The Alex in Belltown Confirmed Going Condo

Looks like the developers of the Alex in Belltown don’t share the opinions of some of the folks in the Equinox thread.

From their marketing team:

Great news all! Our Alex project will be going condominium!! In looking at the long-term condominium absorption for the downtown area, our builder, his bank, and the appraisers are all in agreement that this project will make for a successful condominium.

At present, the interior framing is well under way on the lower levels, the brick exterior is starting to take shape, and our estimated completion date is approximately March 1st, 2009. We are considering commencing the selling of the condominiums in early to mid January, which is just around the corner. We have drawn up some preliminary pricing based on the past quarter’s condo market performance, and we will continue to make pricing adjustments as needed to mirror the market goings-on. Thus, the final prices are not yet available. Thank you for your patience on this front. Now that we know our direction, the Alex marketing materials are being produced and we will soon have something tangible for you to look at.

Here’s a photo from November 1st of the construction:

408505131 ymmxE S The Alex in Belltown Confirmed Going Condo

Bonus link: Condo Market Deterioration Shows Signs of Slowing, Says NAR.

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.

  • ADS

    Jo, why would anyone want to buy right now? I understand the logic of buy when everyone’s selling but this time around people aren’t sure if they’ll even be employed next year.

  • The MD

    The term, “Bubbler,” cracks me up. Ummmm last time I checked, WE ARE IN A BUBBLE. It doesn’t necessarily make one a “bubbler” because he or she realizes the market has peaked, and now the market is headed into unknown territory with values plummeting across the board. Speaking to that doesn’t make one a “dooms-dayer,” it makes one in tune with what’s really going on out there.

  • The MD

    The term, “Bubbler,” cracks me up. Ummmm last time I checked, WE ARE IN A BUBBLE. It doesn’t necessarily make one a “bubbler” because he or she realizes the market has peaked, and now the market is headed into unknown territory with values plummeting across the board. Speaking to that doesn’t make one a “dooms-dayer,” it makes one in tune with what’s really going on out there.

  • jo

    My favorite part of The MD’s posts is his usage of caps.

    DO YOU UNDERSTAND THE WORDS COMING OUT OF MY MOUTH?

  • jo

    My favorite part of The MD’s posts is his usage of caps.

    DO YOU UNDERSTAND THE WORDS COMING OUT OF MY MOUTH?

  • The MD

    My favorite part of jo’s posts is the lack of any reason or cognitive thought behind the claims jo makes. ITS GREAT FOR A LAUGH! :-)

  • The MD

    My favorite part of jo’s posts is the lack of any reason or cognitive thought behind the claims jo makes. ITS GREAT FOR A LAUGH! :-)

  • The MD

    And, jo, I honestly cannot understand anything you have to say because it makes absolutely no sense whatsoever.

  • The MD

    And, jo, I honestly cannot understand anything you have to say because it makes absolutely no sense whatsoever.

  • The MD

    jo, there’s a very simple reason you don’t have a lot of cash lying around. Its because you clearly do not understand economics 101 and fundamentals of money management.

  • The MD

    jo, there’s a very simple reason you don’t have a lot of cash lying around. Its because you clearly do not understand economics 101 and fundamentals of money management.

  • uptown

    This is why I stopped hanging out at the bubble sites, they’ve completely lost it.

  • uptown

    This is why I stopped hanging out at the bubble sites, they’ve completely lost it.

  • Matthew

    Predicting a massive banking crisis, massive housing deflation, and an overall crash in the equity markets long before it actually happens, yeah we’ve completely lost it!

  • Matthew

    Predicting a massive banking crisis, massive housing deflation, and an overall crash in the equity markets long before it actually happens, yeah we’ve completely lost it!

  • Affluent Bitter Renter

    “This is why I stopped hanging out at the bubble sites, they’ve completely lost it.”

    Yeah, spouting crazy-talk like a 40% decline in RE prices in California – oh wait, that actually happened.

    The bubbilists have the misfortune of having been generally right – unlike the RE shills, who have been peddling absolutely disastrous financial advice until quite recently.

    Now the local shills, following the example of their peers elsewhere, are calling a bottom to RE prices every month. Eventually, they will be right, but RE cycles take a looong time to unwind, and it’s not like prices immediately shoot up again when the bottom is reached.

  • Affluent Bitter Renter

    “This is why I stopped hanging out at the bubble sites, they’ve completely lost it.”

    Yeah, spouting crazy-talk like a 40% decline in RE prices in California – oh wait, that actually happened.

    The bubbilists have the misfortune of having been generally right – unlike the RE shills, who have been peddling absolutely disastrous financial advice until quite recently.

    Now the local shills, following the example of their peers elsewhere, are calling a bottom to RE prices every month. Eventually, they will be right, but RE cycles take a looong time to unwind, and it’s not like prices immediately shoot up again when the bottom is reached.

  • uptown

    Sorry folks, I predicted the same drop. Now you are just stating the obvious, not predicting the future.

  • uptown

    Sorry folks, I predicted the same drop. Now you are just stating the obvious, not predicting the future.

  • Affluent Bitter Renter

    “Sorry folks, I predicted the same drop. Now you are just stating the obvious, not predicting the future.”

    Uh, no. There are plenty of Seattle RE people willing to call a bottom now – BlueSkyGuy up above in the comments, for example, who states:

    “The market will recover and soon, the smart money will not be on the sidelines”.

    I don’t agree – there are still significant differences of opinion on what the future will hold.

  • Affluent Bitter Renter

    “Sorry folks, I predicted the same drop. Now you are just stating the obvious, not predicting the future.”

    Uh, no. There are plenty of Seattle RE people willing to call a bottom now – BlueSkyGuy up above in the comments, for example, who states:

    “The market will recover and soon, the smart money will not be on the sidelines”.

    I don’t agree – there are still significant differences of opinion on what the future will hold.

  • The MD

    Affluent Bitter Renter is absolutely correct. Period.

  • The MD

    Affluent Bitter Renter is absolutely correct. Period.

  • BlueSkyGuy

    BSGuy did not say the market would recover soon … I said that “the market will recover, and soon, the smart money will not be on the sidelines”. Smart money is always one step ahead, it does not wait for the sheeple and lemmings to figure out what or when to invest. Smart money does not look for the absolute bottom or the absolute top, it looks for good entry points for buys and sells, and it is often contrarian. Even a broken clock is right once a day – predicting a market crash was easy once the dominoes started to fall. If you self-appointed geniuses are so adept at predicting the markets every move, you should quit your day jobs and become gurus – you could make billions investing based on your perfect market timing and clairvoyance :). Business cycles come and go, you are right about the fact that this one is a deep one. But markets are all about supply and demand, fear and greed, confidence or lack thereof. My semi educated instinctual guess is that we will start to see a recovery in mid 2009, but unlike some other posters here, I do possess the arrogance to think that I can predict the future. I am pretty damn sure that is not 1929, this will not be another great depression, and its not the end of the world … in fact, I am looking forward to the next up cycle, it will be a good one, but only for those that are willing to take risks. If not, I hope that people like AffluentBitterRenter keep on renting from investors like me, I love the fact that you renters are willing to pay my debt service – it’s one of the great paths to wealth known to man!

  • BlueSkyGuy

    BSGuy did not say the market would recover soon … I said that “the market will recover, and soon, the smart money will not be on the sidelines”. Smart money is always one step ahead, it does not wait for the sheeple and lemmings to figure out what or when to invest. Smart money does not look for the absolute bottom or the absolute top, it looks for good entry points for buys and sells, and it is often contrarian. Even a broken clock is right once a day – predicting a market crash was easy once the dominoes started to fall. If you self-appointed geniuses are so adept at predicting the markets every move, you should quit your day jobs and become gurus – you could make billions investing based on your perfect market timing and clairvoyance :). Business cycles come and go, you are right about the fact that this one is a deep one. But markets are all about supply and demand, fear and greed, confidence or lack thereof. My semi educated instinctual guess is that we will start to see a recovery in mid 2009, but unlike some other posters here, I do possess the arrogance to think that I can predict the future. I am pretty damn sure that is not 1929, this will not be another great depression, and its not the end of the world … in fact, I am looking forward to the next up cycle, it will be a good one, but only for those that are willing to take risks. If not, I hope that people like AffluentBitterRenter keep on renting from investors like me, I love the fact that you renters are willing to pay my debt service – it’s one of the great paths to wealth known to man!

  • Affluent Bitter Renter

    “I hope that people like AffluentBitterRenter keep on renting from investors like me, I love the fact that you renters are willing to pay my debt service – it’s one of the great paths to wealth known to man!”

    If I’m renting a house you’ve bought recently, I am paying only a fraction of the full debt service on your house, but nice try.

    I’m sure that the fact that real estate investing is one of the “great paths to wealth known to man” is a great comfort to the millions of people who have been ruined financially by investing in real estate in the current bubble.

  • Affluent Bitter Renter

    “I hope that people like AffluentBitterRenter keep on renting from investors like me, I love the fact that you renters are willing to pay my debt service – it’s one of the great paths to wealth known to man!”

    If I’m renting a house you’ve bought recently, I am paying only a fraction of the full debt service on your house, but nice try.

    I’m sure that the fact that real estate investing is one of the “great paths to wealth known to man” is a great comfort to the millions of people who have been ruined financially by investing in real estate in the current bubble.

  • The MD

    B.S.Guy, you said you predicted the markets will rally in January, 2009. Stop trying to back pedal. The markets will certainly NOT rally in January of’ 09, and it clearly demonstrates your lack of understanding with quarterly earnings reports and how they affect the future (ie. next quarter’s market confidence). Of COURSE the market will come back… it ALWAYS does. But in what amount of time may I ask? This time around is quite different than lulls and slumps of the past. You’re seemingly implying the market is going to just start bouncing back in mid ’09. Well, slightly AFTER mid ‘-09 is when we’re going to see the bottom. Then, it will remain level for a couple of years with no significant gain in real estate values (I predict completely level). Then, you’re going to see slight YOY gains for about 3 years, then more healthy gains. BIG DEAL! You’re implying people should be out buying right now. Well, that would only go for STUPID people that want to buy only 13 months after the market peaked and watched their newly-purchased residence devalue another 20% before the bottom is here. Get real, and stop B.S.ing everyone into supplementing YOUR bad buying/fiscal decisions because you purchased at peak.

  • The MD

    B.S.Guy, you said you predicted the markets will rally in January, 2009. Stop trying to back pedal. The markets will certainly NOT rally in January of’ 09, and it clearly demonstrates your lack of understanding with quarterly earnings reports and how they affect the future (ie. next quarter’s market confidence). Of COURSE the market will come back… it ALWAYS does. But in what amount of time may I ask? This time around is quite different than lulls and slumps of the past. You’re seemingly implying the market is going to just start bouncing back in mid ’09. Well, slightly AFTER mid ‘-09 is when we’re going to see the bottom. Then, it will remain level for a couple of years with no significant gain in real estate values (I predict completely level). Then, you’re going to see slight YOY gains for about 3 years, then more healthy gains. BIG DEAL! You’re implying people should be out buying right now. Well, that would only go for STUPID people that want to buy only 13 months after the market peaked and watched their newly-purchased residence devalue another 20% before the bottom is here. Get real, and stop B.S.ing everyone into supplementing YOUR bad buying/fiscal decisions because you purchased at peak.

  • BlueSkyGuy

    Good point, ABR, I did not intend to be callous. Problem is that a lot of us [myself included] have had a tendency to try and live beyond our means in the last decade of excess. We all need to take responsiblity for our own fiscal decisions and not blame mortgage lenders for allowing us to buy things that we cannot afford, or look to the government to bail us out, or to blame the system for our own stupidity or greed. As for the future prospects for real estate, they have never been better. Now that the government is printing money, inflation will be the friend of anyone that can find a way to own good dirt that has income to cover a good portion of debt. Its not about timing the market … its about TIME IN THE MARKET – and we are about to witness the best entry point of the last 20 years.

  • BlueSkyGuy

    Good point, ABR, I did not intend to be callous. Problem is that a lot of us [myself included] have had a tendency to try and live beyond our means in the last decade of excess. We all need to take responsiblity for our own fiscal decisions and not blame mortgage lenders for allowing us to buy things that we cannot afford, or look to the government to bail us out, or to blame the system for our own stupidity or greed. As for the future prospects for real estate, they have never been better. Now that the government is printing money, inflation will be the friend of anyone that can find a way to own good dirt that has income to cover a good portion of debt. Its not about timing the market … its about TIME IN THE MARKET – and we are about to witness the best entry point of the last 20 years.

  • Matthew

    BSG,

    I’ve been mostly short in this market the last 12 months. Sold my SKF last Thursday and am still holding some lotto puts on the SPX. I don’t have the capital to become a billionaire and I work a day job that I wouldn’t trade in a million years to be in the financial world, but I’ve made enough money to put a substantial amount of cash down on a place once housing finds a bottom.

    If you think the market is going to rally, good luck. Many people with “smart money” were decimated in 1929 chasing false market bottoms.

  • Matthew

    BSG,

    I’ve been mostly short in this market the last 12 months. Sold my SKF last Thursday and am still holding some lotto puts on the SPX. I don’t have the capital to become a billionaire and I work a day job that I wouldn’t trade in a million years to be in the financial world, but I’ve made enough money to put a substantial amount of cash down on a place once housing finds a bottom.

    If you think the market is going to rally, good luck. Many people with “smart money” were decimated in 1929 chasing false market bottoms.

  • BlueSkyGuy

    Yes, I do think the market will rally in January but there is a huge difference between a RALLY and a RECOVERY. I make money off of volatility and it doesnt really matter if the market is going up or down as long as it moves. A straddle option play is perfect for the kind of market we are in now because you can make money on both sides of the trade. If you are an investor it is a very bad idea to try and chase bottoms or tops but the beauty of the stock market is that you can make money whether it goes up or down… in real estate, it is rare to see values go down and unfortunately there is no way to make money when they do – other than holding for an extended period of time or creating value by boosting yield. Good for you making some dough for a down payment on some good real estate, just dont wait too long…the best deals will be found before the bottom is apparant – by then the distressed sellers will be washed out and the buyers will start to come back in play … less product, more buyers, less motivation to sell cheap. fewer deals, fewer good locations.

  • BlueSkyGuy

    Yes, I do think the market will rally in January but there is a huge difference between a RALLY and a RECOVERY. I make money off of volatility and it doesnt really matter if the market is going up or down as long as it moves. A straddle option play is perfect for the kind of market we are in now because you can make money on both sides of the trade. If you are an investor it is a very bad idea to try and chase bottoms or tops but the beauty of the stock market is that you can make money whether it goes up or down… in real estate, it is rare to see values go down and unfortunately there is no way to make money when they do – other than holding for an extended period of time or creating value by boosting yield. Good for you making some dough for a down payment on some good real estate, just dont wait too long…the best deals will be found before the bottom is apparant – by then the distressed sellers will be washed out and the buyers will start to come back in play … less product, more buyers, less motivation to sell cheap. fewer deals, fewer good locations.

  • Matthew

    BSG,

    One final thing, I was going to let your “the government printing money” comment slide, but I think it is important to understand that the government is doing nothing of the sort. There are no more 1,5,10,20,100 dollar bills in circulation after the credit crisis than there were previously. The mainstream media really needs to find a different term than “printing”.

    There is a huge difference between “lending” and physical “printing” of money. The Fed is taking collateral (albeit worthless collateral) in exchange for credit. These are called swaps, and are accessed through various lending facilities that the Fed has established. The money that is being lent to the banks is not being used as capital, and therefore is not inflationary. The money is merely being used to plug massive holes on the bank’s balance sheets.

    So far the credit facilities are akin to someone trying to plug a hole in the Hoover dam with their thumb. The leaks in the dam are deflation, which is gripping the economy, not inflation.

    That is why you see the dollar showing remarkable strength right now, and most commodities are crashing.

    Should the Treasury actually physically start printing more USD, you would know instantly, as the bond market and US dollar would both most likely fall of a cliff.

  • Matthew

    BSG,

    One final thing, I was going to let your “the government printing money” comment slide, but I think it is important to understand that the government is doing nothing of the sort. There are no more 1,5,10,20,100 dollar bills in circulation after the credit crisis than there were previously. The mainstream media really needs to find a different term than “printing”.

    There is a huge difference between “lending” and physical “printing” of money. The Fed is taking collateral (albeit worthless collateral) in exchange for credit. These are called swaps, and are accessed through various lending facilities that the Fed has established. The money that is being lent to the banks is not being used as capital, and therefore is not inflationary. The money is merely being used to plug massive holes on the bank’s balance sheets.

    So far the credit facilities are akin to someone trying to plug a hole in the Hoover dam with their thumb. The leaks in the dam are deflation, which is gripping the economy, not inflation.

    That is why you see the dollar showing remarkable strength right now, and most commodities are crashing.

    Should the Treasury actually physically start printing more USD, you would know instantly, as the bond market and US dollar would both most likely fall of a cliff.

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