In an attempt to jump start sales, Bellevue Towers has announced today that it is offering reduced pricing by an average of 20% to the next 50 buyers who close. Gerding Edlen, developer of Bellevue Towers, stated, “It has become clear that while the economy is showing some signs of stabilization, the recovery in the real estate market is not happening as quickly as we had hoped, which is impacting sales and closings.”
The 42 and 43-story towers started closing homes early this year and haven’t seen the number of closings once anticipated. Only 43 of the 539, less than 10% of the homes, have been sold to date. Bellevue Towers is the region’s largest project. This pricing reduction will not only set the pace for the Downtown Bellevue area condominium market, but also encourage projects in Seattle to follow suit. This was likely a hard decision by the developer and those who are financing the project, but it’s good to see changes being made to shake up the market that will get people to start moving in. It’s likely that if you’ve walked or driven by the project, you’ve seen the many vacant homes.
With the price reductions, Bellevue Towers units will start at $349,000, a drop from $399,000. On the high end, some units have seen as much as a $1 million pricing drop.
Wow. Talk about a steal of a deal.
I think it will dip in price again.
Great investment for the future!
I’m really glad to see the price reduction, with hope that sales and occupancy will be rapid. Bellevue can only become an urban area when more people work, shop and dine within walking distance of where they life. Viva DTB!
So it begins. In your post on the WA Square townhomes https://downtownbellevue.com/2009/06/05/washington-square-bellevue-one-block-away/ responses to my price comment generally rushed to defend prices. I see it above too. This is not a steal or a great investment. If you buy based on this offer, your basically throwing your money away IMHO.
20% of 50 units may get some people to take a risk, but they are still priced way too high when compared to rents. Now someone has blinked, it will be interesting to see what WA Square & The Braven do.
I really want to see these things fill up, and I’m a potential buyer, but until we get to at least 40% off the peak bubble prices they are asking, I’m not biting.