Questions on Seattle downtown condos (sales, real estate, HOA)

[shaken_not_stirred]

Interested in looking and perhaps purchasing a condo in one of the new construction highrise condos in downtown. List prices seem pretty high even in this environment. My question is, is there any room for price negotiations on these new condos? If so by how much? I am specifically interested in new condos sale by the developer, not the resale (some do have resale already). And to be specific, the developments I am interested are 1521, Escala, Olive8 and Madison Tower.
Someone with privy knowledge than me on this can help me answer my questions. Maybe someone who is a RE agent. Thanks in advance.

[Ira500]

I know that developers are hurting right now, which increases the likelihood of buying for less than asking price. Find out from either county records or your friendly neighborhood real estate agent what recent sales in the same complex went for. If a condo sold last month went for 600,000 dollars, they're not likely going to accept a 400,000 dollar offer.
On the other hand, if there were several sales in the 400 thousand dollar range for same size units in the same complex, they have to realize they're pricing them unrealistically if they're asking much more than that. They've built a lot of condos downtown recently. There are a lot of unsold units.

[spacecadet610]

I have also been looking at condos to buy downtown. My experience talking to the developers:

1521: NOT willing to lower price but willing to give concessions. They have had relatively good sales so dont feel as much pressure to sell

Escala: I feel they are out of touch with the market as they are even talking about RAISING prices.

Olive8: Willing to lower price and give concessions. Developer is feeling the hurt from the economy.

Madison Tower: haven't talked to them but see that prices have dropped significantly last several months.

Originally Posted by shaken_not_stirred

Interested in looking and perhaps purchasing a condo in one of the new construction highrise condos in downtown. List prices seem pretty high even in this environment. My question is, is there any room for price negotiations on these new condos? If so by how much? I am specifically interested in new condos sale by the developer, not the resale (some do have resale already). And to be specific, the developments I am interested are 1521, Escala, Olive8 and Madison Tower.
Someone with privy knowledge than me on this can help me answer my questions. Maybe someone who is a RE agent. Thanks in advance.

[JesseJB]

You might be able to get a deal at Enso.

[shaken_not_stirred]

Originally Posted by spacecadet610

I have also been looking at condos to buy downtown. My experience talking to the developers:

1521: NOT willing to lower price but willing to give concessions. They have had relatively good sales so dont feel as much pressure to sell

Escala: I feel they are out of touch with the market as they are even talking about RAISING prices.

Olive8: Willing to lower price and give concessions. Developer is feeling the hurt from the economy.

Madison Tower: haven't talked to them but see that prices have dropped significantly last several months.

Thanks for addressing the specific questions. So when you say concessions, what kind of concessions? Upgrades, HOA waivers etc? Can you be a little specific?

Yeah I did notice Escala developers are so out of touch with the market and their prices are ridiculous and not lowering them. I like O8 except their floorplans are limited and small. Would not mind checking them out again.

[shaken_not_stirred]

Originally Posted by JesseJB

You might be able to get a deal at Enso.

I looked at Enso but its a bit off from where I want to be plus the building and the views are not quite as good as the ones I mentioned.

[shaken_not_stirred]

Originally Posted by Ira500

I know that developers are hurting right now, which increases the likelihood of buying for less than asking price. Find out from either county records or your friendly neighborhood real estate agent what recent sales in the same complex went for. If a condo sold last month went for 600,000 dollars, they're not likely going to accept a 400,000 dollar offer.
On the other hand, if there were several sales in the 400 thousand dollar range for same size units in the same complex, they have to realize they're pricing them unrealistically if they're asking much more than that. They've built a lot of condos downtown recently. There are a lot of unsold units.

Thx Ira. I've looked at the comps specifically in 1521 and their prices are all over when it comes to S/Sqft. Specific units I am looking at have various prices per sqft and in the floor levels as the ones I am interested. If I took an avg of the comps per sqft and use that as a price, I come up with $700K less than list price and wondered if 1521 developers would go down that much in price.

[MaikeerinWA]

Sometimes I read about auctions like these:

Brix and Gallery Condo Auction Results*|*The Seattle Condo Blog

and wonder if there are good deals to be had.

[Under The Clouds]

Originally Posted by MichaelinWA

Sometimes I read about auctions like these:

Brix and Gallery Condo Auction Results*|*The Seattle Condo Blog

and wonder if there are good deals to be had.

I think there are some great deals to be had for someone who has a lot of cash. I don't know how financing works for properties purchased at auction, but I'm guessing that you'd need a lot of cash upfront, if not the full purchase price.

I closed on my condo in July, and I am heartened to read about the sales prices at Brix, which is in my hood. The final sales prices appear to be comparable to what I ended up paying for my unit.

[shaken_not_stirred]

I am not too sure of the good deals in the downtown Seattle condos as a decent condo in one of the new highrises is listed at $1000-$2000 per Sqft with the median being somewhere around $1200/sqft for sub penthouse upper levels with decent views.

Just to compare, the condos in modern highrises in Chicago lakeside overlooking Lake Michigan are less per sqft. And this includes the newly built Spire and Trump Towers and the residences are at 80th floor or above.

I am not sure why Seattle downtown condos are so expensive and developers think people will be all over at these prices. And FTR, the prices at Four Seasons residences is the icing on the cake. It is absolutely ridiculous for Seattle.