 to a mammoth 3,816 square feet (over 5,000 square feet for the biggest if you include the deck). Most units either come with two decks or one generously sized outdoor deck. 4 different solid hardwood floors are available to choose from. A model of the kitchen is displayed at the Sales and Design center. Check out a few of their interesting floor plans.
What you can find in these homes:
- Remote powered window shades
- Natural stone countertops with glass backsplash
- Miele coffee maker
- Audio-visual perwire
- Free standing soaking tubs in Master bath
- Lighting dimming systems
- Custom closet systems
Penthouse: 22nd-23rd Floor
These homes are fully customizable shells with 23 foot high ceilings. Homebuyers have the option to add an additional floor at level 23 for two-story spaces. These penthouses also include roof top terraces. The concept designs by the Seattle Seven can be viewed at the Sales and Design Center.
Not to be outdone by all the other condominiums offering fantastic ammenities. Hotel 1’s amenities are quite impressive:
- 35,000 square foot athletic club on floors 7 & 8 including 25 meter lap pool
- Dog Park
- Valet parking
Services available include dry cleaning, maid, dog walking, massage, maintenance and minor repairs, vacation plant care, child care, and grocery delivery.
Excluding Four Seasons, the level of amenities provided by Hotel 1 and quality of finishes is definitely raising the bar on hotel/condo living in Seattle.
1 Hotel Residences slideshow