Bellevue Towers Sales Update

It has been just over 2 months since Bellevue Towers announced updated, more aggressive pricing for their project. We were curious as to how the response has been and recently had some questions for Jason Foss, the General Manager of Sales & Marketing at Bellevue Towers:

Q: What type of traffic have you seen since the new pricing was announced?

We have seen approximately 2,000 first-time and return buyers and brokers visit Bellevue Towers during January and February, which is a 300% increase over last year at this time. This traffic exceeds what we experienced either at the launch of the project in 2006 or at its completion in 2009.

Q: How many total sales for Bellevue Towers have there been?

We have 136 closed sales to date, of which 18 closed since the start of the year. We have sold another 27 homes since the start of the year with 10 more offers under negotiation currently.

Q: What year do you project that Bellevue Towers will be sold out?

It will likely take another 3+ years to fully sellout, however homes at certain price points (1 bedrooms under $500K, 2 bedrooms under $700K) will likely sell out this year at our current pace. So notwithstanding the projected timing of final sellout, the next 6-12 months will be very important depending on a particular buyer’s budget.

Q: What has changed since Morgan Stanley took over the project?

From the standpoint of sales, the consolidated ownership structure is allowing us to respond faster to prospective buyers. We are also in the development phase of a significant marketing push that will be rolled out over the next six months, which will include more prominent site signage, a completely new website, new brochure and advertising to help us sustain the strong sales pace we have experienced so far this year.

Q: What are potential customers most impressed with when taking a tour through Bellevue Towers?

I think that the sale activity is evidence that buyers are impressed with the great values being offered at Bellevue Towers today. They also continue to recognize Bellevue Towers for its extensive amenity spaces, high quality interior finishes and amazing views. With the ownership transition having now addressed past concerns about the stability of the project, buyers are really able to focus on the fact that they are able to get a great home at a great value at Bellevue Towers.

Q: Why are customers choosing to live in downtown Bellevue?

Buyers are choosing to live in downtown Bellevue for a number of reasons, but being able to walk out your front door to a variety of amenities like shopping, restaurants and parks, combined with a commute that may be shorter than that from the suburbs (especially for those people working in downtown Bellevue) is a major attraction. It also doesn’t hurt that Bellevue offers all of these urban amenities in a clean, safe and convenient environment.