2200 (along with Cosmopolitan and Madison Tower) was one of the first pre-sale new construction projects to hit the scene after the Cristalla (pre-sold in 2003; completed in 2005). When Cristalla was completed it was the first new construction project to have been completed in Belltown since the Bellora in 2003 and buyers were excited to get into something new and shiny. The market was booming and everyone was trying to buy. Oh the good ole days.
When closings began in 2005 Cristalla, owners were being approached to sell their condos for much over their purchase price (I know, because it happened to me!). This created the expectation that if you purchased a new condo, you could turn around and sell it immediately for a hefty profit. Investors jumped on the chance to make a quick buck and were a large percentage of those who bought at 2200 in pre-sale. Unfortunately, by the time 2200 purchases began to close in 2006 and into 2007, the market had started to cool and buyers were wise to the ‘flipping’ that investors were doing in buildings such as Cristalla and they were not having it. So, when the investors went to sell off their units right away, there were not enough takers. As a result, many of these units then became rentals and still are rentals. Other condo owners who needed to sell walked away and foreclosed or short sold, which affected the condo values.