What we find fascinating is to see how much higher the units at Lincoln Tower sell for versus Bellevue Towers. As you can see above, we highlighted the average cost per sq ft for sales in each building over the last 6 months. In theory, there shouldn’t be as much of a spread in the cost per square foot. The buildings are similar in their construction, their amenities and their offerings.
We think the intangibles that are allowing One Lincoln Tower to seller higher are the following:
- More exclusive ownership opportunity (148 units versus 539 at Bellevue Towers)
- Buyers tend to appreciate the immediate access to Lincoln Square and Bellevue Square Mall
- One Lincoln shares space with the Bellevue Westin Hotel – allowing owners to take advantage of hotel services.
- The Bellevue Square mall acts as purchased view rights for West-facing owners. Little risk of view blockage
The other side of the argument is that Bellevue Towers is slowly making its way back up from the depths of the recession. It wasn’t more the 4 years ago when units were selling in the $400 per square foot range.
Both projects have a lot to offer – what are your thoughts?