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Free Vespas, Trip to Norway, Free Closing Costs…

By May 28, 2008

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.