The developer of The Bravern Signature Residences, Schnitzer West, recognizes the changing dynamics in the condo marketplace, by reacting with an announcement today. The once planned South Tower condominiums will be converted into luxury apartments. The South Tower will offer 232 apartment homes and the North Tower will offer 215 condominiums, 447 homes in all. The developer’s statement adds that his long term strategy is to eventually sell the South Tower homes as condominiums.
“We are in the midst of a shift back to more normalized market demand between owned and leased housing. Our strategy of one condominium tower and one apartment tower is prudent in light of this changing dynamic in the marketplace that allows for the ability to convert the South Tower apartments to condominiums in the future.” – Dan Ivanoff, founder and managing member of Schnitzer West
In addition to today’s decision about South Tower apartment residences, developer Schnitzer West also announced that they will offer price discounts on available condominium properties. The new pricing for The North Tower condominiums will now begin at $320,000.
Rental units in the South Tower will start at $1,100 per month. These residents will have access to the same residential amenities as do condominium homeowners. Riverstone Residential will provide leasing and management services for the apartment homes. Representatives are onsite in The South Tower, on the 4th floor, with leasing currently underway. A grand opening event for the rental homes is scheduled on May 22 and 23.
The Bravern Signature Residences Contact Info:
North Tower Condominiums
Condo Sales Office
700 110th Ave NE, Suite 288
Bellevue, WA 98004
425-452-3788
Office Hours:
11am to 6pm Mon–Sat
12pm to 6pm Sun
www.bravernresidences.com
South Tower Apartment Homes
Apartment Leasing Office
688 110th Ave NE, 4th Floor
Bellevue, WA 98004
425-502-9748
Office Hours:
9 am to 7pm Mon-Sun
www.liveatbravern.com/
Even if they start at $1,100, looks like most of those are “open bedroom” units, which is unfortunate.
What they mean is “while we tried selling these at prices only an idiot would cough up, we realized just like the Lincoln towers that will result in empty buildings. However, we remain hopelessly optimistic that crazy real estate prices will be back soon enough”.
This is good news to all condominium developers, as well as all Downtown Bellevue homeowners.
On the other hand some of the newer luxury apartment buildings are likely not as excited about the news.
This news will help One Main Street, Washington Square, and Bellevue Towers developers; since there are now 232 less condos available for sale in their range.
$1,100 for what, a broom closet? Although itonically, at that price, an aprtment might be the only thing at the Bravern that I cam actually afford (although since that same $1,100 will get you a 2-bedroom place pretty much elsewhere on the Eastside I’m not particularly inclined to do so…
I agree with Grey. It’s a shame most of the units are essentially large studios. I highly doubt the “optional casework” and “optional slider” were added once the decision was made to go the apartment route. I will still check it out though. Most luxury apartments in Bellevue over 700 sqft seem to be in the $1300-1500 range.
The invisible hand at work (economics term). I love it!
This is awesome. I will definitely look into these apartments. Hopefully it will be temporary until I can afford to buy a condo at the Bravern.
1 bedroom – $1335 & 2 bedrooms – $2435. Not bad on lease either!
Agree with AJ. 🙂
So if a two bedroom rental is 2435 using a reasonable price to rent ratio of 20-25 the 2 bedrooms in the N tower should be selling for 584K-730K. Just looking at redfin they are clearly still overpriced. The immediate knock-on effect of these rental values is a telling signal that the Bellevue condo market is still extremely over priced.
So how much will the Penthouse cost to rent, $2000? I’ve been searching around Bellevue & it’s soo hilarious how these residential developers are completely deluded. They think people living here are all wealthy!! Why would anyone want to live in a high rise condo when they could buy an old house & rebuild it brand new? Who the hell cares about the amenities at the Bravern. Unless you are now considered a senior citizen & don’t have anyone to assist you then the Bravern is a good place to live.
This is just another reason people are retaining attorney Steve Crane to get their condo deposits back. Now you don’t even need to buy a unit to “move on up” in Bellevue. Why would anyone buy a ridiculously over-priced condo when you can rent an identical one for not quite as ridiculously priced? That’s going to be great for the property value!
The rental rate is starting at $1500 for a studio (based on 5/14/10 email blast). Even with the “4 weeks free” concession, that rate averages out to be $1385/month. Was Riverstone trying to build up their mailing list by quoting $1100 to downtownbellevue.com? Seems like bait-and-switch to me. I’m removing myself from their list.
Its sad that so many expect everyoone else to think just like they do or have the same needs. For many the thought of purchasing an old house and rebuild brand new is simply out of the question. For some they are MOVING OUT of the house and into these high rises for many many reasons both personal and desireable. It’s pretty simple folks, people like what they like and will pay what they can pay. If they can afford it, why not – especially if its what they want? Yes its a pretty screwed up market right now, but for owners of condos or renters of apartments – to each his own – and the rest of us? well its really none of our dang business. Just enjoy DOWNTOWN BELLEVUE. And one last note, please remember that MANY of the businesses flourish from people who WORK in downtown Bellevue but don’t live there. However, they do return some evenings to enjoy those same businesses in their own time rather than just a quick hour for lunch. We need PEOPLE and their money for a prosperous and beautiful city. Everyone participating in any way they can – will make the city a success!
Pretty much spot on. I personally don’t care to reside in an old home and stuck inside some middle suburbia life. Downtown Bellevue may not be downtown Vancouver, Chicago or manhattan but it works for me. Love high rise living with great floor to ceiling views. I don’t feel cooped up and can walk to restaurants, shopping and pretty much feel more alive than in a world of cars & trucks parked on the streets. If I could afford the braverns penthouse, I’d be there.
I say keep the riffraff in their bedroom community world.