I showed condominium homes to a client of mine about a month back.  We looked at Seattle buildings and Eastside buildings.  Because he was interested in a larger unit, most of the possibilities were in new buildings in Bellevue.  He and I were both impressed with Bellevue Towers, on the site of the old Puget Power building.

The units were well-designed, as were the common spaces.  The park between the two towers is quite amazing.  My client was fairly interested but concerned  about falling values; especially since so few of the units were sold and the site agent indicated flexibility of 10-15% of the listed prices.  Now I see in The Times and the Multiple that prices have been reduced 20%.  Seems like it might be a good time to make a deal on a new condo.

Not sure how long it will take, but the Times article alludes to a future condo shortage; because so few units (none?) are currently under construction.  Seems to me like we are set for a while; it will be interesting to see how this plays out over the next few years.

July 17, 2009