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Why Folks Are Walking From Big Deposits at Olive 8

By May 2, 2009

Olive 8

I know A LOT of people who had bought into Olive 8. The vast majority of which were real estate agents. I only knew two non-agents looking to buy. One of those, Andy Liu (CEO of Buddy TV and backer of sites like i can haz cheezeburger and Fail Blog), I knew to be really excited about Olive 8 as his new home; he wasn’t looking to do a quick flip or rent out the unit.

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.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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