Luma developer Lowe Enterprises Real Estate Group this week posted prices on the project website. They show that you can buy a one-bedroom on the second floor for nearly $375,000. The list price for a two-bedroom on floor 22 is nearly $1.38 million.
Prices for the four penthouses weren’t disclosed, though Luma representatives said the per-square foot price is around $1,000, meaning the units would be listed between $1.6 million and $1.7 million.
Now the question is how much Lowe will actually get for the residences. That will help other developers decide whether to build condo projects, which have been few and far between in recent years, or keep building apartments.
Only one other large condo project, the two-tower Insignia, is going up downtown.
The first closings at Insignia are expected this summer. Sales are Luma are expected to start closing in the spring of next year, and the project is projected to be done in June 2016.
The rule of thumb for downtown condos is you need to sell units for at least $750 a square foot to make a project worth your while, though that also hinges on “your land costs and assumptions on construction costs,” said Suzi Morris, a senior vice president with Lowe Enterprises.
A Swedish pension fund called Alecta owns the quarter block at 1321 Seneca St. where Luma is rising, and Alecta got a good deal when it bought the property for $4 million in late 2010. Three years prior, a different developer had paid $11.5 million for the same site, and lender ended up taking the property back.
At Luma, the asking prices range from around $525 to $600 a foot for units on the lower floors to the $1,000-plus for the penthouses. Asking prices for units on the upper floors are between $800 to $900 a foot.
Seattle residential marketing sales company Red Propeller and McAvoy Real Estate are co-listing the Luma units for sale. They opened the sales center at 907 E. Pike St., late last month and will begin accepting offers June 1, Red Propeller Partner Stephen Fina said Wednesday.
Luma is one of the first new condo towers in Seattle since the market tanked at the start of the Great Recession, and it’s the first condo high-rise on First Hill since 2002, according to Lowe.
Seattle architecture firm Weber Thompson designed the project, whose rooftop deck will have a fire pit and hot soaking pool along with a club room and private dining room.Lease Crutcher Lewis is the general contractor.