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The Stranger Looks at Schnitzer

By April 9, 2009

Brix, Equinox, Gallery

This week The Stranger takes a look at look developer Schnitzer, Schnitzer Hits the Fan – Developer Took Big Risks at the Worst Possible Time.

Schnitzer’s construction crews are finishing hundreds of new condos and scads of office space just as the real-estate market is bottoming out.

Yes, they are striking out: Gallery (<10%), Brix (50%), Equinox (<30% pre-sold). However, Seattle Met will tell you buying a condo downtown may not be all that reckless.

Re: Brix. Last I heard they’ll pay your closing costs, HOAs for two years, and are flexible on price.

Re: Equinox. Last I heard they were attempting some funky sub division of Equinox trying to get all the pre-sale buyers into one tax parcel so they could qualifying that phase for financing.

If I were you and interested in a Schnitzer development I’d wait out the summer and wait until end of year.

Update: Schnitzer wrote me with the latest numbers on Gallery: We have closed over 26% of the units and have another 15% under contract for a total of 40% closed/pending and a few that we are negotiating with right now.

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