A reader brought this to my attention. At first I was a little skeptical but have since confirmed that the Max Condo in Greenwood has pulled the plug and is reverting back to apartments.
It seems sales during the first three weeks did not meet expectations. Which is a bit surprising as Greenwood area condos sell very well. The new construction Sapphire Condo sold quickly and re-sale units from numerous Greenwood/Phinney condo projects rarely sit on the market long. I’m speculating prices may have been on the high end for Greenwood and constricting mortgage programs may have hit first-time buyers a bit harder than anticipated.
On the other hand, given Seattle’s low vacancy rates, the developer felt providing rental homes is the more sound option with the current marketplace.