Free Vespas, Trip to Norway, Free Closing Costs…

Before taking off for the long weekend I missed this PSBJ article on condo incentives, Seattle condo developers try luring buyers with discounts, vacations and cars:

“There has definitely been a slowdown in condo sales at all projects in Seattle,” said Mason Curran, who declined to release Vulcan’s pre-sale figures.

Their pre-sale figures as of beginning of May are:

Enso 80 of 100.
Rollin Street 50 of 208.
Veer Lofts 55 of 90.

So what incentives are they offering?

Florera: Vespas
Intracorp project: “Rewards will include everything from travel incentives to “large ticket rewards,” such as a car or a gas card.”
Noma: “May can earn a trip for two to Norway in honor of Ballard’s Scandinavian heritage.”
Vulcan projects: Some closing costs

Also beware that your agent may be getting more money or kickbacks then you think:

Marson, a member of the Realtor group Seattle Condominium Network, has also seen developers offering higher commissions for Realtors selling at their projects and, in one case, offering a fraction of the commission as cash up front.

If I were buying I would definitely have a conversation with my agent about how each of the projects they are showing me is compensating them and how that compensation should affect what they ultimately get paid out of my purchase price.

For more commentary see Seattle Bubble.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Jason

    Just got back from Vulcan’s event for Amazonians. They’re offering $5k against closing costs just for us. (Shh, it’s a secret.)

  • Jason

    Just got back from Vulcan’s event for Amazonians. They’re offering $5k against closing costs just for us. (Shh, it’s a secret.)

  • Lori Mason Curran

    It is true that Vulcan is offering a $5,000 buyer’s incentive to Amazon employees. But it is no secret – this is part of our overall program of promoting sustainability, encouraging people to walk to work and helping individuals reduce their carbon footprint by living and working in the same neighborhood. This is just another benefit of being in South Lake Union and we will be rolling out this program to all South Lake Union employers.

  • Lori Mason Curran

    It is true that Vulcan is offering a $5,000 buyer’s incentive to Amazon employees. But it is no secret – this is part of our overall program of promoting sustainability, encouraging people to walk to work and helping individuals reduce their carbon footprint by living and working in the same neighborhood. This is just another benefit of being in South Lake Union and we will be rolling out this program to all South Lake Union employers.

  • j

    Matt,

    What’s the source of those pre-sale numbers. I thought Vulcan was locking those up tight? Strange that Enso is doing well and Rollins is dying.

  • j

    Matt,

    What’s the source of those pre-sale numbers. I thought Vulcan was locking those up tight? Strange that Enso is doing well and Rollins is dying.

  • c

    I was offered a Vespa at Hjarta and it’s one reason I didn’t pursue a purchase. I’ll buy my own damn scooter if I want one. You guys are selling condos, quote me an up-front price.

    I’m not surprised that there are under-the-table payments to buyers’ agents.

  • c

    I was offered a Vespa at Hjarta and it’s one reason I didn’t pursue a purchase. I’ll buy my own damn scooter if I want one. You guys are selling condos, quote me an up-front price.

    I’m not surprised that there are under-the-table payments to buyers’ agents.

  • jo

    rollins is dying because they want condotel prices for the units. i’m not one to say things are overpriced, but rollins is definitely overpriced.

    i’m perplexed on why they’re asking so much at rollins. i dont see anything that special or unique about the project to justify what they are asking.

  • jo

    rollins is dying because they want condotel prices for the units. i’m not one to say things are overpriced, but rollins is definitely overpriced.

    i’m perplexed on why they’re asking so much at rollins. i dont see anything that special or unique about the project to justify what they are asking.

  • kent

    c – don’t put too much into any up front price these days. The reason they are offering incentives is to keep the sales price up. If they lower the prices much at all they have existing buyers who get po’d and want to back out of deals. Tell them you will pass on the scooter, take some percent off and have ther pay all the closing costs. You have the leverage in these times. Use it. Good Luck!

  • kent

    c – don’t put too much into any up front price these days. The reason they are offering incentives is to keep the sales price up. If they lower the prices much at all they have existing buyers who get po’d and want to back out of deals. Tell them you will pass on the scooter, take some percent off and have ther pay all the closing costs. You have the leverage in these times. Use it. Good Luck!

  • rollin st.

    The sales numbers are definitely not secret at Vulcan. You can look up exactly which units have been sold right on the website for the condo project.
    I think some of Rollin St. smaller units on the East side may have had price adjustments and size/layout adjustments a while ago. So, now everything is more in line with the market. Yes, it’s steep, but with the location and all of the employees that will be moving in, the prices seem justified to me.

  • rollin st.

    The sales numbers are definitely not secret at Vulcan. You can look up exactly which units have been sold right on the website for the condo project.
    I think some of Rollin St. smaller units on the East side may have had price adjustments and size/layout adjustments a while ago. So, now everything is more in line with the market. Yes, it’s steep, but with the location and all of the employees that will be moving in, the prices seem justified to me.