We have recently been given a press release from Pryde + Johnson regarding another bulk buy sales strategy for LEED Silver (targeted) built Hjarta in Ballard and Florera in Greenlake – units will be sold at up to 35% off original pricing in an alternative to auctions.
“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”
As we understand it, several dozen sales have been generated to date using the sales strategy at The Decatur and Eleven Eleven East Pike. Rather than slowly lowering prices over a longer period of time (which seems systemic at many projects), Realogics was able convince the developer and their lender to explore more dramatic cuts in hopes of garnering quicker sales. The block of sales also helps shore up FHA financing and unit appraisals. In theory, this establishes a stabilized market value for the remaining sales while resolves a common concern amongst “wait and see” buyers that prices will drop further after buying. Hjarta and Florera will be undergoing a similar strategy and should offer some great deals for those who take advantage.
Studios (578 – 598 sq. ft.) will start from $244,950
One bedrooms (614 – 921 sq. ft.) will start from $274,950
One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950
Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950
Pryde + Johnson appears to be motivated to sell now so buyers can take advantage of the extended homebuyer tax credit, and today’s historically low rates. Since rates will soon begin to climb, and the homebuyer tax credit will soon expire, these are exceptional opportunities for buyers who are interested in living outside the urban core, but within one of two prime urban neighborhoods. The official sales release will begin on March 27 but you can preview in advance – open houses will be scheduled for each weekend or by appointment. March 27th is the same weekend as Escala reintroduces sales at price drops and 5th & Madison auctions their remaining inventory so it should be a marketplace as buyers hunt down bargains.
Disclaimer: These projects are listings of Realogics Sotheby’s International Realty’s “special projects” division, which is affiliated but independent of the “resale” division co-founded by James Stroupe and Moira Holley.