While Paul Allen's development company, Vulcan, is not in any immediate danger of going under...they too are doing their best to stimulate interest in some of their condo projects. Veer Lofts is offering the following for buyers who close on certain units by the end of February:
- Pay no homeowner's dues until September 1st 2010
- All closing costs paid up to $7450
- $1,000 IKEA gift card
- A 1 year membership to Rain Fitness, just 2 short blocks from Veer
- Two $500 gift certificates for Alaska Airlines
All the units offering this great deal are under $300k. If you're on the verge of buying, this is a stellar opportunity. It takes roughly 2 years from breaking ground to completion for a new condo project to be finished and despite all of the cranes you see downtown...no new buildings have started within the last year. Over the next couple years, the current inventory will dry up and banks will again offer lending for developers to start new projects. Considering the new construction condos in downtown Seattle will be at a premium in a few years when the inventory runs out...buyers at Veer and other buildings will likely see substantial appreciation in 3-4 years.
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