Riverstone Condos in Bellevue?
Anybody know anything about the Riverstone Condos in Bellevue? They got people out waving signs every weekend for many (six?) months now. I think it's a condo conversion. It's located near Lake Sammamish High School in a cluster of apartment complexes.
I'm just surpised that they'd need sign wavers to sell condos in the desirable Eastside in such a hot market.
I'm just surpised that they'd need sign wavers to sell condos in the desirable Eastside in such a hot market.
Comments
It is to no one's surprise that they can't sell the condos.
Amagine the Holding Costs..WOOOOW.... I say these units or Lets Call these APARTMENTS.... Call a Spade a Spade-- in this Case these Units are like holding an Offsuit 3-7... hahahaha
Put it plainly-- there in the corner of what appears to be probably about the Lowest income apartment complex in Bellevue-- there part of the bigger sum of about 300 apartment.
Actually walking though I put that at Closer to maybe 15.. I live right up the Steet and Walk the area about 5 days a week. In fact I walked though one time this week and some unlucky soul was already in the Process of moving out... imagine they only moved in maybe couple of months. The ladies what appeared to be her father was really angry.. " I asked them you already moving---- *Ladies response "there really going to have a hard time selling these.
Now theres another real interesting project on 140th right off the freeway exit which goes back over the freeway on the side of Bellevue Community college ... Apartment turned Condos unit 11 Total- 10 Unsold... the One that did Sell has Realitors Lockbox is right back on the Market.. this Apartment/Condo project has also been in Selling Phase for several months... these Units are asking in the Mid 300s... starting price
The real estate agent.. said 70 maybe 70 is needed to be SOLD~!!
Also stated there was roughly 20 SOLD~!
SUBRACT: 20 from 98 UNITS.. = 78 UNITS...
BEST CASE SENERIO.... IS PROBABLY .... 70 UNITS NEEDED TO BE SOLD..
Hell of Carrying COST~!!
I had a friend that was invited there when they first opened to look into a condo as an investment. He went for the food and told the guy showing him around that it would require a 50% down payment in order to be cashflow positive. The guy's response? The appreciation will make up for that. Apparently the condos will appreciate $60k by the time they're all sold (which I take to mean that it'll take 15 years to sell them all
I tried looking up the condo on the KC records, but I only saw 2 sold and I guess the records are up to 2 months behind. Their website shows 13 sold, and given their escalation to sign jigglers and pool parties I wouldn't be surprised if "roughly 20" was code for "13 rounded up to the nearest multiple of 10".
Who wants to take bets on how long until they become repartments?
I had not known that one of the 11 condos on 148th had sold. All 11 used to be on the MLS, but now I only see 3, but none are listed as recently sold on Redfin.
Point is ...how much appreciation you think those UNITS SOLD$ are going to get when the remaining units are reverted back to apartments?..
How much those Worth on the RENTAL MARKET?... Maybe 1000.-1100. ..
Been out of Rental market for a long time.. however Vistied friend today that lives right up the street in this Townhome Community THATS MUCH-MUCH Nicer. .. a Property management company holds those.. property rents are 1310. for a 2 Bedroom roughly 1,400 square foot place. They may not have the Granite countertops... then again- I dont see that much value in Granite Countertops.. im just as happy without them.
Given that the Realitors were NOT THAT POSTIVE~!! They showed light of that when they found out THAT I DEFINATLY WAS NOT BULLISH ON REAL ESTATE.. & Had definitly no plans of being there customer in near future.
if only those under contract see this link, they would bail immediately. I also feel horrible for the three that did buy them. As for KC record, those updates the second it's recorded, but not always show up with names until about a day or so.
http://www5.metrokc.gov/reports/condo_r ... 7345500000
Hows those Apples.... .. Well 3 Bad apples sold~!!
Also theres only couple cars- and of those theres the likelyhood that like you said there on Contract or worked something out to continue leasing, Temporarily..
I Say Temporarily they are Going to Be SELLING..... someone in the end is going the end up renting them as apartments... maybe 6 months, they will get the Chance of making rental values start to sway the other direction.
I wonder how many more of these failed attempts will be coming down the pike in the next 12 or so months..
Today I decided to check out their site to see if they were going to have another open house that I could get free food at, but their host had suspended their account, or their hosting had expired. They must be doing really poorly if they can't affored to pay their $15/month hosting bill.
Does anyone know of other impending condo-conversion train wrecks in Bellevue that I can watch?
The relator did predict the high end condos in bellevue to take a hit when they all come online. He says most of them are flippers and HOAs for those units are in the 500-800 range. Have fun renting those out.
There was another conversion up the street from where I live. I think it was called OASIS on 8th. That place was such a rip off.
Hoping to take a piece of that juicy pie, may i present:
Champagne
and the newest in condo conversions:
The Martine
I just can't believe that there are people still lining up to lose money.
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.
Man, you haven't lived until you've had granite counters. Heh, mild exaggeration.
I really like them. I thought granite might be a pain at first because it can absorb anything you spill on it, but in practice they're better than the beige formica in my old apartment. Cleaning them is far easier since it's all one piece. Nothing sticks, so no scrubbing at all. (I don't have a maid so this does matter)
One of the hidden benefits has been that the cat absolutely will not sit on them. This is a cat that used to LIVE on the kitchen counter. I can only guess it is because they're always cold.
While I certainly didn't pay to put them in, I did see the bill and it wasn't that all that spendy since the kitchen isn't huge.
I'm sorry, it had to be done:
Wait a minute, that chap looks familiar!
I haven't been by Riverstone to see if they're still holding out on that sinking ship.
Update: somehow the files seem to have gotten damaged in the transition from the old server to the new server. When I get home I'll check the copies on my PC to see if they're okay, and if so, upload those.
</sarcasm>
"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!
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.
The russian sandwich shop is a death trap though. At least two very serious food poisonings and investigations by the health district.