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PRIUM, PRI-BANKRUPTCY
 by NineInchNachos on 7/19/2007 @ 5:52pm |
So what's happening with Prium? Is that rumor I heard today about filing for bankruptcy accurate? Was their demise in anyway related to the dreaded WINTHROP CURSE? Over extended their resources or what? |
 by KevinFreitas on 7/20/2007 @ 8:19am | Yikes, I hope they're doing OK if, for nothing else, to keep things rolling at the Winthrop. Couldn't find any info about this but I'm sure lots of locals will keep their ears open whether they listen to little birds or squirrels in their attics. |
 by Erik on 7/22/2007 @ 8:55pm | No, they are in good shape. Hanna Heights is on the market now. Encourage your friends to buy up all of the units so that they can start on the Winthrop Hotel. |
 by Jake on 7/23/2007 @ 12:37pm | Hanna Heights has been on the market for about a year, maybe over. I guess they took them off the market briefly to do some fixes/upgrades to the interior.
I wouldn't be surprised if they went under. The real estate market in Tacoma is dead. Like dead dead. They have these large project that are just going to sit there. They cancelled their Spokane project. They are trying to cut cost on the Foss Waterway project. I don't think people realize how much Tacoma was riding on the good real estate market. Now it is gone. So now what? |
 by scout on 7/23/2007 @ 12:42pm | The PR companies need to mix up a new batch of kool-aid. |
 by AP on 7/23/2007 @ 3:28pm | Are we saying that the overall Tacoma real estate market is dead? Or the downtown Tacoma market & it's band of high-priced condos, etc is dead?
These are two very different things in my book, so I'm just curious what we think we're saying.......... |
by Jake on 7/23/2007 @ 3:55pm | The overall market in Tacoma is dead. Nothing is moving. There are no buyers.
Take away probably about 50% of Tacoma buyers when the sub-prime market fell through. Add Double the amount of listings as last year and there you have it. Interest Rates are higher then people are used to. Now take into account that the condo market in DT has always been slower than the housing market in Tacoma. Then add that a lot of the condo buyers can't sell their Tacoma homes to buy the condos. |
 by michael g. on 7/23/2007 @ 5:30pm | A possible bright side: When the condos that are being built are forced to lower their prices, we'll have affordable middle class housing downtown after all. If the initial round of condos go for less than anticipated, it'll be hard on the developers, but maybe good for the city in the long run. Maybe we won't gentrify before we get cool (as Derek at Exit133 said) after all. |
by Erik on 7/23/2007 @ 8:56pm | The press likes to swing back and forth between "hot market" and depressed very easily. I like to look at the assessor to see what is really selling although it is a month or so delayed.
REVERIE AT MARCATO seems to be selling fairly well this year at 1501 Tacoma Avenue. Even the The Esplande seems to have moved around a quarter ot its units even though it will not be ready for many months. The condos on Broadway seem to have been pretty well sold out now (although there are a few high end ones still on the market). Alot of the new buildings on St. Helens are apartments. There's going to be some significant more life in Stadium in a year from now. "When the condos that are being built are forced to lower their prices, we'll have affordable middle class housing downtown after all." That's true. There still some condos in the 100s in Tacoma that are not going to be around forever. |
by New_In_WA on 8/22/2007 @ 3:49pm | I just moved to the area and I'm looking to buy a condo in 3-5 months. How about an update from those of you that seem to know what's going on? I think I want to be downtown, maybe with a water view. |
by Jake on 8/23/2007 @ 2:21pm | The condo market in Downtown has slowed down a bit. You have a lot of choices.
General prices: New Construction: $200,000- and up Condo Conversion: $145,000- to about $400,000 New Townhomes: $290,000- $600,000 It really depends on what you are looking for. You can get a 900 sqft midrise condo in central and north downtown for $300k or you can get a 1200 sqft townhome with your own garage for $300k in south downtown. Then you also have to consider Tax Exemption vs. Historic Tax Credit vs. No Tax Exemption. If you want to email me I can send you more info: JacobRoseRE@comcast.net |
by KevinFreitas on 8/23/2007 @ 2:27pm | Though there's no view, the condos I thought were amazing and reasonably priced were The Bridge. Right in the heart of downtown with an amazing building retrofit. Only 16 or so units so it feels less skyscraper and more community. Here's a post on my site about my impressions of a couple places (The Bridge included). |
by Erik on 8/23/2007 @ 9:31pm | 440 St. Helens were going for $135,000. We likely will not see that again when the downtown begins getting re-built. |
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