I got an email about a party coming up at Trace North to celebrate the completion of the phase of the Trace project:
A celebratory rooftop open house and public unveiling of 20 new-to-market spaces, plus penthouses, will be held on Saturday, May 31 from 2 to 7 p.m. at Trace North, located at 1414 12th Avenue in Seattle.
See you there! Remember to RSVP: rsvp@tracelofts.com
They also mention Trace North has sold 31 of 100 units. Guess it’ll be quite a while before those residents get a HOA.
Bonus link: King 5 video about the Pizza Fusion that is going on. They’re recycling furniture from the Sunset Bowl. Cool.
Popularity: 23% [?]
6 responses so far ↓
1 jcricket // May 22, 2008 at 9:58 am
Not trying to be a doomsayer, but 31 out of 100 is bordering on dicey in this market. Hopefully they’ll start dropping the prices soon to get those sold, or otherwise there’s a potential future apartment conversion in the future for Trace North :-(
2 Dan L // May 22, 2008 at 10:27 am
No, 31% isn’t very good, but I think that’s more than enough to prevent the project from converting to apartments. If the developer did want to convert to apartments what happens to the 31 existing buyers?
3 PistolPete // May 22, 2008 at 2:33 pm
3 Letters for the 31 existing buyers… S O L. hahaha
4 Matt // May 23, 2008 at 8:44 am
Interestingly they just raised prices on one unsold unit, http://www.redfin.com/WA/SEATTLE/1414-12TH-AVE-98122/unit-309/home/12536424 ” rel=”nofollow”>#309, went from $290k to $292.
5 jcricket // May 23, 2008 at 10:03 am
What happens to existing buyers depends on what’s in the P&S contract. Some places let you “back out”, other places you’re stuck owning a unit in a building that’s mostly rentals, which makes it really hard to sell down the road.
I don’t even know how that “works” in terms of maintenance/dues.
6 EconE // May 23, 2008 at 12:51 pm
What percentage of Carbon 56 was sold before they started leasing them out?
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