The Bravern Signature Residences hit another snag in the depressed Bellevue condo market. The massive development is comprised of two luxury residential towers, two office towers (mostly leased to Microsoft) and upscale retail anchored by Neiman Marcus.

Earlier this year Bravern’s developer, Schnitzer NW, converted one of the two residential towers from condos to apartments. Yesterday, the Seattle Times reported the second tower will be converted as well, effectively removing 451 units from Bellevue’s condo inventory. The Bravern’s condo homes were previously offered starting from around $1 million. With leases starting from $1,550, renters will be able to live in style for a fraction of the cost compared to purchasing the very same homes.

The Bravern’s plight may be a boon for two other downtown Bellevue condo developments – Bellevue Towers and One Main Street. Potentially, buyers at Bravern may be lured to the comparably upscale Bellevue Towers, which has experiencing sluggish sales as well.

Back on this side of the lake, TeamBuilder JLS and Rennie Marketing announced that they have successfully closed out all 278 units at the Canal Station and Canal North condo developments in Ballard. Though the developer units have sold out, there are a number of resale units available for buyers looking to live in this prime spot in Ballard.

The only other new condo development in Ballard is The Danielle, which has seen brisk sales since coming on the market this summer. The Danielle is now over 30% sold.

Similar posts you may find interesting:

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The developer of the luxury Bravern complex in downtown Bellevue, bowing to new market realities, is converting one of the project’s two nearly finished condo towers to apartments.

Bellevue’s supply of high-end high-rise condos still exceeds demand, said Dan Ivanoff, managing investment partner at Bravern’s developer, Schnitzer West. “So we’re shorting the supply,” he said.

The switch isn’t permanent, Ivanoff added: The 236 units now for lease in the southern tower will be put up for sale as condos again if the housing market recovers.

Schnitzer West also said prices will be reduced for the 215 remaining condo units in the northern tower but didn’t give details.

Besides Bravern’s south tower, Schnitzer converted another condominium development to apartments last year – the Equinox in Seattle’s Eastlake neighborhood.

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The presentation center is located at the Skyline Tower at 10900 NE 4th Street, Suite 1510 in Bellevue.

Bellevue’s Essex on the Park (website) announced they have released an initial set of homes available for reservations. The initial release will include just 16 condominium homes with the remainder being held back until completion in 2010. Essex will be hosting special design preview events on April 8th, 9th and 10th for individuals who previously registered on their website.

Essex will rise just 9-stories featuring 32 two- and three-bedroom homes that range in size from 1,100 to 2,700 sq ft. Prices for Essex homes start from $800,000 and will likely top more than $3,000,000.

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UPDATE: The Bravern residences have converted to apartments.

Developed by Schnitzer West, the Bravern Signature Residences (website) is one of several upscale high-rise condominium projects under construction that are transforming Bellevue’s skyscape.

Located in the heart of downtown Bellevue (map) , adjacent to the Meydenbauer Center, the Bravern Signature Residences will encompass two 29-story towers featuring more than 450 residential condominium homes. The homes are divided into distinct formats, similar to 1 Hotel & Residences & AVA, which include City Homes, Condominium Estates and Penthouses.

The City Homes feature open one- and two bedroom units that range in size from 625 to more than 1,200 square feet. Prices start from the $400,000s to more than $1.5 million.

The Condominium Estates feature one, two- and three-bedroom homes that range in size from 1,000 to more than 2,000 square feet. The Condominium Estates are expects to be priced from $900,000s to more than $4 million.

The Penthouses offer spacious city living with homes ranging in size from 3,000 to over 5,000 square feet.

The Bravern has received over 200 priority reservations (homes may be reserved with a $10,000 refundable deposit). Until the sales center and model homes are completed later this year, reservations holders will be able to preview floor plans, finishes, views and introductory pricing at a private Preview Gallery. Currently, the Bravern is taking reservations in the north tower known as One Bravern Court. Homes will be released for sale this coming winter.

The residential towers are expected to be completed around winter of 2009/2010 and will be part of a larger project consisting of two office towers and signature retail stores and restaurants, including Neiman Marcus. Microsoft is expected to occupy the office towers.

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