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Four Seasons Sold 25 of 36

February 5th, 2009 · Comments · By Matt

The Four Seasons sent our a press release with their latest sales figures:

Four Seasons Hotel and Private Residences Seattle today announced it has sold 25 of its 36 luxury private residences and officially closed on 22 of those sales. The major project milestone is valued at more than $120 million dollars in closings to date, most of which have occurred in the past several months since Thanksgiving.

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  • 4thand1st
    The Four Seasons press release is also fibbing a little. "most closings have occurred in the past several months since Thanksgiving". That's only because 4 Seasons was completed in November at which point they closed pre-existing sales!

    It's pretty clear from the figures in their own PR that they haven't closed any new sales since November so they have been at 62% closed for some time.

    The $120m in closings is almost certainly the buyers who thought $2000 sq ft was a bargain back in 2007, and I suspect buyers like that are in short supply right now.
  • nitsuj
    Seems like an impressive number of sales there, no?
  • 4thand1st
    No, it's not impressive at all.

    Look at Matt's blog posting on November 3rd 2008, which said:

    "There are 11 units left to sell.."

    36 less 25 is 11 condo's, so they haven't sold anything since end of October. To make it worse, only 22 of those 25 have closed, indicating likely financing problems, since the building has been complete for months now. So there are probably 14 units up for grabs. In other words, 4 Seasons is 62% sold.

    In mid 2008, 4 Seasons were claiming there were only half a dozen condo's left (~80%) so their sales trend appears to be backwards.

    It's likely that the 2009 market can't support the crazy per square foot pricing at Four Seasons like it did a year ago when they sold most of their inventory, so I don't see that number racing up until they start cutting some deals.
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