Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Seattle Times – Buyers back out

But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers

But the real-estate bubble, of course, has burst. And some of those once-eager buyers from 2006 and 2007 are backing out, often at considerable expense to themselves and, perhaps, the projects’ developers.

At Fifteen Twenty-one, developer Opus Northwest says more than one-quarter of the original buyers have walked away, some forfeiting deposits of $100,000 or more.

At Olive 8, at least 10 percent of the project’s buyers, who either can’t or don’t want to close, have retained lawyers in hopes of getting their earnest money back.

Article: At pricey high-rise Seattle condos, some buyers back out
Olive 8 blog: olive8.blogspot.com

Tags: , ,

About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

There Are 3 Brilliant Comments

Trackback URL | Comments RSS Feed

  1. Tim says:

    i gotta wonder if the noninvestors who walked away are really better off in the long run taking into account the money they forfeited and the money they’ll have to pay for rent (gotta live somewhere).

  2. walker says:

    to tim,
    you dont have to wonder anymore.
    my partner and I had to walk away.
    my current rent is ~$2400 dollars LESS per month than my mortage would have been. I rent in a another highrise 2 blocks away ( so it is very comparable )
    oh… and my apartment is larger and has an extra bedroom.
    I will recoup my deposit in less than a year in saved expenses.

  3. Steve says:

    What the news on the Marlborough House? What bank is foreclosing, who’s in control, is the sale still on for may?

Post a Comment

Your email address will not be published. Required fields are marked *

Top