Seattle’s next grand unveiling of a luxury condo building is coming this winter – and it is a gem!
The Emerald, packed with cool technology and fine craftsmanship, is targeting a December 2020 open if all goes to plan. The 39-story, glass-and-steel high-rise at 2nd Avenue and Stewart Street – on the doorstep of Pike Place Market and Seattle waterfront – was aiming for a July opening but the stay-home order and construction stoppage delayed the project (and others).
Co-developed by China-based Create World Real Estate and local partner Daniels Real Estate, The Emerald, with 262 units, has so much to offer. It starts at the front door with a keyless entry system and continues inside the home, featuring floor-to-ceiling windows, motorized blinds, smart-lighting systems, white oak floors, quartz countertops and top-of-the line kitchen appliances.
Unlike most city condos of the past few decades, the fitness center is a key feature at The Emerald. It anchors the third floor along with a yoga studio, open-air terrace and guest suite.
Then there is the rooftop, a two-story indoor/outdoor space comprising a lounge, grills and firepits, and media room with catering kitchen. Just think of the possibilities: Wow friends with stunning views from Rainier Terrace of the Space Needle to the north, glistening waterfront to the west and snow-capped Mt. Rainier (when visible) to the south. 
Two-bedroom, 1-bath homes on floors 4 through 16 range between 897 and 1,128 sq. ft. and are priced from $765,000. Two-bed, 2-bath homes on floors 17-33 check in between 1,041 and 1,189 sq. ft. and start at $1.189 million. A primo penthouse, with an unparallel Northwest view, can run about $3.9 million (Prices as of July 30, 2020; Contact me for other details).
Unless purchasing a penthouse, parking comes at a premium. A deeded garage space starts at $60,000 (higher for spaces with electric charging capabilities) and is available to owners of 2-bedroom units. Other residents may use the garage facilities at the Thompson Seattle Hotel next door for $325 a month. (The Emerald has partnered with the Hyatt-owned hotel for resident discounts on restaurants, rooms and other services.) In addition, two Tesla electric vehicles are available for short-term rental.
Owners are also responsible for what the city calls the “LID [Local Improvement District] assessment,” which will help fund the Seattle waterfront project that was targeting a 2024 completion (pre-coronavirus). Based on early estimates, the average fee to homeowners will be $3,010 per unit and will vary based on the home’s square footage. The City Council is expected to confirm final details as early as this summer and payment could be expected in the fall with an option to make installments with interest.
Not surprisingly, sales have slowed since the virus outbreak. Unless paying all cash or financing below the jumbo-loan level of $741,750, buyers would have found it difficult to locate a lender to work with them during the spring. Now, mortgage lenders are back selling jumbos but at interest rates about a full percentage point higher than conventional, government-backed loans (depending on the applicant’s qualifications).
Typical buyers at The Emerald are singles and couples with no children who work downtown or are seeking to move from an older condo building to something more modern and eye-popping. Some are also looking for a second home instead of staying in a hotel when visiting the city. Monthly dues are about 88 cents per square foot and are fixed through 2021.
There is a 40% rental cap, meaning no more than 104 units can be leased. That’s good news for owners seeking to limit the number of tenants. Buyers must declare in the disclosure documents whether their purchase is a primary, secondary or investment home.
Interested in learning more about The Emerald? Let me help coordinate an appointment with a sales representative – either at the 4th Avenue sales office (where safety protocols are in place) or on a video-conference call.
If there was ever a time to get in on a gleaming-new condo, it is now. The location within the city is ideal, just steps from Pike Place Market, the Seattle Art Museum, dozens of restaurants and the retail core. When each of those venues returns to full operation – and they will – you will be just a short walk away.
(This blog post is not a paid endorsement of The Emerald. It is an opportunity to provide fresh insights into local real estate developments from the perspective of a real estate professional working in Seattle.)