June 29th, 2010Seattle Condo Market Follows Florida
They are isolated stories so far, but a discernible pattern resembling Florida is emerging. The glut of Seattle area unsold condominium projects continues to rise. Consider this recent Seattletimes story about Burien’s town square condos, with just 6 out of 124 units sold, built by a now bankrupt developer, funded by now defunct Corus Bank.
Buyers have purchased six of Burien Town Square’s 124 units. No sales have been recorded since October. All ground-floor retail space remains unleased.
Urban Partners, the project’s Los Angeles-based developer, defaulted on its construction loan late last year. Weeks earlier, the federal government had shut down its lender, Corus Bank of Chicago, which made big-time gambles on condo construction in markets across the country during the real-estate boom — and lost…
Related Seattle area condo projects in trouble:
- Bravern luxury downtown Bellevue condo towers revert to rentals
- Zero condos sold at Northgage project after one year on market
- Queen Anne Kerry Park condos face foreclosure
- Mass default of Riverwalk Redmond condo project
- NPR reports on half empty condos in Seattle
- Seattle eastside condos still half empty