The Best Condo Marketing Yet This Year

Wow, Thornton Place just blew up the Seattle condo marketing world with their “layoff protection” program. It’s the best buzz since Olive 8 announced their price protection.

Check out the buzz on Twitter and all the press mentions.

The details of the program are (according to their press release):

Homeowners who get laid off within their first year of ownership can look for a new job with the security of knowing that their mortgage will be paid for them for up to six months.

I can’t find it but recently I read an article on the Hyundai new car layoff protection program. For them sales are up while their competitors are down and they haven’t had to pay out one claim yet. Turns out people who buy brand new cars are unlikely to be the kind of folks who get laid off. But the program does give many people piece of mind when apparently they don’t really need it.

If anyone sees one of their contracts I’d love to see the actual language of the clause.

Update: Here’s all their incentives [pdf]

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.

  • GoCougs

    Great idea…but it is still Northgate. Those prices are outrageous.

  • Gene

    There are places around the country offering to pay your mortgage for the first X months to a year… without you losing your job. Of course that's because most of these types of places are still overpriced (and maybe there isn't quite so much “pent up demand” as certain folks say).

    As you said though, great marketing.. but it is just a gimmick.

  • Pistol Pete

    Hi all!

    So a few months back, I actually toured this place and here were some questions and concerns I had for the agent, non of which I got an answer I was happy with.

    1. Parking IS not separated from the condo/townhome owners vs. renters, movie goers, shoppers, and now park and ride. So no controlled access for those that own homes there, just an assigned space.

    2. Workout facility is not decided on whether this will be a common area for condo/townhome owners vs. renters

    3. Safety access or controlled areas where only condo/townhome owners can enter and exit without the rest of the masses from the theatre and shoppping can just wander through and around. The agent said, a couple of gates to do this, however, if some just walks south around the block towards the creekbed, they can just walk down the stairs and voila!

    4. Price is outrageous! I toured the townhomes (not that great since they are backed up to the apartments, with no separation other then a 3 foot walkway and some planters. I also toured the studios (nicely laid out, but no sunlight and lack of windows) I also toured the 1 bd (these were really nice, especially those facing south and had a view of the creek.

    5. This was a novel idea to say the least, but really, a retirment community, condo/townhome owners, renters, shoppers, movie goers, the park and ride and i think rail or something? This place is gonna be the wild wild west.

    Just my observations guys :)

    ———————–

    Oh yea, so if someone decides to buy and looses their job within a year, will their mortgage still get paid if the builder sells or goes out of business?

  • http://weill.org Jason

    Seattle Bubble points out that nearby, other developments are selling comparably-sized units for 40% less. This gimmick makes for an interesting distraction from the real fact why Thornton isn't selling homes; their prices are way too high for the area. I live near Capitol Hill where even right near downtown, $300k 1-bedrooms are sitting on the market.

    http://seattlebubble.com/blog/2009/03/25/seattl

  • Sage

    Do you realize that it costs the seller a lot less to offer to pay mortgage than to discount /compromise the selling price. Think about it, you lose your job and your mortgage is 2k month, for 6 months that's 12k. Some projects are slashing prices up to 100K!! So essentially it is not the best marketing strategy! Think about the costs a little more before you jump on the blogishpere with ignorant information.

  • Sage

    Do you realize that it costs the seller a lot less to offer to pay mortgage than to discount /compromise the selling price. Think about it, you lose your job and your mortgage is 2k month, for 6 months that's 12k. Some projects are slashing prices up to 100K!! So essentially it is not the best marketing strategy! Think about the costs a little more before you jump on the blogishpere with ignorant information.