The robust sales over the past two years and project’s high occupancy rate are inspiring prospective homebuyers to give Washington Square a look.

“The percentage of homes closed impacted my decision (to buy) significantly,” says homeowner Sandra Rivera. The high number of recorded sales heightened her sense of confidence in the project’s future, she says.

Rivera might be more on track than she knows. A condominium community with so many units closed indicates both financial strength and sustainability, says Wells Fargo sales manager Bob Gable.

“People need to know if a building will last,” he says. “They need a track record and longevity to prove it.”

Having so many home sales close also gives Washington Square a larger base for the homeowners’ association reserves. A well-capitalized HOA provides a community with greater insulation against economic pitfalls, says Mike Nielson, chief operating officer at Washington Square.

“The success of the condominium community is directly related to the caliber of the association,” says Nielson.

Washington Square’s high occupancy rate also gives the HOA greater homeowner representation. The more residents that a project has, the more control homeowners have to define their neighborhood.

Rivera knew this going in. “I considered (that) a more occupied community would mean a more favorable situation within the homeowners’ association,” she says.

Washington Square’s low homeowners’ dues add another dimension of property value.

“We didn’t want to keep our dues artificially low by delaying commencement, as some developers do,” says Nielson, noting that his project’s HOA dues are the lowest in the region. “That would only deceive buyers and set the HOA up for a dramatic dues increase down the road.”

When homeowners’ dues are delayed after a project is complete, dues can increase 30–50 percent when they are finally started, says Nielson. Washington Square started dues in August 2008 and has maintained its budget without special assessments.

Enabled by its successful sales, Washington Square recently retired its construction loan in favor of long-term financing for the project.

“When you purchase a condo these days, you must have confidence in the developer and their financing,” says Nielson. “If a developer is unable to meet its debt obligations, the value of your condo could be significantly affected.”

Washington Square’s long-term financing allows it the flexibility to successfully navigate current economic conditions as it prepares for the next phase of the “Superblock” — a 10-acre area in downtown Bellevue. The developer’s plans for the Superblock include a luxury hotel, retail and high-tech office space that’s expected to increase the property value and the cultural significance of Washington Square.

“If we were just two towers, we wouldn’t be that different,” says Jody Hughes, sales executive at Washington Square. “But if we’re a planned community where you can live, work and play, then we’re something special.”

Construction on the next phase of the Washington Square Superblock is expected to begin in the summer or fall of 2011.

Below: An elegant lobby is just one of the many amenities maintained by the well-represented homeowners’ association.

]]> http://washingtonsquarebuzz.com/consistent-closings-bolster-washington-square/feed/ 2 http://washingtonsquarebuzz.com/fashion-week-hits-bellevue-august-24th-%e2%80%93-29th/ http://washingtonsquarebuzz.com/fashion-week-hits-bellevue-august-24th-%e2%80%93-29th/#comments Sun, 08 Aug 2010 21:46:41 +0000 Elizabeth http://washingtonsquarebuzz.com/?p=269 Grab the girls for Beauty Artistry Week at the Bellevue Square Nordstrom (just blocks away from your Washington Square home!) and make your way to the Chanel, Yves St. Laurent, Nars (to name a few) counters and be the first to rock beauty trends forecasted for this Fall. Take your personal style to new heights after experiencing Vogue magazine’s Front Row Fashion show on August 28th. For ticket information and a full listing of events, visit: Bellevuecollection.com/fashionweek

Read the report and a breakdown of sales and prices by neighborhood on the Seattle PI’s website.

That’s why at Washington Square Condominiums in Bellevue, the homeowners association and the developer have jointly fought for years to keep their $0.42 per sq. ft. homeowner’s dues the lowest among Northwestern condos –without compromising on quality or amenities.

“As far as the HOA dues, there is a tremendous ‘bang for the buck’ existing at Washington Square,” says Whitney Danielson, a long-time resident who works locally as a commercial property manager.

Typical homeowner dues among downtown Bellevue’s luxury condos fall significantly higher than those of Washington Square -averaging about $0.52 per sq. ft. When paid monthly on a median-sized condo, homebuyers at Washington Square could save over $50,000 over 30 years of ownership.

“When considering all the new buildings in the area, Washington Square offered not only a beautiful place to live with many amenities, it also had affordable HOA dues,” says Gustavo Varo, a resident who just bought this spring. “I did not want to sacrifice square footage just so my dues would be lower.”

Buyers at Washington Square find that their HOA dues aren’t just cheaper –they’re also comprehensive in covering homeowner needs and wants.

The HOA dues paid by Washington Square residents cover use and upkeep for the spa, exclusive Resident Loft, massage rooms, state-of-the art fitness center, 24/7 concierge or night doorman services, exterior building maintenance, interior maintenance throughout the common areas, building security, parking, insurance and more.

“The building quality and the upkeep of the common areas, as well as the services provided by the concierge have proven to be worth the HOA investment,” says Inin Lim, another resident at Washington Square.

The spa, in a spacious tiled room with windows overlooking the city, provides a relaxing way for residents to end the day, while the massage rooms and masseuse can be reserved via the onsite concierge staff.

The 3,000 sq. ft. Owner’s Loft, with billiard tables, a 60-inch flat screen TV, full chef’s kitchen, and several separate dining and lounging areas, is a favorite for many.

“We have access to an amazing owner’s lounge, with pool tables, full kitchen, Jacuzzi, locker rooms, etc,” says Lynn Manolopoulos. She and her husband Paul purchased their home in December.

But a common question asked by prospective buyers browsing at Washington Square remains: Just how do these paid services affect the daily lives of Washington Square homeowners?

“I often use the concierge to handle my dry-cleaning, arrange for airport transportation, ensure my guests enter the building, and for dining recommendations,” says Sandra Rivera, a homeowner who took advantage of FHA financing when buying her condo. Washington Square was the first high-rise condo tower in Bellevue approved to offer the special government-backed program.

“It’s nice to know the concierge staff is just a phone call away,” Rivera adds, “and that you’re receiving value for what you pay for.”

With no amenities or maintenance compromised, many wonder how Washington Square keeps their HOA dues so low.

“We sub-meter the charges for natural gas [except for gas to the stovetop], electricity, and water for each of our homes,” says Jody Hughes, a sales executive at Washington Square. “That way, the homeowner only pays for their personal use.”

Enabling both responsible resource consumption and lower HOA dues, the sub-metered units lower the overall cost for individual homeowners and allows them to control their own pocketbooks. Owners at Washington Square never pay for their neighbor’s 30-minute showers.

At Washington Square, efficiency is key. “Two years of operational history coupled with a practical philosophy toward top-notch services and amenities, has allowed us to keep our HOA dues lower than our competitors,” says Mike Nielson, Chief Operating Officer at Washington Square.

And his residents couldn’t agree with him more.

“Washington Square has managed to keep the quality of living high, and the stress down, all the while not over-charging their residents,” says Danielson. She adds: “And that, in my opinion, is true value.”

At least, the Ferguson’s thought so.

“As empty nesters, we were looking for an opportunity to downsize and upscale at the same time,” says Scott Ferguson, a retired Microsoft employee from Woodinville, whose townhouse purchase at Washington Square closed last month. “We thought we might give urban life a try for the first time in our lives.”

But for these suburbanites, maintaining the space and privacy of a traditional home was a must –a tough bill to fit for homebuyers eager to move to a densely populated, vertically expanding neighborhood like downtown Bellevue.

In a land flush with condos and apartments, Washington Square is the only high-rise project in downtown Bellevue to offer multi-level, street-entrance townhomes with the amenities and convenience of a condominium. Each townhouse offers a private two-car garage with extra storage, a personal garage-to-residence elevator, and spacious garden patios providing ample outdoor living space.

“After seeing [the private garages and personal elevators] and the quality of the townhomes, we knew where we would end up,” says the Ferguson’s agent, Mike Sampson with John L. Scott Bellevue.

Ranging from 1,700 to over 3,400 square feet, each townhouse also features a private second-story balcony, gourmet kitchen with Viking appliances, a walk-in master closet and gas fireplace.

“They are unique in their offering of square footage -who doesn’t want extra room to roam?” says Cherie Lang, Associate Broker at Windermere Bellevue and owner of the BellevueBlock.com website. “Their kitchens are stunning with classic, yet state of the art, layouts and appliances. Some even have double islands!”

Unlike the identical houses lining many planned residential projects, the townhouses at Washington Square are each unique, varying greatly in layout, design, color scheme and proportion.

For the Ferguson’s, keeping the design and individuality of a traditional home while gaining the convenience and easy upkeep of condo living made for an appealing option.

“Things like [Washington Square’s] common amenities and doing away with yard maintenance were also positive factors,” Ferguson says.

At Washington Square, both condo and townhouse owners enjoy the exclusive resident fitness center, spa, massage and stretching rooms, grand hotel-style lobbies, and 24-hour concierge or night doorman services. Building and ground maintenance are taken care of by the community’s Homeowner Association.

“We have really enjoyed the convenience of living in a townhome,” says Brian MacDonald, a Washington Square resident who owns a townhome with his wife, Suchada. The big difference for us is the ability to walk to work and services and live amongst all the restaurants, shopping, and cinema.”

Nestled in the heart of downtown Bellevue, Washington Square is just a couple blocks away from popular destinations like Bellevue Square, Lincoln Square, the Bellevue Arts Museum, several corporate headquarters, and the new Microsoft offices.

“Townhome living provides the conveniences and amenities of living in a downtown environment surrounded by shops and restaurants,” says Doug Sonnenberg, a sales executive at Washington Square. “Bellevue has highly rated schools and is recognized regionally as a safe environment, which makes it very appealing to families.”

Only 26 of these unique townhomes were constructed at Washington Square. Since the project opened in 2008, Washington Square’s sales team has sold nearly 60 percent of their total inventory, placing them as the highest selling condominium in downtown Bellevue.

With 218 closed homes, Washington Square recently turned the Homeowner Association over to the project’s residents, a substantial milestone in the progress and stability of a condominium project.

For the Ferguson’s, the stable growth of the project was only another reason their search landed them at Washington Square.

“We looked at many regular condo suites at Washington Square and elsewhere,” says Ferguson, “The townhomes at Washington Square offered us the unique combination of the spacious feel of a traditional home with the location and ambiance that is intimately Bellevue.”

Read the article on the Seattle Times website.

Locally, the Seattle area was rated last month as the nation’s 13th best place to find a job, ahead of other fast-recovering cities such as San Fransisco and Philadelphia, according to a report published by the Puget Sound Business Journal.

Read the article on the PSBJ website.

“This milestone is a reassurance to both the homeowners and the marketplace that sales and growth of this wonderful property continue during the recession,” says Ken Bebee, Community Association Manager with CWD Group, a company that manages associations for over 100 properties throughout the state. “Essentially transition provides for a sense of increased ownership moving from Declarant [developer] to homeowner control.”

Most multi-phase residential projects don’t initialize such a transition until several years into the project, according to Realty Times reporter Richard Thompson in his article, “Tripless HOA Transition”.

But Washington Square, which was only completed in 2008, managed to reach the point of transition in under 2 years. With nearly 60 percent of its homes now closed and recorded, turning over the HOA further bolsters the project’s already substantiated success.

“With the turnover of the HOA to the residents,” says Mike Sampson, real estate agent with John L. Scott of Bellevue, “[Washington Square] is further along and on better financial footing than many others.”

For home buyers, entering into a homeowner-controlled HOA means both a financially secure development and a guaranteed voice in the future of their community.

“For a new buyer to know the association is managed by residents is a plus,” says Terry Murphy, Washington Square resident. “It means going in, they know they’ll have a greater voice in the day-to-day affairs of the condominium.”

Building maintenance, repairs, events and neighborhood rules and regulations will now be governed by homeowners, whose seats on the Board of Directors will outnumber those held by the developer.

“Residents won’t have to stress about the HOA’s ability to manage the community,” says Royce Koh, sales executive with Washington Square, “because they will be the ones running the HOA.”

To ensure transparency and preparedness throughout the transition, Washington Square is following the Washington Homeowner’s Association Act (RCW 64.38) requirements for HOA transition.

These include mandating a full audit of HOA reserve accounts to determine financial condition compared to future needs and a full review of condominium documents by the association’s attorney to ensure the transition legally upholds resident rights.

Though not required by law, Washington Square is also arranging full interior and exterior inspections by licensed engineers to determine any future maintenance and repair needs.

“The audits of the association [are being] ordered so the homeowners have confidence that all is as it should be,” says Bebee.

Rather than abandoning homeowners to run their own association unprepared, Washington Square has begun a series of training sessions for resident board members. Volunteer leaders serving on the HOA board will be trained on legal, technical, and procedural language and processes by CWD Group and by current developer board members.

However essential the training process will prove, it’s noteworthy that taking an active role in their community is not a new concept to Washington Square residents.

Long before the HOA transition, the project’s developer instigated three chartered homeowner-run committees to serve on the HOA: The Architectural Committee, Rules Violation Committee, and the Community Enrichment Committee. Building their role in the HOA’s operations from early on, the committees laid the groundwork for a successful hand-off.

“The transition can be seen as a point of maturity in the association,” says Murphy, who has been actively involved in the HOA’s committees since buying at Washington Square.

Despite the big leap the HOA transition signifies for owners, the project’s developer will still be actively engaged in the overall operations of Washington Square and will fill a seat on the HOA board.

“The only thing that ends at transition is the developer’s control of the Association,” says Mike Nielson, Chief Operating Officer at Washington Square, “-not our responsibility to it, and not our involvement and interest in it.”

Washington Square, adds Nielson, will continue to play an active and guiding role in the growth of their homeowner’s association.

Looking forward, Nielson expects the transition will positively impact the future of both homeowners and the project itself.

Average rates for a 30-year fixed rate loan hit 5.47 percent, while rates for a 15-year loan reached 4.87 percent.

In spite of this increase, rates like these are still low enough to benefit buyers. What the upward trend shows us is that they won’t be for long.

With prices rising this year also (see King County Home Prices Rise for First Time in 2 Years, Mortgage Rates Highest in 8 Months), buyers looking to find their new home at an affordable cost might not want to wait much longer.

Read the report on the Seattle Times website.

Defying rumors that prices have yet to bottom out, local prices inched up an average 0.9 percent. Local condo sales have risen 47 percent over the last year.

Read the reports on the Seattle PI and Seattle Times websites.

In a report Friday about rising mortgage rates, the Wall Street Journal reported that this week’s rates have already reached their highest peak in eight months. With an average 5.21 percent rate on a 30-year home loan, rates are expected to continue increasing throughout the year.

These rising rates come as no surprise. With April marking the end of a federal program that has kept rates artificially low, this climb was predicted by economists (see Seattle Times and PI: Local Closings Rise 18% over Last Year, Prices Up 6%, and Low Mortgage Rates Rising in April)

To read the report, go to the Wall Street Journal website.