Olive 8 announced reset pricing for their remaining homes. According to their latest email, the reset pricing is 15-25% off the most recent list price and 30-40% off presale pricing. More than 10 new sales have occurred in the past week.
The video pointed out that we are not going to see a new condo coming up in Downtown over the the next few years and Olive 8 represents 25% of the new inventory for all condominiums in downtown Seattle. I agree that Olive 8 is one of the few newer projects available in downtown Seattle. We have in fact seen several new condos in the city selling most of their inventory like Enso, Gallery, Marselle and 1521 and the condo market has lost some projects which were converted to apartments (it wasn't that long ago when all the apartments were planning to convert to condos!).
No new condos pouring into the market is a good news for sellers. On the other hand, buyers have definitely taken their time coming back and bank lending remains pretty tight in general. We should also keep in mind the new wave of apartments coming onto the market. This will have an impact on the first-time buyer condo market who will have lots of apartments competing for their business as well as investor condos who will need to offer more competitive rents. That's just my take. Any thoughts?