Florera condos at Greenlake still almost empty after 1 yr

[Courtney]

Florera: "Life in Bloom!" condos at Greenlake went on sale over a year ago. I live next door in a modest, lowly apartment from which I can gaze up at its eco-friendly grandeur.

The grand opening was July 2007 and as of today, 46 of 59 units are still owned by Pryde + Johnson, including the penthouse.

Within one block of Florera: "Life in Bloom!" there are two very large, very similar condo developments under construction.

Several months ago they had a super deal where you got a free Vespa (you pick the color!) when you bought a condo, and still very few takers. Maybe the developers feel like they shouldn't have to lower prices, people should be clamoring to buy in such a socially responsible building. Recycled plastic shingles, glaring fluorescent lightbulbs and a rainwater cistern to irrigate the rooftop garden. DAMMIT PEOPLE, A CISTERN! PAY UP!!

[Markor]

Funny report! You gotta wonder why these condo buildings are still going up everywhere. Maybe they figure they can still make a profit even at true market prices.

[Courtney]

I don't know. I've heard that some of these projects had to move forward since so much money was poured into them before the real estate nosedive (or, in Seattle's case, a meandering, nail-biting descent with one engine on fire).

There's got to be some formula they're working off of that says it's smarter to have expensive empty condos than cheaper sold condos? I'm still waiting for the half-off sale.

[Markor]

A meandering descent... I like it. Whenever I see a new condo complex going up I think Yes! More supply!

[tomtom]

[Civil Servant]

Southeast Greenlake, represent. Do I know any of you nice people from the 316 bus?

About the old Albertson's site -- my understanding is that the anchor tenant is to be a Metropolitan Market. Is that not correct? Also, that site has pretty close to 24-hour security, a guy walking around and around who occasionally rattles a piece of fence or shines a flashlight into the construction site, into what I guess will be the courtyard. Is this typical for construction in a "desirable" area like this one? Some friends say no and wonder what it indicates. Btw this one is called the Alexan, if you please. (Via http://www.skyscrapercity.com/showthread.php?t=502228)

Markor, so true. Construction sites positively make me cackle these days.

[tomtom]

[rose-colored-coolaid]

[WestSideBilly]

I know a couple people who had building supplies (copper pipes, especially) stolen from their home sites. I would think the scale of a condo/apartment would make it quite lucrative and thus worth paying someone to walk around and ward off would-be thieves.

[tomtom]

Ok, looks like the Alexan (old Albertsons) will be apartments, not condos. Alexan is a project by Trammell-Crow to "provide unique upscale apartments at competitive rates."

190 apartments
15 live/work units
Ground floor retail.

http://www.cbre.com/USA/US/WA/Seattle+D ... ty/agl.htm

[Civil Servant]

True, you all are right -- I think I'm guilty of reflexively assuming that in such a yuppie-chic neighborhood, nobody would do anything so declasse as to steal copper piping. Our car is old and dirty now, but in its younger and cleaner days, it was stolen three times in about five years and broken into five or six more. Can't wait to hear what the Alexan's "competitive" rents are.

Btw still no takers and no price drops for a $300K 1br condo in this neighborhood, even after 73 days on the market.

http://www.redfin.com/WA/Seattle/6557-4 ... home/74000

[Courtney]

[tomtom]

[explorer]

I never completely understood why new condo developments would have such high HOA dues in the first place.

This is NEW construction, and any defects should be covered in the first year in this state, right? Maintainence should be minimal, insurance should be reasonable, and the reserve fund should be lower.

Unless these are actually not built too well to begin with, and/or have frills that are not necessary...

Could also be we have run out of mid-six figure first time condo buyers....

[Civil Servant]

Speaking of Greenlake, does anyone know what's up with the Michael Cornell real estate office? It was at 65th and Ravenna -- sometime within the last two weeks or so the office has closed. This is a guy whose car has a GREENLK custom plate and who had signs in the windows to the effect that real estate values always go up, now is an awesome time to buy, etc. The website is still active, and I love how the testimonial on the home page is from someone whose relationship goes back "approximately five years." Wow, five whole years?! Sign me up!