Filed under: Estates
The declining real estate market has been particularly tough on the condo market with many people afraid to purchase a condo for fear that six months or a year later someone else will purchase the same size condo in their building for a lot less money. At the Olive 8 hotel condo/hotel project in Seattle, the developer is seeking to allay that fear by offering prospective buyers the type of guarantee that we usually see electronics and furniture stores offer. The developer has said that If someone buys an Olive 8 condo now and later someone else buys a unit in the building with the same floor plan for less, the developer will reduce the first buyer’s price down to the lower amount at closing.
Olive 8 is currently under construction at Eighth Avenue and Olive Way and will have 230 luxury condos on 22 floors above a 17-story Hyatt hotel. The hotel is slated to open in December and condo owners will move in after that. The sales are a testimony to the dramatic shift the real estate market has taken. About a year ago the developer had sold 175 of the 230 units but since then they’ve sold less than 10 more. Remaining condos in the building start at $750,000.
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