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.
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October 3rd, 2007 at 8:41 pm
Interesting…My husband and I tried to go look at their 2-bedrooms this weekend, but they weren’t open. Must be why!
They did seem priced high for the area, and with the mortgage situation I can’t say I’m suprised.
October 7th, 2007 at 11:23 pm
I visited their showroom and toured a few places. Felt the prices were a bit high compared to other units for sale in the area. However, they did have some nice one-bedrooms with large, 300-sq-ft decks.
January 6th, 2008 at 2:30 pm
I find this quite funny, I was kicked out for the conversion of the lovely model unit. They current owners weren’t really concerned about vacancy rates and renters when I was out on the street looking due to the conversions. The prices were way too high and our discount was laughable. I loved that place.