I just spoke to my contact at Bellevue Towers and they are reporting a significant increase in sales contracts in the first 90 days of this year. Since their announcement of a pricing change back on January 4th, they have closed 23 homes with another 26 homes pending. They are closing an average of one condo every 3 days. In addition, out of the 26 contracts pending it sounds like quite a few of them will be closing in the next 3 weeks.
One might argue that the activity is simply a direct result of their price reductions. Although it has made its impact, I would argue that market confidence and the security of the debt being re-organized is making a bigger splash. Bottom line, potential buyers had been worried about the lights going out. Now that the towers have a committed ownership group, a re-invigorated sales team and a budget to roll out a marketing initiative, everything in the short term looks much better for the iconic 42 story towers.
In my opinion, with this much success headed into the second quarter of this year, many people are taking notice. Bellevue Towers will continue to add value to an already attractive Downtown Bellevue market. Clearly they have a long way to go, but if you are waiting on the next high-rise to built in greater Bellevue/Seattle market, I wouldn’t count on seeing one until the second half of this decade.