The Seattle area is losing its claim to being unaffected by the housing bubble. Condos are generally the first to experience the sounds of that great big bubble losing air, and sounds of leaking air are certainly present at Verdeaux. It’s not a surprise that the condo bubble is finally bursting in Seattle, but it is a surprise how long the insanity lasted. Now that the banks are collapsing under their own weight of failed loans, it is only a matter of time before the rest of this house of cards comes crumbling down. Take a look at the following Verdeaux listing, and the sample price sheet below. Notice the $60,000 price drops (so far!).

[July 27 update] - Here is a recent email from the Verdeaux marketing team confirming the drops: