Veer Lofts – South Lake Union:
Offering special, limited time pricing on six units that closes by February 22, 2009. The units, two flats and four flexi-lofts, are being offered between $285,000 to $299,000. The flexi’s were priced in the high-$300,000′s, so good deals. The two flats are approximately 750 sq ft, one a corner unit with lake view and the other with city views. Two of the flexi’s have city views and two are on the back side with Space Needle views. www.veerlofts.com
Veer is offering other incentives as well:
- No HOA dues until September 2010
- Paid closing costs up to $7,450
- A $1,000 Ikea gift certificate
- Two $500 Alaska Air gift certificates
- A 1-year membership to Rain Fitness
Ruby – Eastlake:
A VIP grand opening is planned for the weekend of January 24th/25th from 11 am to 5 pm. Ruby is a new construction development by Barrientos whose other recent projects include The Pearl, Leona, The Bernard and The Packard. Homes at Ruby start from $269,990. www.rubycondos.com
Brix – Capitol Hill/Broadway:
Broadway-side building is complete with a grand opening scheduled for January 31st. They are offering a grand opening special — no HOA dues till 2011. See Matt’s post about mechanic’s lien and possible legal action involving the general contractor. www.brixcondos.com
Fini – Phinney Ridge:
Announced they are offering “close out” pricing on their final four units, all one-bedroom + dens that are priced from $399, 990 to $449,990. www.finicondos.com
Rollin Street Flats – Gateway / South Lake Union:
Vulcan announced that Rollin Street received a few awards from The Nationals sales and marketing competition, presented by a group that’s part of the National Association of Home Builders. Rollin’s received a Gold Award for Best Website for an urban community and two Silver Awards for best attached community and best brochure. www.rollinstreet.com
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February 10th, 2009 at 2:36 pm
Caveat emptor: buying a condo in this market, with developers unable to move their inventory, is dangerous. Here’s a little view of the future, quoted from a recent article in the NY Times:
“It unfolds like this: Unable to sell half the units in a building, a struggling developer stops paying common charges and defaults on obligations to the lender. Foreclosure by the lender may take years, while individual unit owners effectively wind up paying double their normal common charges. This pushes some owners, themselves struggling, into default. Meanwhile, they are trapped — unable to sell, even at a steep loss, because most mortgage lenders won’t lend to potential buyers in a building where half the units are in default.
‘That is a death spiral that could push a building into bankruptcy,’ Mr. Kuperberg said. ‘You basically have a building unable to meet its operating expenses.’”
Ful article is here: http://www.nytimes.com/2009/02/08/realestate/08COV.html?_r=2&em
Tread carefully. Look for deals in established buildings in good financial standing.
February 23rd, 2009 at 7:02 pm
Amazing what the vendors offer when times get tough. I wonder if those tricks will work in my marketplace!