Reverse Conversion: Expo 62

In an interesting twist and contrast to all the aparment-to-condo conversions we saw in 2006 and 2007, Expo 62 has converted from pre-sale condos to "luxury apartment rentals" for summer of 2008. You can see their placeholder one-page website here. Read more on Seattle PI.

This unexpected change is further evidence that developers are not able to unload new condos at the frenetic pace of a couple years ago (seems like yesterday when Cosmopolitan practically sold out in 1 day before the ground was even broken). It's also another data point on the rental market becoming increasingly attractive for investors to pay their bankers' interest and perhaps earn a little income while the sales market takes time to firm up again.  In fact, I wouldn't be surprised if they switch back to condos in a few years.   

-Wendy

Comments

[Mike]

So it seems they are passing along the brand equity of "expo 62" to the apartment complex?

Intracorp should really hire better web developers, the footer rendering is terrible.

[Colin]

As a renter I welcome any additional competition! And I'll try to keep my dirty feet off the brand equity.

[Mike]

Colin, I would definitely recommend that the apartment complex retain the Expo 62 moniker.

The prospect of renting a live/work loft at Expo may actually tempt me out of purchasing a unit over the next year. I suspect many of the market skeptics will also be attracted to the only apartment complex leasing live/work lofts as well.

It will be interesting to see how the Catholic Homeless Shelter directly across John street affects renters vs. buyers in these units - it is the shadiest corner in lower queen anne next to dick's

[Richard]

compared to Belltown, the shadiest corner in Q. Anne is a bit like the shortest guy on an NBA team.

[Francis]

What happens to the the people that brought a pre-sale condo? If a buyer breaks a PSA, they forgo their 5% escrow... how about when a seller breaks the PSA in this case?

[unhappy buyer]

Hi Francis, read more about Intracorp breaking the PSA in the comments of this post:

http://www.seattlecondoreview.com/2007/04/expo_62_update.html

[Wendy]

Here's the PI article for more info.

http://seattlepi.nwsource.com/business/347684_expo16.html

[The Mann]

People who buy conversions are fools in my opinion.Unless they pay a deep discount that is...
But..
I ve seen people pay top dollar getting fooled by new Granite countertops and stainless appliances.
No cosmetic upgrades changes cheap construction originally intended as apartments. Especially the flimsy plywood framed ones where you can hear your neighbor breathe.

[unhappy buyer]

mann, this is condo converting to apartment, not the other way around. Either way, sellers can fool and break contract with the buyers if you know what I mean.

[newbuyer]

These will be great apartments. Unlike any other ones out there. We moved to the area 3 years ago and were dumbfounded by the lack of quality apts. to rent, so it is good news that people will have more of a choice in that regard. I am very curious what the rental prices will be.

[hot tip]

I think it's great news that we'll be getting so much rental inventory on the market (SFH, townhouses, and ex-condos, or condo rentals from speculating buyers).

I've always been able to take advantage of great rental units that were hastily bought during a period of overbuilding. Even though belltown and lower QA are pretty scrubby, some nice new apartment buildings (or condo conversions that mostly become rentals again) can only help spruce them up!

[ta da]

Domaine is also for-sale as apartments as is Hotel 1 residences

[newbuyer]

Hotel 1 is too? Are you sure about this? I have noticed that worked has come to a halt there, but are they really going to apts?

[Leann (www.theseattlespecialist.com)]

I consider this a great thing for the market as it decreases inventory. I iamgine that it will be converted back...although I think Domaine is better off staying as apartments given the prox to 99.