Home Industry News LUMA Condominiums Sell Out

LUMA Condominiums Sell Out

LUMA Condominiums, McAvoy Real Estate, Red Propeller, Seattle, Lowe Enterprises Investors (LEI)

SEATTLE — November 29, 2016 — Lowe Enterprises is pleased to announce its LUMA Condominiums project now has all units currently under contract as of November 26th. Sales for the 168-home project opened in June 2015.

As one of only three condominium projects being built in the near downtown area of Seattle in the last eight years, LUMA generated immediate interest. Initial sales were robust due to the introduction of the project using Oculus, a virtual reality experience that allowed prospects to “walk through” sample floor plans and amenity spaces while being able to take in the significant views the building offers in all directions.

Sales continued to accelerate with the opening of the two, onsite model homes and hard hat tours in February of 2016 and again, once the building opened in August of this year. The homes were priced from $399,000 to $1.9 million with two of the four penthouse residences selling immediately. The project averaged a per-unit price of $697,000.

“Lowe Enterprises is extremely pleased with the project’s result,” said Suzi Morris, senior vice president for Lowe. “There were so many factors that made LUMA the ideal condominium project – factors hard to replicate just anywhere – not the least of which were our partners who delivered such an outstanding product.”

That team includes Weber Thompson which provided architectural, interior design and landscaping design services, along with general contractor Lease Crutcher Lewis and civil and structural engineering from Magnusson Klemencic Associates. Real estate marketing and sales company Red Propeller co-listed the project with McAvoy Real Estate.

Buyers represented diverse demographics. From Maturing Millennials, established in their careers and now looking to invest in real estate, to Empty Nesters moving out of Seattle’s urban neighborhoods and looking to downsize to those moving out of older, nearby condominiums and looking for the benefits new construction offers, LUMA homeowners cover a wide range of ages and lifestyles. As with major trends throughout the market, relocation buyers moving for work from major and more expensive markets such as San Francisco, Los Angeles and New York were well represented too.

Located at 1321 Seneca Street, LUMA is a 24-story, LEED Silver project featuring 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 a four-season soaking spa. The tower also includes a fitness center with a range of functional training equipment and a pet run and grooming center. Commissioned artworks from Seattle artists are featured throughout the project.

More information about LUMA Condominiums is available at www.liveluma.com.

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. For more information, please visit http://mcavoyre.com.