Return of the West Water saga, sort of

Thanks to Diane for spotting this: Seattle Condo Blog reports that West Water, the Morgan Junction condo conversion chronicled here last year during its inescapable marketing blitz, has taken its remaining for-sale units off the market. Nothing to independently verify that but listings at both its addresses (6960 and 6970 California SW) that came up in G-searches are marked “unavailable.” We first reported last November that some of the units were up for rent,

Jennifer September 20, 2008 (8:22 pm)

Saw a billboard off of viaduct the other day advertising West Water apartments, start in the mid 900s…

JanS September 20, 2008 (8:30 pm)

saw a big sign there yesterday that said “now renting, beginning at $950”. Was a big banner type sign…

WSB September 20, 2008 (8:42 pm)

Yeah, the banner’s still there, we didn’t think anything of it because they’ve been renting some units since last November, but taking all the unsold units off the market was an interesting item. Certainly was a different time last year, with more than a few buildings getting converted – or planned for conversion – and then either switched back (like Strata and now WW) or canceled before conversion (West Ridge on Delridge). Still some conversions, happening though – a couple waterfront properties south of Alki Point, including the former Rip Tide.

JanS September 20, 2008 (9:17 pm)

TR…I’m definitely a recluse – lol…first time I’ve seen that sign. The question of apartment vs. condos came up at the meeting for Admiral Safeway the other night. From what I gathered it depends on the state of the economy, that they’re not sure yet.I may haave misunderstood, so Patrick can yell at me if I did – lol.

The economy sucks…hard to get a loan…so hard to sell something. I’m still trying to figure out who’s gonna rent all those new apartments in and near the junction…

BB September 20, 2008 (9:23 pm)

1st time buyers can’t get loans like they could So, RENTALS = MONEY

PSPS September 20, 2008 (9:37 pm)

With the demise of shady mortgages and the corrupt industry that supported them (real estate agents, appraisers, ‘bundlers,’ etc.,) this isn’t surprising. Now that one has to actually (gasp!) qualify for a mortgage with proof of income and debt, it isn’t so easy for these quick-money charlatans to gouge prospective buyers with their $600/SF “condominiums.”
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The time to buy will be after the market hits bottom in three or four years, after the alt-a bubble has worked its way through the system. Then you’ll see housing prices, including condominiums, more in line with people’s income.

GenHillOne September 20, 2008 (10:11 pm)

Jan – I’m really intrigued by the Safeway project. If done right (read “not like the fugly Jefferson Square”), the location is even more appealing than the junction in my mind. You’ve got the added amenities like movies, park/community center, schools, closer to the beach, etc. I would think they’d be easy to fill (either apts. or condos) if priced right. I can see why they’d want to wait to make the call though.

Krystal September 20, 2008 (10:49 pm)

I’m waiting for those 3-4 years to come, because I think I will finally be able to buy. Good news for me (hopefully!)

Sue September 21, 2008 (5:23 am)

I’m wondering, too, about the rentals coming in. I’m seeing an awful lot of “for rent” signs lately that seem to never be disappearing, most notably one next door to me that’s been there for several months now. The rents are not out of line for the area, so I do wonder what’s going on that they can’t be rented. I guess people are staying put unless they have to move, given the economy.

Sorry, comment time is over.