Sounds like the contractor who built that tower now has a bad reputation and may go bankrupt, thanks to the careless quality control inspectors.
I think the developer would just like to sell the remaining units. They might be a little bitter about having paid $850k for air rights over the property (according to wiki) but would that really change the basic story that there are about 10 unsold units out of 36 last I heard.Lusty Lady peep show going bust after 27 years! They are going, shall we say, tits up. I bet the developers of 4 Seasons are pissed.
No, it wouldn't. But the top end of the real estate market has collapsed. Over here on Capitol Hill, there is a 6 unit condo complex called Lakeview6. They had been on the market for starting at $1.1 million. Then there were liens against the property, and they all seemed to be off the market for about 9 months. They have since restarted marketing starting at $599,950. Now that's a haircut!I think the developer would just like to sell the remaining units. They might be a little bitter about having paid $850k for air rights over the property (according to wiki) but would that really change the basic story that there are about 10 unsold units out of 36 last I heard.
Be thankful for small favors, I suppose.Grubb & Ellis said the vacancy rate rose just 0.2 percent, to 19.1 percent, between December and March. That followed an increase of 7 full percent points during the last nine months of 2009.
Colliers' numbers show the rate declining from 17.67 to 17.66 percent, after a total increase of more than 4 percentage points over the previous three quarters.
It helps that builders are done with the large office projects, other than the Amazon stuff. With everything starting to swing the other direction I wonder how many companies that have been waiting for rock bottom will start singing long term leases.http://seattletimes.nwsource.com/html/businesstechnology/2011608786_office15.html Finally some good news in the Downtown Seattle office market! By some counts, vacancy rates have risen just a tiny bit, and by one they have actually decreased. Beginning of the recovery! And they make a good point about how although many of the new leases are just relocating from elsewhere in the city, they are taking up a lot more space than they previously did.
Last week, the General Services Administration, which handles real estate for federal agencies, announced it had leased 172,000 square feet in his 17-story Fifth & Yesler building, also completed last year.