Florera condos at Greenlake still almost empty after 1 yr
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!!
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!!
Comments
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.
Hi Neighbor!
With Florera, HOA dues are also ~560/month. Have they started construction on Phase 2 yet?
I'm curious as to which way the condo project on the old Albertson's site goes. This is probably three times the size of Florera. I'm guessing they returned the granite countertops and stainless steel appliances.
And then there's the old Vitamilk Dairy site another block away. They knocked down the buildings on the entire block and dug a two story hole for the foundation and ... .
That was last year. The hole is fenced off.
I was chatting with a friend who works for Keybank. They financed Florera (they are a tenant on the ground floor) and the Vitamilk hole. Apparently, a grocery store was supposed to anchor the Vitamilk site, but they backed out and the project was put on hold.
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.
There is a fair amount of property crimes in the area, so I would think they would have a 24 hr guard. I've had my car broken into several times and stolen once a block away. I'm guessing the locals living under the interstate on Weedin would find the building supplies, or the unoccupied space, useful. Paying someone $10/hr is probably a reasonable expense.
Besides, this is the neighborhood where they were stealing mailboxes (the big blue corner ones) when I first moved to Seattle.
Sometimes, you finish a project to reduce your losses, not increase your gains.
190 apartments
15 live/work units
Ground floor retail.
http://www.cbre.com/USA/US/WA/Seattle+D ... ty/agl.htm
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
HOLY COW, Florera HOA dues are $500+? No wonder the place is empty. Unless they're subsidizing the gelato, I can't imagine why they'd be so high.
And there's a phase 2?! Where are they going to stick that one, on top of the fire station?
Here's a fun urbnlivn post from November 20th, 2006, at which time 13 Florera condos had been sold (the same as.. now). And I quote:
"I asked when a model unit might be ready. The sales guy was confident
that it would be 100% sold out by the time they are done so a model
would never exist. May be true, it is a great location, but the
market seems to be slowing down."
Ok, HOA dues are $0.42 per sq ft per month. $500+ for the biggest units.
Phase 2 is on the property of the old single level professional offices next door.
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....
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.
You must be looking at something else. For the Florera, there is Keybank (who's on the hook for it), the gelato place, and some sort of spa for women on the ground level. There are a few occupied units.
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.
1300 for a studio.
1500 for a one bedroom.
2500 for a two.
No thanks.
http://www5.kingcounty.gov/kcgisreports ... 3388360000
http://www.urbnlivn.com/2010/03/10/hjar ... a-sell-35/
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.