Just saw an ad on Seattle Magazine that Olive 8 is rolling out their new pricing in the new year. Following their auction event last September , 30 out of their 32 homes had closed successfully. Matt has more details. The building is now ~50% sold and remaining homes will start on the 27th floor. The developer will be reseting their prices on January 1st, 2011. They have a new website launched to announce their new pricing.
Olive 8’s New Pricing
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About the Author: Marco Kronen
Marco Kronen is the author of Seattle Condo Review and is real estate agent in Seattle who specializes in condos. He has been serving clients in Seattle since 2004.
Once again, the Olive 8 continues their policy of being non-forthcoming, even outright dishonest with their pricing, you need to give a phone number and get a call from their slimy agents before even getting the new prices, if they are indeed new at all. This place is disgusting, and it is no wonder they are having a difficult time selling.
Buyers beware of Olive 8’s RESET Pricing!
As far as Olive 8 resetting prices lower, that is absolutely not true. In fact, the “New” reset prices are higher than the prices last year. All a realtor/buyer needs to do is to look at what recently sold.
Olive 8 is trying to confuse the buyers to believe that units on the 27th floor and higher are worth substantially much more than a lower floor. Remember, units are for floor 18 – 39.
Example: 2503 sold for $390,000 on 11/3/2010 but NOW 2703 is on the market for $485,000, but the sales team is using the 2006 price of $620,000 and saying the prices are being reduced. Really? Are buyers that stupid? Why would someone pay $95,000 more? If you do not believe me just check out prices of recently sold units at Olive 8 on Zillow.com.
I have decided to buy at the Escala. I truly think the best value and quality is the Escala. If you are in the market check it out and compare their prices. The lobby and amenities are sophisticated and elegant.