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Price guarantees expands to Seattle high-rise condo-hotel development

By
Services for Real Estate Pros with MetroIntelligence Real Estate Advisors

Most of the recent price guarantees offered by volume builders such as KBHome, Ryland and others have been focused on single-family neighborhoods. Now a builder of a high-rise hotel-condominium project (the first in the region to seek LEED green building certification) is doing the same in Seattle, WA -- an area that certainly hasn't been as hard hit by the housing downturn as most of California, Arizona, Nevada and Florida.

So why are they doing this? To move absorption at a time when buyers around the country remain on the fence. From a recent press release sent to me by their PR agency:

New buyers at the Olive 8 luxury hotel/condominium will receive a guarantee that the price they pay for their home will be the lowest price offered. This is the first guarantee of its kind in this area by a condominium developer...

The legal addendum to the purchase and sale agreement says that if the same floor-plan within Olive 8 ‘s remaining inventory sells for less than the current price prior to closing, the buyers who contracted for a higher price home will benefit at closing with the equivalent discount to their price...

Olive 8 is a 39 story luxury hotel/condominium building, with the lower17 floors occupied by the Hyatt at Olive 8 and 230 condominium homes on the top 22 floors. It’s the first hotel/condominium project in Seattle to seek LEED™ certification (seeking silver). The hotel will open in December, 2008 and condominium buyers will begin move-ins during January, 2009.

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