Seattle Times Reports Four Seasons Cutting Prices

Seattle Times reports, High-profile Four Seasons condo project cuts prices:

It’s been nearly six months since a sale closed at the Four Seasons, which opened late last year. Buchta said she couldn’t say how big the price reductions will be, or when they will take effect.

The project’s 36 ultraluxury view condos, which fill 11 stories, sit atop a 10-story Four Seasons Hotel at First Avenue and Union Street downtown. Sales have closed on 22 of the units, according to county records, with prices ranging from $1.26 million to $11.4 million.

The average price: $5.5 million.

Four Seasons representatives say three more units, all presold at least six months ago, should close once custom-finish work is completed. That leaves 11 condos unsold.

There’s over 80 condos for sale over a million dollars right now. And that doesn’t include what isn’t on the MLS (lots of units from Escala, Enso units, Four Seasons, 1521, etc.)

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  • JonBoyd

    I'm unclear about the actual absorption rate here. Are we talking 22 units closed in the first four months and nothing closed since?

    If a third of the units are unsold over the last six months that would suggest that it could be years until the development is sold out, even with substantial price cuts.

    That also means the the owners who did buy have lost a ton of money in their first year.

    Sounds more like Michigan than what I would expect in Seattle!

  • http://www.downtownbellevue.com/ Michael

    No sales in 6 months? I hope they don't have anybody working full time in their sales center…

  • Begin

    I knew the Four Seasons was BS'ing about the level of sales in their project.

    It probably doesn't help that one of their high profile buyers is linked to a Seattle financial company that is now involved in a federal fraud case. I wonder when we will see his unit come back on the market?

    NY Times, Published: June 4, 2009

    Federal prosecutors indicted a former top executive of a prominent investment firm on Thursday on charges involving questionable tax shelters made and sold by the firm up until 2006.

    The executive, Jeffrey I. Greenstein, is a former chief executive and a co-founder of the Quellos Group, whose core business was bought by BlackRock for $1.7 billion in 2007. He faces 18 counts of conspiracy, fraud and tax evasion.

    Quellos, which was based in Seattle and catered to wealthy investors…

  • Begin

    I knew the Four Seasons was BS'ing about the level of sales in their project.

    It probably doesn't help that one of their high profile buyers is linked to a Seattle financial company that is now involved in a federal fraud case. I wonder when we will see his unit come back on the market?

    NY Times, Published: June 4, 2009

    Federal prosecutors indicted a former top executive of a prominent investment firm on Thursday on charges involving questionable tax shelters made and sold by the firm up until 2006.

    The executive, Jeffrey I. Greenstein, is a former chief executive and a co-founder of the Quellos Group, whose core business was bought by BlackRock for $1.7 billion in 2007. He faces 18 counts of conspiracy, fraud and tax evasion.

    Quellos, which was based in Seattle and catered to wealthy investors…