U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Washington > Seattle area
 [Register]
Seattle area Seattle and King County Suburbs
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-30-2009, 12:55 PM
 
24 posts, read 61,135 times
Reputation: 15

Advertisements

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.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 09-30-2009, 01:17 PM
 
9,638 posts, read 25,492,943 times
Reputation: 5341
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 02:45 PM
 
37 posts, read 128,818 times
Reputation: 17
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.

Quote:
Originally Posted by shaken_not_stirred View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 02:52 PM
 
Location: Seattle
807 posts, read 2,135,734 times
Reputation: 471
You might be able to get a deal at Enso.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 03:24 PM
 
24 posts, read 61,135 times
Reputation: 15
Quote:
Originally Posted by spacecadet610 View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 07:06 PM
 
24 posts, read 61,135 times
Reputation: 15
Quote:
Originally Posted by JesseJB View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 07:10 PM
 
24 posts, read 61,135 times
Reputation: 15
Quote:
Originally Posted by Ira500 View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 08:10 PM
 
1,626 posts, read 6,445,475 times
Reputation: 672
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 09-30-2009, 09:17 PM
 
121 posts, read 317,087 times
Reputation: 58
Quote:
Originally Posted by MichaelinWA View Post
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-01-2009, 12:52 AM
 
24 posts, read 61,135 times
Reputation: 15
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Washington > Seattle area
View detailed profiles of:

All times are GMT -6. The time now is 12:40 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top