Some Luxury Condo Developers Finally Dropping Prices
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Bellevue Towers
The developer of the region’s tallest luxury condo towers says it’s cutting prices an average of 20 percent in hopes of kick-starting sales.
Only 43 of the 539 units at Bellevue Towers in downtown Bellevue have sold since closings began in January, according to county records. “We’re trying to respond to the marketplace and to what our buyers have been telling us for the last four to six months,” Mark Edlen, a principal with developer Gerding Edlen, said Monday.
Bellevue Towers is one of more than a half-dozen high-rise, high-end condo projects in downtown Bellevue and downtown Seattle that have recently been finished or are nearing completion.
Sales or presales at all have been anemic. Gerding Edlen’s announcement is perhaps the most dramatic response so far to the realities of the new, chillier marketplace.
