Parc Sale Yields 6 Pending Sales

Ready for the storm? I just picked up some Marker Baron bindings from Evo today, 20% off. Still thinking about which skis to get. JF from my hometown store is pushing the Nordica Zeros. Bryce at Evo is pushing K2 Pontoons.

Update from Parc

I got an email from Ryan at the Parc about how their recent 72 hour sales event went:

To date we have received 9 offers and have 6 sales pending (still working through additional interest).

Although we anticipated a favorable response, we were pleasantly surprised to see that the value was immediately recognized at The Parc. In addition to the new inventory, views, home plans, and Belltown location, our promotion created a “jump-off-the-fence” attitude. We think it’s a positive sign that homebuyers are out there but they are looking for a deal. As the inventory dwindles, so will the incentive programs.

I, for one, have had many customers that have been looking for months and this was the catalyst that urged them to finally pull the trigger. Interest rates are near historic-lows and with preferred lender financing, all the stars seemed to finally align. We saw an incredible spike in traffic and more sales are on the way.

Still, our success wasn’t without education. Customers need reminding that Belltown properties command a premium over less preferred neighborhoods in all market conditions. Still, the primary motivator was in the interest rate buy-downs that were available. Imagine: 4.750% for a 30-year fixed mortgage with 10% down elicited many a “sign me up!” reaction. Buyers are figuring out that a lower interest rate can have the same effect as 5 – 10% off the purchase price.

We did have one price quote on a 2-bedroom that came down $150,000. The buyer and the agent looked at each other and the buyer said, “We’ll be back with my husband tomorrow. DO NOT sell this home.” It was nice to see that level of enthusiasm again!

We recognize that there is a tremendous amount of pessimism out there and many homebuyers are waiting to see if we’ve hit the bottom. I can tell you, we have at The Parc. Those looking to buy should really take advantage of these incredible offers. The supply of condos downtown is diminishing—new projects are on hold (or worse) and some are converting to apartments, so selection becomes key.

Intracorp made a corporate decision to implement this sale at another property in Redmond, with similar success. I contacted Jeff Smallwood, Vice President of Marketing and Sales for Intracorp, to get his thoughts on the decision to hold this sale.

“We are in the business of selling homes, and that is exactly what we are going to do,” said Smallwood. “There appears to be an abundance of buyers in the market who are simply looking for a terrific value in a great location. Intracorp has the location part figured out, so it is simply a matter of finding the right value. Our most recent sales activity says we have found this magic combination of factors, with 9 offers in two weeks at The Parc and 7 offers in the same timeline at our Redmond project.”

What else is on sale? Trace North

Ted “I never lower prices” Schroth just dropped prices on a few units.

#406. Dropped $40k to $249,950. It’s a 661 sq. ft. 1 bd/1 ba unit.

#301. Dropped $15k to $499,950 for a 952 sq. ft. 2 bd/1.75 ba unit.

#407. Dropped $45k to $284,950. 740 sq. ft. for 1 bd/1 ba unit.

What else sold? Mosler Retail

Wendy has news,

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.

  • cnut

    The two bedrooms are still way way overpriced. If there were lowered about 150K they might sell.

  • cnut

    The two bedrooms are still way way overpriced. If there were lowered about 150K they might sell.

  • Affluent Bitter Renter

    To date we have received 9 offers and have 6 sales pending (still working through additional interest)….
    Although we anticipated a favorable response, we were pleasantly surprised to see that the value was immediately recognized at The Parc…
    We recognize that there is a tremendous amount of pessimism out there and many homebuyers are waiting to see if we’ve hit the bottom. I can tell you, we have at The Parc. Those looking to buy should really take advantage of these incredible offers….

    Be interesting to see how many of these sales actually close.

  • Affluent Bitter Renter

    To date we have received 9 offers and have 6 sales pending (still working through additional interest)….
    Although we anticipated a favorable response, we were pleasantly surprised to see that the value was immediately recognized at The Parc…
    We recognize that there is a tremendous amount of pessimism out there and many homebuyers are waiting to see if we’ve hit the bottom. I can tell you, we have at The Parc. Those looking to buy should really take advantage of these incredible offers….

    Be interesting to see how many of these sales actually close.

  • ssilvy

    Thanks so much for the full quoting! It’s a wonderful snapshot of sales staff’s current method of presentation.

    Before going out there and getting in touch with sales staff on one of these projects, it would be really useful for prospective Belltown buyers to prepare themselves by carefully researching the validity of the data points it presents.

    Also, bear in mind that next year or so is likely to bring many terrific resale deals in the higher-quality buildings as option-ARMS reset on units bought over the last few years. That will drive down comps, but buyers in it for the long run shouldn’t mind very much.

  • ssilvy

    Thanks so much for the full quoting! It’s a wonderful snapshot of sales staff’s current method of presentation.

    Before going out there and getting in touch with sales staff on one of these projects, it would be really useful for prospective Belltown buyers to prepare themselves by carefully researching the validity of the data points it presents.

    Also, bear in mind that next year or so is likely to bring many terrific resale deals in the higher-quality buildings as option-ARMS reset on units bought over the last few years. That will drive down comps, but buyers in it for the long run shouldn’t mind very much.

  • Chris

    “customers need reminding that Belltown properties command a premium over less preferred neighborhoods in all market conditions”

    Yeah, thats a FACT! don’t those silly buyers know that Belltown must command a premium. LOL

  • Chris

    “customers need reminding that Belltown properties command a premium over less preferred neighborhoods in all market conditions”

    Yeah, thats a FACT! don’t those silly buyers know that Belltown must command a premium. LOL

  • Dan C

    Off topic a bit

    Did anyone see this article where David Lereah, former NAR head, admits that he spun information? WOW…the link is just an exerpt from the full article

    http://njrereport.com/index.php/2008/12/20/realtor-chief-economist-i-spun/

  • Dan C

    Off topic a bit

    Did anyone see this article where David Lereah, former NAR head, admits that he spun information? WOW…the link is just an exerpt from the full article

    http://njrereport.com/index.php/2008/12/20/realtor-chief-economist-i-spun/

  • http://meaninglessinseattle.blogspot.com/ dunno

    Is anyone actually surprised that NAR spins information in their favor? Every agent, broker, adviser (who are all basically salesmen) is after one thing; their cut of what they sell you. If this financial crisis teaches anything, it should be that the only person you can trust with your money is yourself.

  • http://meaninglessinseattle.blogspot.com/ dunno

    Is anyone actually surprised that NAR spins information in their favor? Every agent, broker, adviser (who are all basically salesmen) is after one thing; their cut of what they sell you. If this financial crisis teaches anything, it should be that the only person you can trust with your money is yourself.

  • nitsuj

    Pontoons seem a bit limiting IMO, unless you’re only looking to do open pow bowl slackcountry touring – probably not much fun in any couloirs. Will be interesting to see if they’ve really hit bottom at the Parc…

  • nitsuj

    Pontoons seem a bit limiting IMO, unless you’re only looking to do open pow bowl slackcountry touring – probably not much fun in any couloirs. Will be interesting to see if they’ve really hit bottom at the Parc…

  • http://twitter.com/mattgoyer mattgoyer

    @nitsuj, yeah, I decided to go with a pair of Dynstar Huge Troubles with Marker Baron bindings.

  • http://blog.mattgoyer.com Matt

    @nitsuj, yeah, I decided to go with a pair of Dynstar Huge Troubles with Marker Baron bindings.