Seattle's Fifteen Twenty-One Second Avenue Establishes a Real Estate Microclimate

Seattle's Fifteen Twenty-One Second Avenue Establishes a Real Estate
Microclimate
New Sales, Home Prices and Value Appraisals Remain Strong Despite Market
Slowdown

SEATTLE, Aug. 13 /PRNewswire/ -- Opus Northwest announced today that it closed
on its 86th sale at Fifteen Twenty-One Second Avenue, bringing the project's
total sales to date to approximately $160 million. The award-winning
condominium tower at the edge of Pike Place Market in downtown Seattle has now
closed more than 60 percent of all homes. With five additional closings
scheduled this month and more scheduled next month, Fifteen Twenty-One Second
Avenue's sales volume makes it one of the most successful projects on the West
Coast.

"Closing the majority of homes in any development is a material benchmark
because it shows that the market values have been established," said Tom
Parsons, senior vice president and general manager of Opus Northwest.
"Clearly, we're bucking the trend with several new sales each month supported
by appraisals at or above our asking prices. Homebuyers repeatedly affirm
that the quality of our finishes, the efficiency of our floor plans, our
location, our views and the overall design of the building is unmatched in the
market."

In contrast to other developers in downtown Seattle and Bellevue lowering
prices to stimulate sales, both pricing and traffic have been steady at
Fifteen Twenty-One Second Avenue, which has averaged a new offer to purchase
every week since January. Opus Northwest confirmed that it received two new
offers today and that the number of new buyers visiting the project is
increasing. Parsons attributes the ongoing market success to product
differentiation and consumer confidence in the project eliminating the fear
that home prices may drop in the future.

Fifteen Twenty-One Second Avenue is the first "tall and skinny" residential
tower added to the Seattle skyline under the new high-rise residential zoning
code. In creating its sculptural design, architects eliminated decks in favor
of indoor/outdoor solariums, and created large, open living spaces with
floor-to-ceiling glass enhancing the protected Puget Sound views available in
the majority of the residences. The finishes and features of each home create
the experience of a "penthouse on every level." All homes have two bedrooms
and boast larger floor plans (averaging 1,905 square feet). The project is
also the first luxury high-rise residential tower in Seattle to achieve a
silver LEED rating. Remaining homes at Fifteen Twenty-One Second Avenue range
in price from $1.1 million to more than $5 million.

OPUS NORTHWEST, L.L.C.
Opus Northwest, L.L.C. is a full-service design-build development firm serving
the northwestern region of the United States. The company has offices in
Minneapolis, Denver, Kansas City, Portland, Seattle, and St. Louis. With
in-house expertise in office, industrial, retail, multifamily, government, and
institutional projects, Opus Northwest has developed more than 84.8 million
square feet of space. Committed to creating great real estate, Opus Northwest
implements best practices in sustainable design and construction to maximize
building performance and reduce environmental impact. For more information,
visit www.opuscorp.com.

SOURCE Opus Northwest, L.L.C.

Nate Cole-Daum of Nyhus Communications LLC, +1-206-436-0335, for Opus
Northwest, L.L.C.