People’s down payments just lost a third of their value and Ava sends out this note about nothing.
We want to thank you for your continued interest in AVA Residences. We are pleased to offer such a dynamic residential highrise in an ideal location and we are pleased to have captured your interest.
In our previous communications, we outlined our planned timeline for moving forward with construction and opening of our presentation center. We stated that we would be submitting for building permits, which we have done. Additionally, the presentation center is ready to open, the interactive website is ready for project launch and we have a full time presence for any inquiries and questions that may arise. We are in a position to launch the project as soon as market conditions improve.
The next few months will lend quite a bit of insight about where the economy is headed and how quickly the credit crisis will clean up. We are confident AVA will bring an unparalleled presence to the retail district of Downtown Seattle and we will strategically begin development when the local residential real estate market conditions improve and the national financial crisis subsides.
While there has been much â€œdoom and gloomâ€ in the headlines as of late, we have done consistent market research and know that AVA will be a tremendous success when launched. Our goal is to provide you with a downtown residence in a well-planned development, as well as a home that is a sound investment.
We strive to be honest with you in our communications about our plans moving forward. We are ready to launch when the time is right to guarantee success for all parties. All markets go through cycles and as soon as we see an indication that conditions are favorable, we will open our doors for you to see the contemporary elegance that is AVA.
As always, please feel free to contact me any time if I may be of any assistance.
Word on the street is that Ava is getting canceled. But most of you are more plugged in than I am so let us know!
In related news here’s what the PSBJ has to say about construction loan defaults:
With respect to commercial and condominium construction loan delinquencies, both the Seattle/Bellevue/Everett (5.6 percent) and Tacoma (8.7 percent) vicinities fared worse during the second quarter than the top 100 markets combined (4.9 percent).