Comments on: My $23,750 Mistake at Olive 8 http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/ Taking your startup to the next level Sun, 01 Aug 2010 07:38:36 +0000 http://wordpress.org/?v=2.7 hourly 1 By: clevey http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-12283 clevey Mon, 23 Nov 2009 18:48:09 +0000 http://www.inspiredstartup.com/?p=211#comment-12283 Of course there is no formula for success except perhaps an unconditional acceptance of life and what it brings. Of course there is no formula for success except perhaps an unconditional acceptance of life and what it brings.

]]> By: anthony k. gongora http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-12162 anthony k. gongora Sat, 31 Oct 2009 01:53:23 +0000 http://www.inspiredstartup.com/?p=211#comment-12162 Hi just thought i would let you know that i had a problem with this blog coming up frozen also. Might be monkeys in the system. Hi just thought i would let you know that i had a problem with this blog coming up frozen also. Might be monkeys in the system.

]]> By: Radiant Cut Diamond Rings http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-12132 Radiant Cut Diamond Rings Sun, 04 Oct 2009 19:49:53 +0000 http://www.inspiredstartup.com/?p=211#comment-12132 I always had trouble dealing with the gov't in King County. I always had trouble dealing with the gov’t in King County.

]]> By: Allan http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11816 Allan Sun, 23 Aug 2009 23:41:40 +0000 http://www.inspiredstartup.com/?p=211#comment-11816 @Chris Two places to check on what units have closed at O8: http://www.olive8.blogspot.com/ or just search King Country Records yourself. Search for "Olive 8 LLC" http://www.kingcounty.gov/business/Recorders/RecordsSearch.aspx @Chris

Two places to check on what units have closed at O8:

http://www.olive8.blogspot.com/

or just search King Country Records yourself. Search for “Olive 8 LLC”

http://www.kingcounty.gov/business/Recorders/RecordsSearch.aspx

]]> By: Chris http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11695 Chris Sun, 16 Aug 2009 20:32:03 +0000 http://www.inspiredstartup.com/?p=211#comment-11695 Andy, this is a great article. I've been over to Olive 8 a few times and am increasingly interested in it. This article is an eye opener though. As a first time home buyer, I'm a bit clueless as to where to learn more about % homes closed in a given property etc. Where can I see reports for a given area? :) Thanks! Andy, this is a great article. I’ve been over to Olive 8 a few times and am increasingly interested in it. This article is an eye opener though. As a first time home buyer, I’m a bit clueless as to where to learn more about % homes closed in a given property etc. Where can I see reports for a given area? :)
Thanks!

]]> By: Nuez http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11686 Nuez Sat, 15 Aug 2009 04:17:13 +0000 http://www.inspiredstartup.com/?p=211#comment-11686 Hi Andi. The information is very precise. Great work! I'm going to get a book on the topic because it left me thinking. Thanks. Hi Andi. The information is very precise. Great work!
I’m going to get a book on the topic because it left me thinking. Thanks.

]]> By: dte23 http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11525 dte23 Mon, 27 Jul 2009 22:54:48 +0000 http://www.inspiredstartup.com/?p=211#comment-11525 Before you state that these lawsuits are frivolous you should check your facts or just not comment at all. My situation had to due with obvious forgery on my contract and have been attempting to cancel my contract for several months now so my only recourse is to go after the Williams Marketing with in attorney in tow. You may have the disposable income to walk away from $20K but to others $20k can be a lot of money. Did you buy or walk awya from this deal? Before you state that these lawsuits are frivolous you should check your facts or just not comment at all. My situation had to due with obvious forgery on my contract and have been attempting to cancel my contract for several months now so my only recourse is to go after the Williams Marketing with in attorney in tow. You may have the disposable income to walk away from $20K but to others $20k can be a lot of money. Did you buy or walk awya from this deal?

]]> By: Andy http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11453 Andy Mon, 13 Jul 2009 16:36:31 +0000 http://www.inspiredstartup.com/?p=211#comment-11453 Yes, there is a huge difference between under contract and closings. As you'll see on several blogs as well as the King County Property report, I'd venture that just under 20% of the building is actually closed and I think that is a generous number. For buyers, the difficulty is in the appraisal and financing, appraisals are coming in lower and financing is very difficult despite what you might read. You're very smart for being patient and you'll be rewarded for being patient. I don't think the real estate market is going to bounce back so I'd advise to stay in the unit you buy for much longer than 5 years, otherwise you're just speculating. Be sure to check out other comps in the area as I think Paul Allen's project at Enso is lowering prices to where it almost seems reasonable. Yes, there is a huge difference between under contract and closings. As you’ll see on several blogs as well as the King County Property report, I’d venture that just under 20% of the building is actually closed and I think that is a generous number. For buyers, the difficulty is in the appraisal and financing, appraisals are coming in lower and financing is very difficult despite what you might read. You’re very smart for being patient and you’ll be rewarded for being patient. I don’t think the real estate market is going to bounce back so I’d advise to stay in the unit you buy for much longer than 5 years, otherwise you’re just speculating. Be sure to check out other comps in the area as I think Paul Allen’s project at Enso is lowering prices to where it almost seems reasonable.

]]> By: prospective buyer http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11442 prospective buyer Mon, 13 Jul 2009 06:55:46 +0000 http://www.inspiredstartup.com/?p=211#comment-11442 I am one of those scarce buyers in the market with $150k downpayment and looking at a purchase price of about $600k as I'm ready to upgrade my current condo. I visited the Olive8 this week, and the new CBBain people told me that the condo units are 75% sold, which is pretty good for only a month after first closings happened. Buuuut, I did some research when I came home and stumbled upon many articles and blogs talking about the lack of real homebuyer closings. This has me concerned. I also noticed that the open units were on the 27th floor, right in the middle of the residence floors (18-3x). If the units are really 75% sold, then shouldn't lower units be sold out first? It seemed as if most of the units on the 27th floor had not been sold and were available for purchase. This didn't jibe with a 75% pre-sale. The units and amenities are nice, and definitely an upgrade to the condo hirise I'm currently in. But the listing price at close to $800/sqft is unbelievable! I am glad the real estate environment is such that it allows me time to think through things, as I'm doing now. My concern is primarily with the number of units that are closing, which I will just ask them point blank in the growing list of follow-up questions I am developing. If I end up making an offer, it will most definitely be at a 10-20% discount to what the current list prices are. I can see units in downtown Seattle going for $500-$650/sqft, but no way at $800/sqft. I am one of those scarce buyers in the market with $150k downpayment and looking at a purchase price of about $600k as I’m ready to upgrade my current condo. I visited the Olive8 this week, and the new CBBain people told me that the condo units are 75% sold, which is pretty good for only a month after first closings happened. Buuuut, I did some research when I came home and stumbled upon many articles and blogs talking about the lack of real homebuyer closings. This has me concerned.

I also noticed that the open units were on the 27th floor, right in the middle of the residence floors (18-3x). If the units are really 75% sold, then shouldn’t lower units be sold out first? It seemed as if most of the units on the 27th floor had not been sold and were available for purchase. This didn’t jibe with a 75% pre-sale.

The units and amenities are nice, and definitely an upgrade to the condo hirise I’m currently in. But the listing price at close to $800/sqft is unbelievable! I am glad the real estate environment is such that it allows me time to think through things, as I’m doing now. My concern is primarily with the number of units that are closing, which I will just ask them point blank in the growing list of follow-up questions I am developing. If I end up making an offer, it will most definitely be at a 10-20% discount to what the current list prices are. I can see units in downtown Seattle going for $500-$650/sqft, but no way at $800/sqft.

]]> By: Brian http://www.inspiredstartup.com/my-23750-mistake-at-olive-8/comment-page-1/#comment-11271 Brian Sat, 27 Jun 2009 00:21:21 +0000 http://www.inspiredstartup.com/?p=211#comment-11271 Great post. I've been checking out the Olive 8 and really like it. I am, however, curious about the following comment: "It would make no sense to purchase at 2006 prices if no one is purchasing them now and there are tons of empty units in 60 days. Play it out, be patient - no need to rush these days." Is there something specific that is happening in 60 days? Or, are you just making the point to wait a month or two to see the inventory? Thanks! Great post. I’ve been checking out the Olive 8 and really like it. I am, however, curious about the following comment:

“It would make no sense to purchase at 2006 prices if no one is purchasing them now and there are tons of empty units in 60 days. Play it out, be patient - no need to rush these days.”

Is there something specific that is happening in 60 days? Or, are you just making the point to wait a month or two to see the inventory?

Thanks!

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