One88 Now 87% Pending

One88, the first condo tower going up in Bellevue in ten years, that has sold quickly, has announced today that they now have 125 units pending putting them at 87% pending.

In the press release they had this interesting tidbit:

…more than 70 percent of buyers coming from Puget Sound and approximately 35 percent having previously owned at another Bosa community.

As the first luxury condominium tower to come to market in close to a decade, One88’s newest homeowners aren’t moving far. A majority of buyers are relocating from other parts of Bellevue, Seattle, Mercer Island and Kirkland. One88 has also received out-of-state buyers from areas such as San Francisco and Vancouver.

I’m guessing the out of state and out of country buyers intersect with the 35% previous Bosa owners and they’ll be investment properties. Which is a little surprising given the price point and the likely difficulty in cash flowing an investment there, but perhaps they’ll be bank on appreciation to make up for any cash flow losses.

The starting price appears to now be $2.44m for a 3 bedroom on the fifth floor.