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.
