Florera condos at Greenlake still almost empty after 1 yr

[Civil Servant]

This just in via UrbnLivn: Florera is going rental.

http://www.urbnlivn.com/2009/02/08/flor ... ke-rental/

I'll be interested to see if people bite at these prices, which seem high to me. Though maybe the Alexan will reset the benchmark.

[tomtom]

Yesterday I saw their curbside sandwich board advertising rentals next to the Jack-in-the-Box on the corner of 85th and Aurora (land of hookers and crack). Looks like they're aiming high for clientele.

[WestSideBilly]

They said 18 were sold, but it looks like 0 of them are occupied. The retail on ground level looked vacant too.

[tomtom]

[WestSideBilly]

Hmm... I thought it was Florera.

[tomtom]

The (the old Albertsons) is now leasing! Stainless Steel appliances and quartz countertops! 200 new apartment right across the street from the Florera. Better location, too.

The banners on the Florera only mention sales, not renting, so they are still holding out hoping that people are willing to pay $300k for 800 sq ft.

[uwp]

Circa Greenlake is listed on craigslist.
1300 for a studio.
1500 for a one bedroom.
2500 for a two.


No thanks.

[Civil Servant]

Those live/work units on the first floor at Circa are horrifically unappealing. The living rooms in front, with floor-to-ceiling windows, face the 16/26 bus stop and the area around it -- both of these are popular and frequent routes, so residents will have to keep the blinds closed if they want privacy. These rooms are tiny, and in some units the refrigerator opens out into them. The bedroom areas in back are dark and claustrophobic-looking. Adjoining these two areas is a galley kitchen that's so narrow I don't know if you could pull something out of the oven without your butt hitting the wall. Every time we wait for a bus at this stop we marvel at these apartments' grimness and who could have possibly thought this was good design.

[wreckingbull]

As pointed out on Matt's blog, its sister project, Hjarta, does not seem to be doing much better. I can't imagine paying these prices for something on the the corner of 15th and Market, across from the fire station.

http://www5.kingcounty.gov/kcgisreports ... 3388360000

[paco_serpico]

Florera now 35% off!

http://www.urbnlivn.com/2010/03/10/hjar ... a-sell-35/

[Dave0]

From their press release about the sale: "'We're offering unparalleled product at a tremendous value,' said Pryde. 'This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.'"

Either that or the law of supply and demand will put downward pressure on values over time. Time will tell, but given the situation they are in with a huge oversupply of inventory to sell off, I'm a bit skeptical of their knowledge of economics.

[paco_serpico]

Absolutely, and the worst part is that most journalists don't even bother to point out the glaring inconsistency.