Several large, luxury condominium projects in Seattle and Bellevue are finishing construction or are recently completed. The problem is, the down turn in the real estate market has caused sales to be non-existent or extremely slow. Of the 539 units in the Bellevue Towers, only 43 have closed. To stimulate sales, they have slashed prices by an average of 20% at the eastside project.
Vulcan's newest building, Enso, is nearing completion and they are finalizing their pre-sale commitments as well as doing their best to attract new buyers. While Enso won't release their price adjustments to the press, agents were invited to an open house where we were informed some units are now reduced as much as 25%. It's nice to see they are being realistic about the market and their pricing should help move much of their inventory.
On the other end of the spectrum, Olive 8 is refusing to reduce prices and claims they will wait out the market. The developer seems to think the Hyatt hotel that makes up the first 17 floors will carry the building through this down market. Perhaps they should rethink this as only 28 of 229 units are closed.
Read the full article here.
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