According to an email from Bellevue Towers (website), they’ve seen a turnaround in sales activity since the ownership & pricing changes last month with 18 pending sales and 11 additional new offers.
This transition is a positive turning point for the development, its homeowners and the real estate community for a number of important reasons:
- Clear and stable ownership moving forward
- No plans to rent or auction
- Fully funded HOA reserves
- An adjustment in price of an average cumulative discount of 30% to further establish Bellevue Towers as the best luxury highrise value in the region
The new pricing at Bellevue Towers reflects an average cumulative discount of 30% from original list prices. Please click here for our current price list. A sample list of prices for our five main unit types are as follows:
- Studios from $310,000 to $400,000
- 1 bedrooms from $418,000 to $454,000
- 1 bedrooms w/study or den from $400,000 to $560,000
- 2 bedrooms w/study or den from $560,000 to $1,260,000
- Penthouses starting at $2,300,000
The demise of the Bravern is probably helping as well.
February 22nd, 2011 at 9:32 am
That is good news for your market, and it seems to be the case in a lot of places. Higher-end homes are seeing an increase in activity, but typical home sales are still staying stagnant. I am not complaining, any movement is good movement in my mind!
March 28th, 2011 at 11:31 am
As context, they aren’t doing so well. See http://seattletimes.nwsource.com/html/businesstechnology/2013835593_bellevuetowers04.html.
“The new owners announced price cuts to help spur sales at the 539-unit development, where just 118 sales have closed since the two towers were completed nearly two years ago…”
“When Bellevue Towers opened in February 2009, condo prices ranged from $399,000 to $4.4 million. A Gerding Edlen principal predicted the project, at Northeast Fourth Street and 106th Avenue Northeast, would sell out in two years.”
March 28th, 2011 at 12:55 pm
@John – Bellevue Towers has experienced sluggish sales. Though, with the demise of the Bravern as condos and Bellevue Towers’ pricing adjustment at the beginning of the year, sales have been going well for the development in light of the current market environment. The article you referenced is dated 1/3/11 and since then Bellevue Towers has closed 23 sales with another 25 or so in escrow. That said, they do have a long road ahead of them with only 25% of the units sold so far.