Expo62seattlecondoblog_2In an interesting twist and contrast to all the aparment-to-condo conversions we saw in 2006 and 2007, Expo 62 has converted from pre-sale condos to "luxury apartment rentals" for summer of 2008. You can see their placeholder one-page website here. Read more on Seattle PI.

This unexpected change is further evidence that developers are not able to unload new condos at the frenetic pace of a couple years ago (seems like yesterday when Cosmopolitan practically sold out in 1 day before the ground was even broken). It’s also another data point on the rental market becoming increasingly attractive for investors to pay their bankers’ interest and perhaps earn a little income while the sales market takes time to firm up again.  In fact, I wouldn’t be surprised if they switch back to condos in a few years.