Riverstone Condos in Bellevue?

[perfectfire]

Dang I've been meaning to do an update on the lovely Riverstone and Chapagne conversions, but have been too busy at work. I love the looks-like-exposed-plywood faux finish at Champagne. A condo in Redmond has the same finish and after glancing at it several times I still wasn't sure if it was a faux finish or plywood.

I think the Champagne sign said they were doing some tours last weekend. They're coming soon at the "low 300's".

Both the Riverstone and Champagne are overpriced compared to the comps. A friend of mine sold a comparable (better in some ways actually) condo nearby for around 285k (I think, it hasn't shown up on the county records yet) so these new conversions are 20-50k overpriced. No wonder they aren't selling.

I haven't seen Martine, where is it located?

Anybody want to take bets on when the Riverstone goes repartment? I'm going to say September.

[mike2]

[TheMightyQuinn]

It looks like The Martine condos are being repartmented, since they now advertise leasing. They also advertise "lease to own", but who would want to lease to own an apartment?

[perfectfire]

[perfectfire]

Apparently this is what "affordable luxury" looks like:

bd89acc6e842e7fd1830659c1316255b811344.jpg (202.35 KiB) Viewed 24899 times

I'm sorry, it had to be done:

baf82054a2d30df9586de462197a8e11811344.jpg (207.93 KiB) Viewed 24881 times

[rose-colored-coolaid]

[TheMightyQuinn]

It looks like Champagne has gone rental too; they're now advertising "remodeled apartments".

I haven't been by Riverstone to see if they're still holding out on that sinking ship.

[perfectfire]

I drive by Riverstone every day and haven't yet seen any sign of changes. Their website is the same too, still lacks a photo gallery and virtual tour. They've only sold 28 units including at least 5 to flippers (the Taing clan). I'm impressed they've lasted this long, but how much longer can they possibly go, especially when the flippers begin to try to unload?

[Alan]

The images above look like garbage to me. Is that what others are seeing?

[The Tim]

[perfectfire]

[perfectfire]

The Martine has gone repartment too. You can check out the . They want $995 for a condo they were previously asking $276,900 for. I used the mortgage calculator on the Martine condo site (it's still up) and calculated with a 5.5% rate, 2 points and 10% down you would've been paying double the rent and the calculator doesn't even factor in condo association dues. Plus it would require, according to the calculator, over $42,000 upfront. Renting the same place requires a $500 deposit.

[The Tim]

[Ben]

The champagne website is a hoot:

"Celebrate life in the heart of Bellevue, just steps from the boutique shops, fine dining and entertainment of the Crossroads Mall"

I don't know what Crossroads mall they are talking about. The one that I know is has parking lots full of sketchy people, a cheap food court and a Circuit City that is closing down. My personal estimation is that the DOL office is responsible for most of the traffic there.

As for the Martine, that is a neat trick on their map to only draw major roads so that you look close to Bellevue mall (it confused me at first). $277k for a one bedroom apartment? You can still rent around that area for less than a grand a month!

[Lake Hills Renter]

Crossroads mall is actually very popular though with lots of draws -- movie theatre and Blockbuster, Barnes & Noble and a Half Price Books, Petco, two grocery stores (QFC and TOP), etc. The food court is actually pretty good,with lots of international flavor and variety. I highly recommend the Russian sandwich shop and the German deli.

The nearby residential areas are a little sketchy though, at least relative to other neighborhoods nearby. A friend lived in one of the apartment complexes off 164th (behind Crossroads) and after two car breakins, decided to break his lease and move.