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Bellevue Towers – Smooth Sailing in a New Direction

February 16, 2011 by  
Filed under Featured, Land Use, Puget Sound Region

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Over the first few days of January, news broke that Bellevue Towers, the Eastside’s largest condominium development, was avoiding foreclosure by transferring ownership of all its unsold units back to its lenders. Six weeks later, we thought we’d check in to see how things were going.  We are happy to report that things are going well!

Here’s a quick history:  Portland-based developer Gerding Edlen began the Bellevue Towers project in January 2007, the majority of funding coming from a consortium of lenders led by Morgan Stanley.  This 1.25 million sq ft complex is comprised of two 42 and 43-story towers containing a combined number of 539 condo units, plus 16,000 sq ft of ground-floor retail space, all located at 106th Ave NE and NE 4th St in downtown Bellevue. 

By early 2008, one-third of the units were presold… then came the financial freefall that September.  When Bellevue Towers was ready for occupancy in early 2009, many presold buyers either couldn’t or wouldn’t close—just in time for the consortium loan to mature. The consortium started picking up the bills shortly thereafter, until word came out in January 2011 that with only 118 of 539 units sold, all remaining inventory was going back to the consortium in order for Bellevue Towers to get a better financial footing and a fresh start.

BT_ExteriorWith cuts averaging 30 percent off original pricing, it seems that the new direction is taking off.  As of February 14th, 26 units have either been sold or are pending, 13 are in the offer stage, and 10 others have strong buyer interest.  And, as we were speaking with them, one of those 10 with strong interest was being written up as an offer!  More telling, however, is Bellevue Tower’s traffic.  In January, 783 interested buyers came through the complex, the best turnout since the entire run of the project!

Bellevue Towers has much to offer.  It features a wide range of views from Mount Rainier, to Lake Washington, to the Olympic Mountains.  You’ll get spacious interiors with high ceilings, glass window walls, high-end appliances and finish materials of sustainable hardwoods and stones. Speaking of sustainable, Bellevue Towers was the first residential high-rise in Bellevue to receive LEED Gold certification from the U.S. Green Building Council.  

Bellevue Towers’ amenities include a fitness center and spa, dining room, screening room, reading room, and a grand room for entertaining and events.  Its ground floor level contains shops and restaurants including Purple Cafe and Wine Bar, Barrio and Lot No. 3.   Bellevue Square is a short walk away, with easy commutes to Microsoft’s main campus and Downtown Seattle. 

Bellevue Towers has graciously supplied us with the latest pricing list link that you can access below.  They are subject to change, so if you’re interested in more information on Bellevue Towers, or in scheduling a private tour, please contact us at this Stroupe Group link.   

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Another Proposed Condo Tower Postponed

May 22, 2008 by  
Filed under 1 Hotel, Insignia Towers, Puget Sound Region

pause buttonAnother developer is being reported in the Seattle P.I. as putting off construction of another expected high-rise due to a market slowdown. It seems as though every week, sidelined buyers are limiting thier choices to what to choose from by not making any offers. Both the European Tower in Bellevue, and Insignia Towers development in Belltown have officially announced their reason for delay as a result of a market slowdown. 1 Hotel has announced a delay in construction so they can redesign the project to make it more appealing to lenders.

Again, this brings up an issue of rising rental rates and population boom.

An underlying message the media and many industry professionals are trying desparately to share is that if projects continue to be delayed, and our job market continues to bring more people to the northwest, a limited amount of real estate investments will become virtually unaffordable for picky buyers who think prices will go down any further.

ESCALA still plans to increase their prices by 3 to 7 percent on June 5th, and many Realtors are telling more and more of their sellers to be patient rather than accepting low-balled offers.

The “no more beating around the bush” message is; BUY, BUY, BUY!