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Seattle Times Article on Buyers Backing Out

By April 24, 2009

1521 - Fifteen Twenty-One, Olive 8

Seattle Times finally clued into the closing problem at the big shiny new downtown condos, At pricey high-rise Seattle condos, some buyers back out:

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…

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