Comments on: Sagging Market Delays Another Condo Project http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/ News & discussion about real estate & the housing bubble in the Seattle area. Sun, 08 Nov 2009 00:17:07 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: afferent input http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48664 afferent input Fri, 23 May 2008 20:33:56 +0000 http://seattlebubble.com/blog/?p=1974#comment-48664 There was a building on the corner of Campus Pkwy and University Ave that was torn down last year. Workers have been very busy prepping it for a new building, so it seemed. All of a sudden, everything was covered over. To me it looks like it's been mothballed, but I don't know much about the intricacies of construction. Weird.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48664','afferent input',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48664','afferent input','There was a building on the corner of Campus Pkwy and University Ave that was torn down last year. Workers have been very busy prepping it for a new building, so it seemed. All of a sudden, everything was covered over. To me it looks like it\'s been mothballed, but I don\'t know much about the intricacies of construction. \r\n\r\nWeird.',''); return false;">Quote</a></div> There was a building on the corner of Campus Pkwy and University Ave that was torn down last year. Workers have been very busy prepping it for a new building, so it seemed. All of a sudden, everything was covered over. To me it looks like it’s been mothballed, but I don’t know much about the intricacies of construction.

Weird.

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]]> By: Jonny http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48597 Jonny Fri, 23 May 2008 15:21:46 +0000 http://seattlebubble.com/blog/?p=1974#comment-48597 may be a rumor from January?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48597','Jonny',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48597','Jonny','may be a rumor from January?',''); return false;">Quote</a></div> may be a rumor from January?
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]]> By: Jonny http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48596 Jonny Fri, 23 May 2008 15:21:03 +0000 http://seattlebubble.com/blog/?p=1974#comment-48596 So I take it the 5 million versus 250 million thing was just a rumor?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48596','Jonny',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48596','Jonny','So I take it the 5 million versus 250 million thing was just a rumor?',''); return false;">Quote</a></div> So I take it the 5 million versus 250 million thing was just a rumor?
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]]> By: db http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48595 db Fri, 23 May 2008 15:16:11 +0000 http://seattlebubble.com/blog/?p=1974#comment-48595 I've been predicting this one will be the canary in the coal mine for Bellevue. It was obviously the most vulnerable to cancellation since its one floor per condo all well over the $1M mark. Bellevue Towers have only sold about 1/3 of their units, and there are many many more projects coming online. I see Bellevue Tower flippers on the MLS too and some of the prices indicate some desperation (higher floor larger units at lower prices than lower/smaller units). I live in Bellevue and its a rich, rich town. However there really are only so many people who can afford to live in units like that. They are mostly people who lucked out with options or retiring boomers who are downsizing and have cash. The great condo collapse is coming to Bellevue real soon now as Bellevue Towers completes and 200+ units come onto the market.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48595','db',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48595','db','I\'ve been predicting this one will be the canary in the coal mine for Bellevue. It was obviously the most vulnerable to cancellation since its one floor per condo all well over the $1M mark. Bellevue Towers have only sold about 1\/3 of their units, and there are many many more projects coming online. I see Bellevue Tower flippers on the MLS too and some of the prices indicate some desperation (higher floor larger units at lower prices than lower\/smaller units).\r\n\r\nI live in Bellevue and its a rich, rich town. However there really are only so many people who can afford to live in units like that. They are mostly people who lucked out with options or retiring boomers who are downsizing and have cash. \r\n\r\nThe great condo collapse is coming to Bellevue real soon now as Bellevue Towers completes and 200+ units come onto the market.',''); return false;">Quote</a></div> I’ve been predicting this one will be the canary in the coal mine for Bellevue. It was obviously the most vulnerable to cancellation since its one floor per condo all well over the $1M mark. Bellevue Towers have only sold about 1/3 of their units, and there are many many more projects coming online. I see Bellevue Tower flippers on the MLS too and some of the prices indicate some desperation (higher floor larger units at lower prices than lower/smaller units).

I live in Bellevue and its a rich, rich town. However there really are only so many people who can afford to live in units like that. They are mostly people who lucked out with options or retiring boomers who are downsizing and have cash.

The great condo collapse is coming to Bellevue real soon now as Bellevue Towers completes and 200+ units come onto the market.

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]]> By: Joel http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48573 Joel Fri, 23 May 2008 07:10:11 +0000 http://seattlebubble.com/blog/?p=1974#comment-48573 <blockquote>Eugene Gershman, chief operating officer of Bellevue-based GIS International Group, attributed the delay to reticence among prospective buyers whose current homes are taking longer to sell.</blockquote> But but but, I thought rich move-up buyers were going to prop up the market.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48573','Joel',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48573','Joel','<blockquote>Eugene Gershman, chief operating officer of Bellevue-based GIS International Group, attributed the delay to reticence among prospective buyers whose current homes are taking longer to sell.<\/blockquote>\r\n\r\nBut but but, I thought rich move-up buyers were going to prop up the market.',''); return false;">Quote</a></div>

Eugene Gershman, chief operating officer of Bellevue-based GIS International Group, attributed the delay to reticence among prospective buyers whose current homes are taking longer to sell.

But but but, I thought rich move-up buyers were going to prop up the market.

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]]> By: Jonny http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48545 Jonny Thu, 22 May 2008 22:01:26 +0000 http://seattlebubble.com/blog/?p=1974#comment-48545 budbrad: holy moses! source please?<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48545','Jonny',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48545','Jonny','budbrad: holy moses! source please?',''); return false;">Quote</a></div> budbrad: holy moses! source please?
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]]> By: budbrad http://seattlebubble.com/blog/2008/05/22/sagging-market-delays-another-condo-project/#comment-48493 budbrad Thu, 22 May 2008 16:34:10 +0000 http://seattlebubble.com/blog/?p=1974#comment-48493 Speaking of oversupply, I heard a statistic yesterday on the commercial RE market. Last year, there were $250 Billion in deals done in commercial RE nationally. Year to date, there have only been $5B in deals done. That's gonna have a tremendous ripple effect in the markets.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('48493','budbrad',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('48493','budbrad','Speaking of oversupply, I heard a statistic yesterday on the commercial RE market. Last year, there were $250 Billion in deals done in commercial RE nationally. Year to date, there have only been $5B in deals done. \r\n\r\nThat\'s gonna have a tremendous ripple effect in the markets.',''); return false;">Quote</a></div> Speaking of oversupply, I heard a statistic yesterday on the commercial RE market. Last year, there were $250 Billion in deals done in commercial RE nationally. Year to date, there have only been $5B in deals done.

That’s gonna have a tremendous ripple effect in the markets.

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