Olive 8 update- Price Guarantee

Olive 8, one of the Seattle hotel/condos combos has recently announced that they will be offering new buyers a price guarantee.  The developer feels so confident that their project is offering high quality and outstanding value in the market place, that they are prepared to back it up with a price guarantee to new buyers.  The agreement says that if the same floor plan within Olive 8's remaining inventory sells for less than the current price prior to closing, the buyers who contracted for a higher price home will benefit at closing with the equivalent discount to their price.  According to the developer, the low price guarantee assurance is offerred to help shore the confidence of those who are on-the-fence.

Seems like a great marketing strategy -- will be interesting to see whether other projects follow suit.

Construction for Olive 8 has been progressing nicely. The hotel floors have been poured and condominiums floors are being poured at the rate of one every seven days. 

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-Wendy

Comments

[Eric K]

I read about a similar guarantee in San Francisco a few months ago. It's a decent marketing strategy, but it just means that Olive8 won't lower their prices until construction is complete and completed units have been sitting on the market.

The guarantee allows Olive8 to sell a unit for less _after_ all of the pre-construction buyers have closed, since the guarantee only applies up to the closing of the pre-construction buyers.

I have thought about buying one of the remaining x09 units at Olive 8, although I think they're overpriced and will probably lose a big chunk of their views when the 1913 5th Ave building goes up.