Olive8 Condo – Midtown Seattle
The Olive8, at the edge of downtown and Capitol Hill, is in the mix for urban living. It’s steps away from the Paramount Theater, the downtown shopping district, close-by the new Whole Foods and a short hop over to Capitol Hill. This area of downtown is generally less active, aside from the cars on Olive heading to the I-5 at rush hour.
Olive8 follows the lead of The 2200 and Madison Tower by incorporating a hotel and many upscale amenities. The Grand Hyatt will reside on the lower 17 levels with residences from the 18th thru the 36th level.
The project includes more than 180 one-, two-, two + den and penthouse residences. The homes come with upscale interiors including Pedini italian cabinets, stone countertops, hardwood floors, stainless Leibherr and Bosch appliances, A/C, 10’+ ceilings and private balconies.
Residents will have access to the Hyatt’s amenities, including a full-service spa, fitness center with a 65 foot lap pool, housekeeping, 24-hour room service and concierge services.
Back a little on it’s location. It sits right next to the 33-story Qwest Plaza which blocks most of the west-facing views except from the “00” NW corner units. And, expect to spend at least $1,000,000 for those units. On the north, you need to be on or above the 28th story to have a view that’s unobstructed by the 720 Olive Way building (red brick). Finally, towards the east are additional projects that are proposed or under construction. Over the long-term, residences may feel boxed-in, but that’s fairly common for downtown living. The point is, just because there’s some open spaces now, doesn’t mean it’ll be there in 4-5 years.
Homes are on sale now and range from $500,000 to well over $2,000,000. Amazingly, many of the homes that face directly into Qwest Plaza have sold. At this time, most of the available homes are on the east and north side of the building. Visit Olive8.
RealityCheck is a representative of the developer!
I knew it !!! So is “olive8willbejustfine”
my husband and i went to the buyers event last week and met with the bank on Monday. the buyers event was nice and the building sure looks beautiful but Williams and the developer are in denial, and delusional by ignoring the price problem. condo developers all over the country are making concessions. we don’t see why seattle should be any different, regardless of any price guarantee they offered in the past.
we are already in the hole for the earnest money and we were planning on a large cash component plus a small mortgage. the problem is we will be paying way above the market rate at olive 8, and it’s likely our cash would be locked into the condo for at least five years.
so we made the decision last night to walk away from our olive 8 contract when closing time comes (we are on a middle floor so it is probably still a few months away). it is better to lose $40k than put much more than that at risk, and we already lost a lot on the stock market in the last six months. we are treating olive 8 like a bad stock investment, and looking to see if we can get a schedule D capital loss on the forfeited earnest money.
good luck to everyone else.
I would have never thought that these people (RealityCheck and olive8willbejustfine) pretending to be buyers would deliberately misrepresent themselves and flat out lie just for thier personal selfish interest. If they are unethically able to commit this act of deceit on this blog I wonder what these people are capable of doing when we start dealing with them involving Olive 8. I hope they realize the potential implications of their malcious act to Olive 8. People on this blog as I have said are just trying to seek comfort from other people experiencing financial difficulties.
I’m in the same boat AJ so I feel your pain. I also had about $40k in earnest money and lost so much in my other investment accounts. So coming up with a down payment will be tough. When it’s time for me to close I may also have to walk away…it is frustrated.
I’m in the same boat as you two.
Due to market loses I’m unable to come up with the amount required for the down payment. I could afford the payments with the 5% down, no problem, however the banks are being a big stinker about having such a large down payment.
I’ll be walking away, but won’t be letting O8 know so until the last minute.
I guess I’ll need to revise the buyer’s meet-up results. Now that AJ has decided that they won’t be closing, that means 9 out of 10 of those that attended were not planning on closing.
Also, of the 10 buyers that attended, I believe that 8-9 of those in attendance, purchased on the very first weekend Olive8 units were available. So you know the pricing they received was the best pricing available.
I’ve put together another blog that will allow olive8 buyers to discuss their various options. It will help separate the buyers that plan on closing with those that are pretty sure they aren’t closing. I think it will be more productive for all parties. Check it out at:
olive8.blogspot.com
in all fairness, how does anyone KNOW that “realitycheck” and “olive8willbe fine” are representing the developer?
lets not get too paranoid
I like the idea of having a separate blog for legitimate buyers. From a very reliable source and I am not being paranoid. Representatives of Olive 8 and representatives from the developer are constantly watching the exchange of opinions on this blog. They have too because this blog is giving them a feel on how to strategize and deal with buyers at the time of closing.
I also like the idea of a separate blog for only buyers. But how do you filter out the buyers and the O8 representatives?
I’m up for any ideas/options/suggestions on how to get my $40k earnest money back or even half of it back I would be happy…or we buyers can try to get the developer to re-evaluate their pricing to match with the current rate as other developers else where have already done so…
This will be my last post on this subject. The thread has devolved into attacks and accusations. The true reality is that these discussions are pointless in that everyone is anonymous, and there is no way to verify anyones identity or purpose. Every positive post could be an O8 employee or the developer, and every negative post could be the same person using different names, or a disgruntled former O8 employee. There is no way to tell, and there is likely significant game theory going on. Out of all of these posts, we haven’t learned any actual, verifiable information.
For the real buyers, I wish everyone the best in deciding what they are going to do. Everyone will need to make their own decision on this, and it is likely going to be a tough one.
I do agree that if the O8 powers-that-be are paying attention, they will want to offer a significant price concession to all buyers, and rapidly, before closing begins.
We are still trying to “sell our assignment”, but most people just think we are crazy. We are prepared to walk away because we feel that if we were to try and close it would be YEARS before we would see any of the cash back that we would be required to put down. We dont want to hire an attorney because I dont feel the chance of success is very high and the last thing I want is to be saddled with 5k in attorney fees. If there is someone out there who uses an attorney and has some success, please let me know. I would like to just get even half of my earnest money back.
I dont blame Olive 8 at all for the situation. I love the building, it is first class, but I just cant financially do it right now. Maybe in 5 years and maybe 5 years ago, but now it’s just not feasible.
I sincerely hope it works out for everyone who decides to close and hope that for the rest of us there is some sort of concessions made.
They way I see it is that most buyers probably bought the maximum they could afford at the time. The lower floors are most likly the ones that will not qualify. If buyers on the lower floors do not end up closing then the buyers on the middle and upper floors if the can qualify or not may choose not to close. If I was the seller I would do whatever it takes to make sure the lower floors do close.
With that said I do think Olive 8 is an amazing building. I think if you do plan to hold 5 years or more you cant go wrong. I can not plan that far out and am choosing not to close. The developer gambled on 3 extra floors and now they are paying for it. It sucks for all parties involved that a project like this would end this way.
Do some research on the Trump Tower in Las Vegas. The building was complete last April. Trump buildings always sell well. 100% were presold. 30% closed. That was before financing was a problem. I know Las Vegas is a different market but it is probably the best building in the city. Olive 8 I think is one of the best buildings for the money but add the financing issue on top of it and it does not look good.
Ampy and condogirl,
Even the new blog will not be able to filter out the developer or Williams Marketing reps. However, it will allow us to discuss potential strategies depending on your situation. Those that plan on closing can share problems that they found during the walk-through. They can band together and request concessions.
And for those that are definite they are not going to close, they can discuss potential options for getting their earnest deposit back. I can tell you that I’ve received emails from buyers that have hired attorneys. What’s their angle? Maybe other buyers can join and defray the costs in case their is litigation.
Closing dates are quickly approaching and the more information we can share, the better.
olive8.blogspot.com
I am another owner that just discovered this blog and do not plan to close on 29th FL. Is there any meeting planned for all of us with deposits down to discuss a common position to take with the developer? I think that should happen right away, maybe to late
I don’t think we have any leverage as we are backing out of purchase and sales agreement. They might have issue even for trying to find buyers for our reserved units because that will take away buyer from Olive 8, that’s if we could find buyer in current market… Only option I see is to talk to lawyer and see if they will work for % of money refunded.
I might reconsider backing out if Olive 8 makes drastic price reduction, which I doubt they will.
If someone have good plan/idea, please share.
Thanks,
mike v,
they already had a meeting. there were 9 or 10 people, and most of them are not closing.
to those that think this blog is no good, Most all blogs are anonymous, there are probably some posters with hidden agendas, but it is comforting to come across it and see other people in the same boat ( it was for me), and this blog will a be catalyst for meetings, discussions, and hopefully a response from the developer. I would bet it is having some effect. It already spawned one meeting.
obviously williams marketing and the developer are reading this, and if they think it is one person making many posts, then I fear that will be another mistake for them. I am not attacking them and I dont blame them at all, the building is AWESOME! Whether it is justified or not, people are scared sh__tless right now. some will need a compelling reason to close.
if you want people to post on that olive8 blog, you’ll have to allow anon posting
Sorry about that. The default settings required you to sign-in before commenting. I’ve now changed the settings so that you can post anonymously.
Lets shift our comments to the olive 8 blog.
olive8.blogspot.com
olive8buyer, I will use your blog, but I am curious, what is wrong with posting here, It is already so well established, it will most likely be the blog people find when googling info about olive8, and Im sure Ben doesnt mind the extra traffic ( or does he?). I worry about loosing people by fragmenting.
Ben actually emailed me and was supportive of forming a blog for olive8 buyers. Thanks Ben!
I thought having a separate blog might be more effective since there really are two groups of buyers:
1. Those that are planning on closing still
and
2. Those that are not planning on closing
A separate blog could let us organize our efforts a little more effectively since the needs of each group are different. But if everyone prefers to stay here, I’m ok with that.
I think if the new blog takes over we will no longer pick up any new potential buyers. I suggest sticking with this one that is already established.
Anybody had a walk-through yet? According to the Olive8 calendar, 18-19 should be complete by tomorrow but only one unit has time reserved through today and other units on these floors have appointments in later weeks that are reserved for higher floors.
Comments on previous posts:
Which blog?
So, this seems to be the blog that most want to stick with? I think anybody that finds this one can find the other one with reference to it here! How did everybody find this one? I used a google search myself.
Pricing
Early buyers did not receive a price guarnatee, nor did they have a clause to share profits in event of a flip. For those who bought later and received a price guarantee, it is only in effect through your closing date. Any price reductions will probably happen later, after those of us presale buyers close. There were some significant price increases since reservations started; I think that any price reductions would be to bring these inflated prices back down to be more in line with early sales prices. Otherwise, there will be a wide scale financing challenge due to appraisals not aligning with purchase prices.
I think the sales center said that all closings and walk-throughs are at least a month behind schedule compared to the previous schedule released a few buyer meetings ago. Which might actually be a good thing at this point to give everyone more time to figure out what to do.
Yup, figure out how we could get our earnest money back!
Would you please share with us? much appreciated!
Had my walk-through today and did not know that there was a blog until I was asked by Carrie if was reading the blog on the internet. So I came home and fired up google. Just wanted to say hello and that the building looks nice, it is still not done…hopefully I will meet some of you in the future.
Like Tim S, this will also be my last posting, mainly because the paranoid people on this post have accused me of being an Olive 8 representative. I AM a buyer, I LOVE the building, and my wife and I will enjoy living there for a very long time- on the 24th floor, by the way.
To all of you who cannot close, I am so very sorry about your situation. This economy has been so damaging in so many ways to so many people.
To condogirl, shame on you for spreading propaganda on this blog. I was attempting to inject a bit of positivity to balance out the negativity. Isn’t that why this blog is here? To share our thoughts?
Good luck to everyone.
Like Tim S, this will also be my last posting, mainly because the paranoid people on this post have accused me of being an Olive 8 representative. I AM a buyer, I LOVE the building, and my wife and I will enjoy living there for a very long time- on the 24th floor, by the way.
Good luck to everyone.
I know of a lawyer that has been handling Earnest Money Deposit cases. His name is Stephen J. Crane of Crane Dunham PLLC. Good luck.
1803Buyer, When exactly did you have your walk through again? Was it the 8th as you mentioned on your posting? If so, I did not know the developer schedules walk through on Sundays. Hmmm. If so, they must be anxious to close these units. So please comment, what was not completed – your unit or general common areas such as party room, guest suite, etc. Please also share your thoughts on the finish product – is it as nice as presentation center protrayed it would be???
OLIVE8 BUYERS SHOULD WATCH THIS VIDEO
http://www.youtube.com/watch?v=10WoQZKZkNs&feature=related
wow
http://www.youtube.com/watch?v=10WoQZKZkNs&feature=related
This blog has been slow lately. I’d like to suggest everyone checkout the Olive8 Buyer’s blog at…..
http://www.olive8.blogspot.com
Lots of recent posts at the Olive8 Buyer’s blog.
http://www.olive8.blogspot.com
olive8buyer – i tried to post comment on your blog but it didn’t work…do i have to sign in?
condogirl,
You do not need to sign in to comment. You just need to choose “Anonymous” or type in your name.
Some people have commented that they’ve had difficulty posting (have to comment twice before it would work), but I haven’t had that issue.
After you’ve commented in the “Post a Comment” section, click on “Comment As” and choose either “Anonymous” or “Name/URL”.
Let me know if it continues to have problems.
Olive8Buyer
Olive8Buyer, i tried to post on your blog again but still got ‘error on page’ message. Anyway, please include me in your only buyer event. I think it’s a great idea to seek Attorney to help us and splitting the fee…more cost effective. At this point, I just want to get my earnest money back; even half of it would be great.
I am going to close my unit. I do not have a choice for I have foolishly put too much money in the upgrade.
My only concern is what would happen if too many units become vacant. Will the builder rent them out? If so, what are the impact and what can the buyers do? And secondly, will the association fee be increased to cover the coast of the vacant units? What can we buyers do for that?
Thanks in advance for any comments
typically you will not have to pay any association fees until the building is 70% sold ( which could take a while). keep in mind association fees almost always go up in a new building after the first year once they figure what the operating costs will actually be. as far as unit sbeing rented out, it could adversly effect value only because typically buyers prefer a mostly owner occupied building, however I believe rentals are limited to 5% by the homeowners association. Hedreen will be part owner in the building so perhaps they can overturn that 5% and rent as many as they want… only time will tell how all this going to shake out.
good discussions for o8 buyers at http://www.olive.blogspot.com
Anyone else having mixed feelings after their walkthru?
my #1 biggest complaint is privacy. the adjoining unit can easily look directly into my bedroom from their deck! this is on any of the floor plans where the decks adjoin e.g. plans 03/04 and 06/07.
Well i just closed and it went smoooooooth !!!
the appraisal came in $25k higher than my purchase price, the wlak thru and punch list were complete, and the concierge is FANTASTIC !!!
It is true that this may be too nice a building for some of you who can’t afford the luxury.
Ok, Kool one, at this point we all know you just closed at Olive 8 and we’re happy for you. However, your last comment is a bit of an insult with regards to the building being too nice for those who can’t afford it? Not sure where you’re coming from but if you’re such a high roller, why didn’t you buy a two bedroom rather than the measely 1 bd you’re going around bragging in the blogs.
Those 1bd were the price point units and for the most part the low-end buyers. If you’re going to brag, make sure you got the right units to brag about.
I agree. The comment of his at the end was out of line. When I read it I immediately showed it to my husband and asked: “Can you believe this pompous jerk?” Way to make people feel bad in these hard economic times. I hope your condo works out for you and feel sorry for your neighbors if this is really the way you feel. (That you are somehow better than others who can not afford the luxury that you can)
I currently own a condo in Olive8 and although the real estate market is terrible, there was still a big enough price increase from when we purchased in 2006 that we should be ok if we look to sell our unit immediately. The unit below ours just sold for much more than we paid when we originally signed docs. The problem is closing the home now. I know for a fact Olive 8 will not let you out of your contract without forfeiting earnest money, I tried. So now we are hoping to close, and sell immediately.
*** I wish you luck on the “sell immediately” part.
Reply to Oh Dear:
I would try and make very sure of that before you close. I thought the same thing. There is now the 09 plan lsited on MLS #29055419 for $375k that is a resale. I am 3 floors below this and paid more. I dont recall prices in 06 being this low.
Also read this article: http://seattletimes.nwsource.com/html/localnews/2009113376_condoclosings24.html
This part made me extremely nervous:
Thirteen Olive 8 units have closed so far. Thyer says closings should continue into July. “At this point, we’re still holding our prices,” he says. “But if the downturn continues, we may have to revisit that.”
I feel sorry for you kool-one… on so many levels. I wish you the best.
Not happy with the building so far. finishes are far below my expectations and I don’t think the valuation is going to pan out. I also noticed #2209 on the MLS for $550 a square foot, which means I am already underwater.
With the poor market I’m thinking of walking away from my earnest money. Is it likely Hedreen will offer concessions to us suckers who bought in 2007, or am I out of luck?