On Tuesday I was able to visit Bellevue Towers with a buyer and was able to see for myself the reported 20% drop in list prices from the Seattle Times front page article on Tuesday, July 14th, 2009.
They actually contacted the Times before the article and used them sort of as a big free press release. The site agent in the picture was the gentleman that took us on a tour for a good hour plus.
I have been inside the building and most of the units many times, but I wanted to see for sure if the 20% drop was real. The cheapest 2 bedroom unit (1500 sq feet) north Tower 4th floor was formerly $629k and is now $499k. That’s about 20%! The agent admitted that some of the drops are closer to 10% and some high end units are down 25%. I visited over 10 one and two bedroom units. I love the finishes and amenities there and the midrise competition is getting smoked by Bellevue Towers.
A 2 bedroom condo in the midrise Palazzo is listed for about $450k- and the extra $50k to move up and snag the $499k unit at Bellevue Towers would be well worth it. Amenities, location, age and finish level are all vastly superior at BT.
Funny thing is that I was structuring offer strategies before the price drop at 20% off list- so it will be interesting to see how much of an additional discount they will take now that they have dropped prices. I doubt offers are coming in at list price- but perhaps there is only 5-10% more wiggle room at this juncture.
They are getting a lot of new appointments from the buzz generated from the Times Article.
