Comments on: AVA Condo Update

By: Ben_Kakimoto

Ben_Kakimoto — Mon, 31 Mar 2008 17:42:49 +0000

A: That’s certainly not the level of service / communications a prospective buyer should receive from the sales team of a new project.

MD/PNW: I don’t know the exact number but they’ve done fairly well with reservations. Though, reservations do not equate to sales. Personally, I think their pricing is reasonable compared the projects in the area and during the initial pre-sale release they did have upper floor 1-bd units available in the high-$300s. I’ve also heard comments that the developers could self-finance the project. But, as both of you pointed out the market has changed and it has taken a toll on a number of condo projects.

By: A

Mon, 31 Mar 2008 15:59:01 +0000

Agree that the marketing on this project was bad. Tried to contact the sales office and emailed but they never responded to my questions.

[edited: removed personal information]

By: The MD

The MD — Sat, 29 Mar 2008 23:41:00 +0000

This building is doomed from the start. Poor marketing, poor layouts, and price points will not be met in today’s market. The development team needs to reconsider its offering and adjust prices to reflect today’s buyer. The concept is too “been there, done that.” It was cool if it were brought to market three years ago. The bottom line is it needs to be more original. Otherwise, good luck moving forward obtaining the necessary financing to achieve final build-out of this project.

By: PNW Advisor

PNW Advisor — Sat, 29 Mar 2008 17:12:20 +0000

Put whatever odds you want on a successful presale occuring today and you will have your go/no go decision. It may get built, but unless they get overrun with potential buyers at their sales opening this group will punt/redesign. If the Architect is involved in the financial decisions of the partnership then they have greater issues to deal with.

By: SeattleArchitect

SeattleArchitect — Sun, 23 Mar 2008 00:20:24 +0000

Hi Ben -
Thanks for setting the record straight - where do these bogus rumors come from?! You are correct, the construction permits have been applied for but not yet issued, so “Biff’s” suggestion that construction crews have been sitting around doing nothing is bogus, as the final construction contract has not even been awarded. The idea that the project has been put up for sale? Definitely not true, either. This project will be built, you can bank on it. PS. I should disclose that I am not a banker, but I am the Architect for the AVA project.

By: Ben_Kakimoto

Ben_Kakimoto — Fri, 21 Mar 2008 22:02:09 +0000

Obtaining construction financing is a major obstacle for most projects as financing has dried up. Though, a few developers are capable of funding their own projects. I’m not sure about the financial situation of this project but they are experienced in hotel and residential development.

By: Josh

Josh — Thu, 20 Mar 2008 04:41:45 +0000

There’s talk on the SSC forum that the developer is having trouble securing financing for this project and has put the site up for sale.

By: Ben_Kakimoto

Ben_Kakimoto — Wed, 19 Mar 2008 17:48:16 +0000

As mentioned above, construction is not expected to start till the end of the year. The developer still needs to file construction documentation with the city for authorization to begin work on the project.

By: biff

biff — Wed, 19 Mar 2008 16:02:35 +0000

Hmm. Dunno if this is going forward. Construction crew to work this has been sitting around doing nothing for 2 + months.