Bankers pressuring Seattle condo developers to sweeten their sales

As Featured in the Puget Sound Business Journal

Written by Kelly Gilblom

Photo Courtesy of PSBJ

In an article about the deals developers are giving condos, Gilblom writes, "Bellevue Towers has recently seen sales soar as a result of the hand over to the lender and price cuts of about 30 percent. It has closed sales on around 20 units in 2011, according to the Northwest Multiple Listing Service. 'The lender helped to establish a level of credibility and confidence that they're buying from the decision maker,' said Dean Jones, principal of Seattle's Realogics. Blumethal added it's an example of how restructuring prices and incentives for buyers has finally allowed some condo projects to sell long-standing inventory. 'Buyers are really looking for value,' she said."