Bellevue Towers Reduces Prices 5-20% For Buyers In Contract

It’s a little outside my turf but I hear that Bellevue Towers is reducing the prices 5-20% for the next 50 buyers who close (already in contract or not) (guess folks are having a hard time closing…)

Update: Nice, I beat the Seattle Times who wrote about this on the front page today, Bellevue Towers, other new condo projects cutting prices:

Only 43 of the 539 units at Bellevue Towers in downtown Bellevue have sold since closings began in January, according to county records. “We’re trying to respond to the marketplace and to what our buyers have been telling us for the last four to six months,” Mark Edlen, a principal with developer Gerding Edlen, said Monday.

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.

  • ADS

    They'll need to reduce prices 40-50% if they want to sell all their units! I never understood what these developers were thinking…Bellevue sucks. Okay, I'll spend $1mm on a nice condo that overlooks parking lots and mall roof tops.

  • CameronRex

    Whether Bellevue sucks or not is a matter of opinion….per the article in the Times, nothing is selling/closing in Seattle either. The parking lots in Bellevue are disappering fast. Shopping is better, formula retail anyway, and crime is much less than in Seattle. Not everyone's cup of tea and I prefer Seattle myself as a place to live but a growing number of people are chossing to move to downtown Bellevue. The economic caused pause in sales there is the same as here. And I honestly wish those buildings had been built this side of the lake. They are gorgeous design.

  • CameronRex

    Off Topic…but I don't know how else to ask…anyone know what is going on at the Insignia site (Battery/Bell and 5th/6th)? Dirt is getting moved around and there are some steel girders that have been delivered. I thought this was indefinitely delayed and this looks like more work than just making it a parking lot. Thanks.

  • Chris Johnson

    It is a last ditch effort to retain ANY of the “buyers” for their project. Several people I know have had talks with Steve Crane, one of the attorneys who is dealing with deposit refunds, and they have decided to retain his services. Apparently he is having success with the Olive 8 project and they have changed their tune dramatically. Guess we shall see what impact if any lowering the price makes.

  • EconE

    Bellevue Highrise Condos will probably end up selling for the similar prices as Irvine Highrise Condos.

    http://www.redfin.com/CA/Irvine/3131-Michelson-

    http://www.redfin.com/CA/Irvine/3131-Michelson-

    http://www.redfin.com/CA/Irvine/3131-Michelson-

    $300/sf will seem ridiculous in a year or two.

  • GoCougs

    They are most likely going to be putting small structured parking.

    I do know for a fact that the project is indefinitely delayed.

  • bitchymcbitch

    LOL on the first link:

    “The ultimate in sophisticated urban living”

    So I guess it's like NYC, Paris, London, Hong Kong, Tokyo, and Irvine, CA… truly sophisticated urban living.

  • phil

    Looking back at the “What Sold in 2002″ I got from Shea + Gran, most greater downtown Seattle area condos were selling at more than $300/sf in 2002.

  • EconE

    1997-2002 was tech bubble appreciation.

    Some places (San Diego) would love to get 2002 prices.

    http://www.redfin.com/CA/San-Diego/3422-Palm-Av

    But don't worry. Seattle is different.

  • phil

    When I wrote “more than $300/sf in 2002, I meant a lot more.

    The NASDAQ peaked in March 2000.

  • EconE

    I'm sorry…I meant to say “Bellllllevuuuuuue is different”.

    It's the OC of Seattle. Kind of bland if you know what I mean.

    It's always a surprise when Matt ventures out of Seattle regardless.

  • phil

    “Bellllllevuuuuuue is different”

    That's for sure…fewer f***ing tourists!!

  • phil

    “Bellllllevuuuuuue is different”

    That's for sure…fewer f***ing tourists!!