According to another Broker in our office, whose clients were in contract on a pre-sale unit, Solo Lofts in Ballard is cancelling all of their pre-sale contracts and will return all earnest deposits to the buyers due to unforeseen delays and a dispute with their contractors. This news comes just before the project was slated to be completed.
Our guess is that, just like their condominium project Salt in Ballard did earlier this year, this project will turn into an apartment building.
This news is particularly unfortunate for those buyers who have been in pre-sale contracts since early 2014 as they have left the equity that has been building since then, on the table.
Also evidenced by this news, is that the costs of constructing a condominium building still seem to be so high that making the projects pencil is proving difficult for some developers.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.
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