Four Seasons Condos is planning to cut prices for their 11 remaining homes. So far, 22 homes have closed with three more units (presold 6 months ago) waiting for custom finish work to complete. Read more here. It comes as no surprise that the higher end million dollar homes are affected given the current market conditions.
We are looking at more than 2 years of inventory on the market for the $1M and above homes in the Belltown/Downtown neighborhood. This is probably the time when buyers who are in the market are going to keep their eyes out for good values.
One question that remains is are all of these price cuts we hear about enough to get buyers back into the market or will they end up being a series of small reductions which may only cause buyers to wait for the next one. The more I think about it, I tend to think lots of small cuts will actually reduce buyer confidence as opposed to holding prices or doing major cuts in one fell swoop.