I just noticed the gardening supplies too. Have you noticed the builder’s sign on the lot just west of the lovely Champagne condos? Do they think they’re going to put up more condos there or something?

I just insert “potential” between “of” and “buyers.” That makes a heck of a lot more sense. The rest is wishful thinking without serious price drops in ANY neighboorhood right now.

EconE also has a good point. Seems the “incentives” and the promotions they are doing now, in lieu of price breaks, might address Flippers (in the developers minds), more than owner-occupied.

It will take another 6 months to a year before we see anything realistic out of the developers. Then we potential buyers might have something to discuss.

And guess what: when I drove by the area yesterday, I saw a roadsign “Urbane” signboard saying “Now leasing”!

I drive by those all the time too. They are very, very ugly – there is chicken wire all over the place on those things. And you either get a view of medical examination rooms in the clinic on the East or the Liquor Store on the West.

But you’re right, they have “now leasing” signs everywhere. I was out in Woodinville and I saw one in front of the Tavern beside Chateau St. Michelle! Must be desperate for renters.

…

> I drive by “Urbane” http://www.urbane-redmond.com/ in Redmond almost every > day. This little 22-unit condo project, located at 160th Ave NE and NE 83rd St (at > the nucleus of “downtown” Redmond) has been on my radar since Feb 2007
> when I hear about it first.

> Back then it was supposed to have been ready by Fall 2007.

> Last week I checked the website of an investment company which seems to
> have a stake in this project: http://www.kauri.com/_projects/details.php?id=13
> This site says that the project is anticipated to be completed in march 2008.

> As of now: I see no sign of “Urbane” being dwelt in. Parts of the building still
> look incompletel

> And guess what: when I drove by the area yesterday, I saw a roadsign “Urbane” > signboard saying “Now leasing”!

And this ad appeared on CraigsList this morning– two bedroom unit ready to rent for $2050!
http://seattle.craigslist.org/est/apa/696971628.html

Change of plans?

AS

Flippers are gone. Those were the buyers for the most part. I’m betting that the banks are chomping at the bit to foreclose on the developers so they can firesale the units themselves to make up for all the option-arm’s they wrote in South Central L.A.

I drive by “Urbane” http://www.urbane-redmond.com/ in Redmond almost every day. This little 22-unit condo project, located at 160th Ave NE and NE 83rd St (at the nucleus of “downtown” Redmond) has been on my radar since Feb 2007 when I hear about it first.

Back then it was supposed to have been ready by Fall 2007.

Last week I checked the website of an investment company which seems to have a stake in this project: http://www.kauri.com/_projects/details.php?id=13
This site says that the project is anticipated to be completed in march 2008.

As of now: I see no sign of “Urbane” being dwelt in. Parts of the building still look incompletel

And guess what: when I drove by the area yesterday, I saw a roadsign “Urbane” signboard saying “Now leasing”!

Change of plans?

AS

Because things have some margin attached are less expensive to give away than cash, and because the price of the unit remains intact for the purpose of comps and keeping existing purchasers happy.

that goes into comps and pisses off current owners. they will eventually lower prices when incentives fail to work, just like all the "chocolatey" condo projects down here in silicon valley last year. why anyone would want to buy one even at the lower price is beyond me, these vulcan condos have like $500+ HOA dues monthly, which are only going to end up increasing over time. Condos are a combination of the worst aspects of both renting and owning, sign me up!

What is at play here, do you think? Why not just drop the price? I would rather have a lower-priced condo than a lot of frills. Why don’t they want to simply drop prices?

i wonder. if we really are 6 months behind the national trend, national stats will turn positive before the local ones do.

when this happens, all of the media coverage will be about the improving national picture.

could this help improve sentiment and reduce the impending overreaction in Seattle? maybe turn it into stagnation or slow growth instead of an outright free fall?

I was listening to conservative KVI this morning (I listen to liberal radio too) and Kirby Wilber piped up there was still housing sectors (he didn’t explain where) that were going up double digits, then FOX news gave a news report that home prices were recently collapsing in massive chunks.

I imagine Kirby blames his own MSM FOX news syndicate owner for all this horrifying bad news on price collapses killing housing sales….LOL

George Soros is saying the US housing decline isn’t even halfway there yet, and that it will overshoot the downside the same way it went crazy on the upside. This always happens in housing declines since no sane person wants to buy before it bottoms.

What’s the opposite of irrational exuberance? That’s where we’re headed and Seattle is not missing out.

Why buy near the SLUT when you can rent in non-Vulcan controlled neighborhood, Cascade, for a place that’s a third of what my monthly mortgage payment would be for a comparable home? Money in the bank…

We’ve all heard so many real estate clichés over the years. I really don’t understand this one. It’s subterfuge. A buyer on the fence is not a buyer. A buyer doling out money is a buyer. Yes, there are people. There are even people with money. But, they arn’t on any fence. They’re not on the sideline. They just arn’t buyers. They choose not to buy. That makes them not a buyer. They choose not to buy because the risk to reward is too high. Interviewers, please, don’t stand for this one. It’s absurd.

In other words, owners are losers. Better change your handle.

While its incentive plan is still in the works, one of its perks will be to pay a chunk of the closing costs for buyers who are currently renting at a Vulcan property and want to buy in the neighborhood

Anything to keep the price declines out of the stats. That is so 2006.

“A: Real-estate economist Matthew Gardner follows the Seattle condominium market closely, and he’s confident that new condo prices will not drop. In fact he says, “It won’t happen.”"

http://blog.seattletimes.nwsource.com/elizabethrhodes/2007/07/will_condo_prices_fall_1.html

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It definitely looks like financial idiocy to buy a condo in Seattle right now.