On their blog you can read about their art shows, watch a video with testimonials of people already living there, and get an update on how sales are going:

Sales are exceeding the developer’s — and the market’s — expectations. As of this week, contracts have been signed for over half of the 229 homes and about 30% of these sales have already closed. In the first week of April alone, six offers have come in. And this is just the beginning, with summer hot on the heels for a great spring.

The sales team attributes the strong sales in 2010 to several factors — chief among them, the benefits and convenience that living above a world-class hotel offers.

Between the wealth of amenities and prime downtown location, some buyers might think the Olive 8 lifestyle is out of their price range. Those on the market for a new home, take note: the residences at Olive 8 are not out of reach. Homes are available starting at $395,000 and range from 650 to 4,315 square feet.

Seems as though things ended up working out for Andy as he writes in a recent blog post, Real Estate Thoughts Part Deux:

I was ready to walk away, but did engage in a few interesting conversations with the folks there. Needless to say, we were able to come to an agreement to purchase property there. It’s far from clear that I bought at the bottom, nor was I trying to time the bottom. In fact, I’m probably early as only about 25% of the units are actually closed, there’s a lot of units still available.

It’s interesting to hear that Olive 8 is negotiating with buyers. Everything I heard in the spring of 2009 was that they were not negotiating at all. It seems as though having many units unsold [country records] has caused them to reconsider their decision. Of course I’d be really interested to hear specifics of how folks negotiations have gone! Though I wonder if Olive 8 is negotiating less now that they’ve recently renewed their construction loan.

Click through for the full press release.

U.S. Bank Leads Syndication of $90 million Loan to Olive 8, Providing Financing for Green Downtown Seattle Condominiums
Two year extension of construction loan is a ray of hope in today’s market
(Seattle) December 14, 2009 ― Long-time Seattle developer R.C. Hedreen Company has received a crucial renewal of its construction loan for up to two years for Olive 8 through a $90 million loan syndication led by U.S. Bank. At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.

Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building. Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above. Of the 229 condominium homes, 51 have closed. A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.

R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term. But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future. We see it as a very positive sign in what has been a slow and challenging market.” Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.

Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.

“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”

Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building. It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

About Olive 8
Olive 8 is a 39-story luxury hotel/condominium building, with the lower 17 floors occupied by Hyatt at Olive 8 and 229 condominium homes on the top 22 floors. It is the first hotel/condominium building in Seattle to receive LEED Certification (Silver). The developer is R.C. Hedreen Company. Founded in Seattle in 1963, R.C. Hedreen has developed, owned and managed investment projects including hotels, retail, high-rise office buildings, and single and multi-family residences. In recent years, Hedreen has focused primarily on luxury hotels with a portfolio that includes the Grand Hyatt Seattle, Seattle Hilton Hotel and the Seattle Madison Renaissance Hotel. The local architect for Olive 8 is MulvannyG2 (previous partners with Hedreen on the Grand Hyatt Seattle) in collaboration with design architect Richard Gluckman of Gluckman Mayner Architects in New York City. Hedreen’s construction manager for the building was JTM Construction. Condominium sales are handled by Coldwell Banker Bain Builder Solutions. For more information, visit www.olive8.com.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $265 billion in assets as of September 30, 2009, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States. The company operates 3,002 banking offices in 25 states and 5,170 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

It’s at the Grand Ballroom, third floor, 1635 Eighth Ave.

• Cabaret performance by Stephen Barnes, Pianist for the PNW Ballet 6 to 7 pm
• Hosted & catered by the Hyatt at Olive 8
• Tour new models

RSVP by October 1st at Olive 8.com.

Hopefully this helps them sell the remaining 80% of units.

What I also heard is that the same attorney who represented the Washington Square client is also representing clients who bought at Olive 8. Also the same firm that represented Washington Square is representing Olive 8 (though different attorneys).

The pressure is certainly now on Olive 8.

Update: Corrected post to reflect this was Washington Square, not Bellevue Towers. I thought they were the same project. This the last time I blog about the Eastside!

R.C.Hedreen Co and Williams Marketing Inc. are pleased to announce that effective June 6th, they will be augmenting the Olive 8 sales team with Coldwell Banker Bain – Builder Solutions. You will be seeing some new faces in the sales center as Anne Hoving and Amy Sedgwick will represent the CBB team on-site. Anne and Amy will be focusing on the continued sales of Olive 8 homes.

Carrie DeBruler of Williams Marketing will remain on-site to work with existing homebuyers and follow up with agents and prospects that we have been working with. While she can be reached at the sales center phone number, she will also have an exclusive Olive 8 phone number where you can reach her at (206) 850-9673. Carrie will be also be available by email cdebruler@williamsmarketing.com and will be on site by appointment. Emily Musselwhite is moving to another Williams Marketing sales center and we wish her the best.

If you have any questions feel free to call us. We look forward to working with you.

Here’s the other Seattle projects Williams Marketing is currently working on:

• 22 West Lee – 3 homes left
• 5th & Madison – ?
• Leona – ?
• Ruby – ?

Today, Andy, a thoughtful blogger on startup matters, has posted a very honest look at his Olive 8 purchase, My $23,750 Mistake at Olive 8:

In retrospect, it turns out the $23,750 was a call option to buy at Olive 8 that just didn’t work out. It bothers me with 20/20 hindsight, but I’ve learned a ton from the process and believe I won’t make a bigger mistake in the future because of it. Cutting your losses today can be counted as a win in the long run.

It’s well worth the read.

For another perspective on walking away from a large deposit at Olive8 check out this earlier comment on a post of mine which also has a long list of reasons for not closing.

At Fifteen Twenty-one, developer Opus Northwest says more than one-quarter of the original buyers have walked away, some forfeiting deposits of $100,000 or more.

At Olive 8, at least 10 percent of the project’s buyers, who either can’t or don’t want to close, have retained lawyers in hopes of getting their earnest money back. “We’re talking $20,000 and up,” says Craig Blackmon, who represents five buyers.

Though the article does point to other problems with buying pre-construction:

Fifteen Twenty-one presold 138 of its 143 units. Parsons says 37 of those buyers have backed out — not all for financial reasons. “We’ve had six divorces,” he says. “We’ve had one death

What is going on at Rollin? Seems like all the buyers have been in limbo for a few months now…

Let me know what you think. Should I do more videos or just stick to photos?