The owners of Seattle’s most costly luxury condominium project, the Four Seasons Private Residences, have taken a sharp knife to prices, whittling costs on some unsold units by more than 45 percent.

The price pruning is a testament to continued slow sales at new condominium projects in downtown Seattle and Bellevue. So far just over one-fourth of the 1,588 units offered for sale at six major condo projects in downtown Seattle and Bellevue have sold, according to data provided by the King County Department of Assessments for closed sales on completed units through Feb. 8, 2010.

With the meter running on repaying their construction loans, developers are slashing prices and offering a range of incentives to move units. The incentives range from help with the mortgage to a buyback guarantee to a Smart Car.

Developers say potential buyers are still sitting on the sidelines, either because they can’t sell the house they’re in or because they are waiting for the housing market to hit bottom. But some developers are hopeful that sales will step up this spring, pointing to a recent increase in sales of less expensive condo units in their projects.

Jeanne Lang Jones
Puget Sound Business Journal