Olive 8: A Sales Spring, and a Spring Event!
May 24, 2011 by Stroupe Group
Filed under Olive 8
Signs that the selling marketplace is rebounding continue at Olive 8, where 25 new condominium sales have been accepted since January 1!
Sharper prices, record low interest rates and improving consumer confidence helped garner robust sales momentum in downtown Seattle. A new report released last week by Realogics Sotheby’s International Realty tracked the supply and demand of new downtown condos. It indicated that 40% of unsold developer-owned inventory was sold during the past year, resulting in only 342 new condominiums available within the center city! The news is the same for the condo resale marketplace– new listings and available supply are at their lowest levels in over two years.
With literally no new Seattle condo projects on the horizon, what’s currently have on the market will have to satisfy buyer demand for some time to come. How significant is this? New construction condo prices have corrected back to “pre-boom” levels but new construction delivery levels are now “pre-millennium”!
Watch for supply and demand price hikes to hit the condo marketplace, just as it’s now happening with the apartment sector. Prices are stabilizing and there’s even been competition for more-preferred inventory. As the market continues to improve, asking prices and selling prices will continue to narrow, with fewer concessions being made.
However, you still have a great window of opportunity at Olive 8. Called The Spring Event, Olive 8 has one-bedroom residences, starting on the 28th floor, for just $395,000. Two-bedroom residences start at just $825,000. Need more? Try this– The Spring Event’s incentive program provides for no closing costs and special financing starting at just 1.25% (2.821% APR) for qualified purchases. Also, the seller will pick up HOA dues and health club membership fees for the first year.
The Spring Event is set to expire on Tuesday, May 31, 2011, but you still have time to get in on a great opportunity to live in one of the finest condominium communities in Seattle. Give us a call at (206) 910-5000 or drop us a line at urgent@stroupe.com for more information or to schedule a private tour. See you soon!
