With Pre Sales At 25%, Rollin Street Going Apartments

Just had this forwarded to me. Here’s the email from Vulcan to people who had signed purchase and sale agreements for Rollin Street, a 197 unit project, at Denny and Westlake. Here’s an old fact sheet [pdf] since they’re taken down their website.

Dear [homeowner],

As you know, we have been exploring how the financing environment and changes to Fannie Mae pre‐sale requirements will impact Rollin Street condominium sales and closings. Our goal has been to ensure that you would be able to complete your purchase and move into the building in a reasonable timeframe after construction completion. Unfortunately, pre‐sales at Rollin Street are at approximately 25%, which is below the 50 – 70% threshold Fannie Mae and most mortgage lenders require for buyers to obtain financing. Market conditions tell us we will not achieve the required minimum 50% pre‐sales in a short timeframe. As a result, we have decided to convert Rollin Street into a rental apartment building. We will refund your earnest money deposit (currently safely held in an escrow account) and any deposits you made for upgrade finish options.

We had expected to be able to communicate this decision earlier, but the process of getting permission from our construction lender took much longer than we had hoped. John L. Scott will be calling each Rollin Street buyer in the coming days to set up individual meetings. At these meetings, you will be able to rescind your purchase contract using a standard Form 51 Rescission Agreement (sample form enclosed for your reference). Below is an overview of the rescission process.

  1. A member of the John L. Scott team will call you to set up a meeting at your convenience. We expect these meetings to take place starting 5/04/09.
  2. At your individual meeting, you will be able to rescind your contract by signing a standard rescission agreement (Form 51).
  3. John L. Scott will notify the escrow office, Chicago Title, that your purchase contract has
    been rescinded.

  4. Chicago Title will then mail you a check for your earnest money deposit. Since all Rollin Street buyers filled out a form W‐9 for the title company at the time of the earnest money deposit, refunds from escrow will include any interest accrued. Alternatively, you can arrange to pick up your check at their offices.
  5. If you pre‐purchased upgrades for your Rollin Street home, that deposit will be refunded to you by Rollin Street Venture, LLC in the form of a check and will be sent directly to you about 2 weeks after you sign your Form 51.

We appreciate the commitment that you have made to the South Lake Union neighborhood. Recognizing this, we will offer you a credit to apply toward a purchase at either Enso or Veer Lofts–our other two condominium projects in South Lake Union. You are also eligible for a lease credit to apply toward renting a home at Rollin Street. We look forward to presenting the details of these programs at our individual meetings. We hope you will take advantage of one of these opportunities and continue to choose to live in the South Lake Union community. Although the property will no longer be delivered as a condominium, we are very excited about Rollin Street as an apartment building and the vibrancy that it will still bring to the South Lake Union neighborhood.

My colleague, Luke Brown, will be calling you soon to follow up on this letter. You can also reach Luke directly with any questions you may have at [removed] or [removed]. We appreciate your continued patience throughout this process, and look forward to speaking
with you.

Sincerely,
Ada M. Healey
For Rollin Street Venture, LLC

I’m sure this is good news to all the Rollin buyers looking to get back their deposits. The question is, will they rent? I’m curious to know how much the credit will be.

It is probably no surprise that I hear that Vulcan is looking to replace John L Scott for Veer and Enso. Perhaps they’ll even bring it in house like Schnitzer has done. Which really makes the most sense since Vulcan already does all their own marketing.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • condoboy

    I am an olive8 buyer, and i am extremely jealous. my closing date has come and gone, I used the in house lender, but they raised the downpayment to an amount I simply couldnt afford. I hope somehow I get something back, but I wont hold my breath.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • Denise,Rollin buyer

    John L.Scott was never the problem. The agents were often left in the dark. We (buyers)often had the info before the agents did. Vulcan's marketing director, however, was rude and incompetent in our opinion. He needs to take customer communication101 classes. We were treated failry and quite well with JLS agents from the beginning and thoughout the crisis. Andy is amazing. He has great communication skills, and through our many meetings with him during the long wait period, he communicated with patience,empathy and understanding, and even knew how to calm us down and not to overreact. Only good things to say about him.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • RollinKath

    RE: JLS, Vulcan was just plain arrogant. They never advertised, their “Marketing Director” did nothing but walk the hard-hat tours, & Vulcan chose to stick with high prices when everyone else was lowering them. How is JLS responsible for the no-marketing approach of Vulcan. They appeared to choose not advertising. Williams Marketing is contracted marketing & RE. Olive8 had ads all the time, giving their agents a foundation to work off of, which is why they were 80% sold while Rollin was at 25% & Enso at 60%. Vulcan made the bed & forced JLS to lie in it.

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • Orangetown

    Yes, have to agree that Andy was great to work with – the more that I think about this, JLS must have been pulling their hair out too waiting for Vulcan to make a decision. And what about the buyer's real estate agents who did their job, do they get a refund on this as well?

  • RollinKath

    They should. Lucky for the JLS team at Rollin, they were salaried and not on a commission basis. And, Andy, although he never complained-you could tell by his energy level and see it on hisface- was deeply effected by this. And, it was he, not the bozo marketing director, who had to take all the crap from buyers as he was the face of Rollin. Luke showed up only to monitor the tours once they finally allowed them. Heaven forbid one of the agents say the wrong thing. He had them on a leash! If you worked with Andy, and had a good experience, let him know. It was 2, deeply involve, years of his life also .

  • RollinKath

    They should. Lucky for the JLS team at Rollin, they were salaried and not on a commission basis. And, Andy, although he never complained-you could tell by his energy level and see it on hisface- was deeply effected by this. And, it was he, not the bozo marketing director, who had to take all the crap from buyers as he was the face of Rollin. Luke showed up only to monitor the tours once they finally allowed them. Heaven forbid one of the agents say the wrong thing. He had them on a leash! If you worked with Andy, and had a good experience, let him know. It was 2, deeply involve, years of his life also .

  • RollinKath

    They should. Lucky for the JLS team at Rollin, they were salaried and not on a commission basis. And, Andy, although he never complained-you could tell by his energy level and see it on hisface- was deeply effected by this. And, it was he, not the bozo marketing director, who had to take all the crap from buyers as he was the face of Rollin. Luke showed up only to monitor the tours once they finally allowed them. Heaven forbid one of the agents say the wrong thing. He had them on a leash! If you worked with Andy, and had a good experience, let him know. It was 2, deeply involve, years of his life also .

  • RollinKath

    They should. Lucky for the JLS team at Rollin, they were salaried and not on a commission basis. And, Andy, although he never complained-you could tell by his energy level and see it on hisface- was deeply effected by this. And, it was he, not the bozo marketing director, who had to take all the crap from buyers as he was the face of Rollin. Luke showed up only to monitor the tours once they finally allowed them. Heaven forbid one of the agents say the wrong thing. He had them on a leash! If you worked with Andy, and had a good experience, let him know. It was 2, deeply involve, years of his life also .

  • Orangetown

    Wow, I'd have jumped off Rollin St. if I had to spend 2 fulltime years working with Vulcan. Andy rocks!

  • Orangetown

    Wow, I'd have jumped off Rollin St. if I had to spend 2 fulltime years working with Vulcan. Andy rocks!

  • Orangetown

    Wow, I'd have jumped off Rollin St. if I had to spend 2 fulltime years working with Vulcan. Andy rocks!

  • Chris

    The rental prices are INSANE.

    They want $2.21 sqft/month for my previously reserved 7th floor east facing unit. My theoretical mortgage was going to cost less than that.

    709 (west facing, 1088 sqft open 1 br + den) was quoted at 2430/mo!!

  • Chris

    The rental prices are INSANE.

    They want $2.21 sqft/month for my previously reserved 7th floor east facing unit. My theoretical mortgage was going to cost less than that.

    709 (west facing, 1088 sqft open 1 br + den) was quoted at 2430/mo!!

  • Chris

    The rental prices are INSANE.

    They want $2.21 sqft/month for my previously reserved 7th floor east facing unit. My theoretical mortgage was going to cost less than that.

    709 (west facing, 1088 sqft open 1 br + den) was quoted at 2430/mo!!

  • http://twitter.com/mattgoyer mattgoyer

    Yikes! Do you have any more insight into rates for other units or did they share only rental rates for the unit you had reserved?

  • http://twitter.com/mattgoyer mattgoyer

    Yikes! Do you have any more insight into rates for other units or did they share only rental rates for the unit you had reserved?

  • http://twitter.com/mattgoyer mattgoyer

    Yikes! Do you have any more insight into rates for other units or did they share only rental rates for the unit you had reserved?

  • EconE

    Most of the new privately owned condos are lucky if they get $2 psf for rent @ places like 2200 and Cosmopolitan from what I'm seeing these days.

  • EconE

    Most of the new privately owned condos are lucky if they get $2 psf for rent @ places like 2200 and Cosmopolitan from what I'm seeing these days.

  • EconE

    Most of the new privately owned condos are lucky if they get $2 psf for rent @ places like 2200 and Cosmopolitan from what I'm seeing these days.

  • Chris

    They seemed pretty free with about the rate info. I think they have a dedicated person at the Discovery Center handling Rollin now.

    They gave us former Rollin buyers 2 months free rent with 12 month lease (3 months with 18 month lease), plus free parking and storage.

  • Chris

    They seemed pretty free with about the rate info. I think they have a dedicated person at the Discovery Center handling Rollin now.

    They gave us former Rollin buyers 2 months free rent with 12 month lease (3 months with 18 month lease), plus free parking and storage.

  • Chris

    They seemed pretty free with about the rate info. I think they have a dedicated person at the Discovery Center handling Rollin now.

    They gave us former Rollin buyers 2 months free rent with 12 month lease (3 months with 18 month lease), plus free parking and storage.

  • http://upscaleboston.com/ Boston Luxury Apartments

    No risk of loosing a whole lot of money with a rental and no need to tie up a bunch of cash or go into debt.

    A lot of luxury apartment rentals now have price specials or give you a couple of months free rent as well.

  • newbuyer

    We live here now. Although the unit we put our money down on at Rollin was a one bd. , we actually are renting a huge 2 bd. instead. It is really awesome! I am so glad to be living here and really enjoy all the space, and amenities.

  • newbuyer

    We live here now. Although the unit we put our money down on at Rollin was a one bd. , we actually are renting a huge 2 bd. instead. It is really awesome! I am so glad to be living here and really enjoy all the space, and amenities.