When I first moved to Capitol Hill, a friend advised me that whatever I do, I should find a place with a view.  Location is great, and so are a good floor plan and a super that vacuums once a week, but when mid-January rolls around, and we’re three months deep into our rainy season with another three (or four, or five, or six) months to go, it’s that view of the Space Needle and the Olympics beyond that would keep my spirits up.  He was right.

At the Vertigo, located at 705 E. Republican St., a fifth-floor one-bedroom condo boasts one feature above all else: the view.  Does the view disorient you, leave you dizzy, give a sense of – would you say – vertigo?

Location: 705 E. Republican St. at Boylston Ave. E., Unit # 504

Unit Size:  a one-bedroom condo, originally built as a two-bedroom, at 806 sq. ft.

Team:  Thomas Maloney, Gerard Beattie & Knapp (realtor)

Unit # 504 at the Vertigo

The Condo:  This is a one-bedroom, top-floor unit located at the Vertigo, right down the street from the Capitol Hill library branch.  Features include bamboo floors, an in-unit washer/dryer, a terrace, four large closets, a  wood-burning fireplace, granite countertops in the kitchen, and new, practically unused appliances.  The unit was originally built as a two-bedroom, but a few swings of the sledgehammer later, it was transformed into a one-bedroom with a massive, L-shaped living room.  The southwest-facing corner unit has sweeping, uninterrupted views of the Olympic Mountains, Elliott Bay, the Space Needle, Downtown, and Mt. Rainier.  The unit comes with two parking spaces.  Building amenities include a small fitness room and a rooftop terrace.  Monthly homeowners dues are $308.

The Backstory:  Three years ago, the Vertigo, which was built in 1963, was converted from rental apartments to condos and completely renovated.  The condo has sat vacant for a year-and-a-half.

The condo hit the market on February 22 with an initial asking price of $395,000.  After a sluggish initial month, the asking price was reduced to $375,000, where it remains today.  Maloney said that showings picked up in April, as the eligibility window for federal tax incentives was closing, but since then it has been slow.

Maloney also tells us that some windows have been replaced in the building because of water problems, but not in this unit. Of course, smart condo buyers in Seattle should always ask about water issues. It’s been a source of millions of dollars worth of lawsuits and HOA assessments over the last several years. Does this building have them? Buyers should rely on their own inspection report by a professional to get their determination of risk.

The Splash:  The view, the view, the view, the view, the view.  To get a sense of what a view is worth in this town, we took a look at the sales prices for this and the four units stacked directly beneath it after they were converted to condos.  Each unit features a similar floorplan, though others may be considered either one- or two-bedrooms, depending on if walls were removed from the other units.  The breakdown is as follows: Unit # 504: $435,000.  Unit # 404: $410,000.  Unit # 304: $388,000.  Unit # 204: $350,000.  Unit # 104: $339,000.

So, all other things being equal, the difference between the best view and the worst (which is of the covered parking area) is nearly $100,000.

The square footage is atypically large for one-bedrooms in the neighborhood, due to the fact that this unit was built as a two-bedroom.  Maloney estimates that one-bedrooms average between 650 and 675 sq. ft.

The Outlook: 

The asking price for this condo appears to be middle-of-the-pack for the neighborhood.  Maloney said there are currently 107 one-bedroom condos for sale on the Hill, ranging from as low as $109,500 to $679,000.  That this unit was originally listed at $40,000 less than the its previous sale price, and that it has been reduced by another $20,000, is disheartening, but not necessarily a surprise given the state of the economy. 

How low will it go?  Who thinks the asking price will be reduced below $375,000?

Are you in the market for a one-bedroom condo on the Hill?  How does Unit #504 at the Vertigo compare?

What’s a view worth in this town?  $100,000?

Oofah.  Maybe it was the view.  Or maybe it’s the unconscionable fact that it’s 53 degrees outside today when I wish it were 73.  But I’m feeling dizzy, a little woozy in the head.  I think it’s a case of…

See the listing here.

Side note: For those expecting a preview of Holiday Apartments, in order to do full justice to the building’s top-to-bottom renovation, we’re waiting a few more weeks to take our cameras inside in order to allow the team at Capitol Hill Housing to finish sprucing up the place.