SEATTLE—June 29, 2016—Representatives for Luma Condominium, currently under construction in Seattle’s First Hill neighborhood, today announced sales for the 24-story condominium tower are at 68 percent, representing 115 purchases now under contract.
“Sales velocity for the project has been outstanding,” says Julie McAvoy, Designated Broker and Owner of McAvoy Real Estate. “We’ve sold 69 units in the first two quarters of 2016. We still have a nice selection of homes remaining, many of them on upper floors with stellar views.”
But Luma’s appeal goes beyond the fact the tower is sited on one of the highest hills in the Seattle area or architect Weber Thompson’s LEED Silver design, says Lowe Enterprises’ Vice President Suzi Morris. “Luma affords homeowners the advantage of a quiet residential neighborhood paired next-door with the dynamic Pike-Pine Corridor and all the Capitol Hill neighborhood has to offer.”
The project is located three blocks from the new First Hill Streetcar, and is the first condominium high-rise building developed in the First Hill neighborhood since 2002 and among the first in downtown Seattle’s neighborhoods since 2008.
Located at 1321 Seneca Street, Luma includes 168 condominium residences ranging in size from 600 square feet to more than 1,700 square feet. The LEED Silver project features a large, rooftop community amenity that includes a clubroom, a private dining room with adjacent terrace, a library, a wrap-around terrace with lounging space, grilling and dining areas, a fire pit and hot soaking pool. The tower also includes a fitness center and a pet run on the second level. Lease Crutcher Lewis is the general contractor and Weber Thompson is the architect, interior designer and landscape architect.
Prices of the remaining units range from the high $500,000s for one-bedroom homes and from the high $700,000s for two-bedroom homes. The Luma sales center is open seven days a week from 11 am to 5 pm.
Residential marketing and sales company Red Propeller, which is co-listing the project with McAvoy Real Estate, said market demand for condominiums is at an all-time high, while inventory, with only two new construction projects actually available for move in currently or near future, is at an all-time low in the central Seattle area.
About Lowe Enterprises Investors and Lowe Enterprises
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, joint venture partnerships, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including residential, commercial, hospitality and debt investments, since inception in the late 1980s.
LEI is an affiliate of Los Angeles-based Lowe Enterprises, a leading national investment, development and management firm active in commercial, hospitality and residential real estate. Over the past 41 years, Lowe has acquired, developed or managed more than $20.7 billion of real estate assets nationwide. The firm’s Washington DC office was established in 1980, with additional regional offices in Seattle, Denver, Philadelphia, Southern California and Northern California.
About Red Propeller
Red Propeller is a Seattle-based real estate brokerage and marketing firm that provides marketing, sales, communications and strategic planning for developers and real estate related companies. The company’s focus is on new development and repositioning efforts for condominium, apartment and resort assets. To date the Red Propeller team has worked on over 25,000 units of housing in mixed-use, condominium and multi-family projects throughout North America with a significant focus on the urban infill projects. More about Red Propeller at www.TeamRedPropeller.com.
About McAvoy Real Estate
Julie McAvoy is a licensed real estate broker who has been providing uncompromising, personalized service to buyers, sellers and developers of in-city homes and properties for more than 20 years. Julie has worked on some of the region’s largest and most successful urban communities. She repositioned and sold-out both Olive 8 in downtown Seattle, and Tribeca in Seattle’s Queen Anne neighborhood. Other recent projects include the Four Seasons Private Residences, Thornton Place, Washington Square and 2200 Westlake. McAvoy Real Estate is located at 2000 First Avenue, #1902, Seattle, WA 98121.