Seattle Times Article  

A client of mine sent this news article today that I thought is worth mentioning.  <Thanks Harold!>  It doesn't come as a surprise given the bubble's bursting last year to hear about some buyers backing out from new condo projects currently on the market.  From the condo projects I have reviewed over the years, I'm hearing of backouts of anywhere between 10%-15%. Of course some of those happened even when the market was doing well.  So in this slow market, how are these condos holding up? 

Here are some highlights from the article:

  • At Olive 8, 180 of the 227 condos were presold, almost all by early 2007.  20% of those buyers have expressed concern about getting financing to close, and the developer is trying to help them.
  • Fifteen Twenty-one presold 138 of its 143 units.  37 of those buyers have backed out.  75 units have already closed.
  • Escala have sold 30% of their 270 homes. The developer hasn't heard from any buyers who want to back out.
  • Vulcan Real Estate has pushed back the start of closings on its nearly finished Rollin Street Flats project (due to the new Fannie Mae guideline), where only one-quarter of the units have been sold.  Vulcan recently dropped prices on eight of the 133 units in its 19-story, almost-done Enso project, where about 60 percent of the condos are under contract.


Here is another related article written by an Olive 8 buyer.

Related posts:

Fifteen Twenty One Tour
Fifteen Twenty One Opening Ceremony
Escala Hard Hat Tour
Escala Update
Olive 8 Hard Hat Tour
Olive 8 Update- Price Guarantee

Rollin Hard Hat Tour