FAIL: A tower of luxury condos with almost no parking
Seattleites want to live more like Manhattanites.
Or at least, that was the gamble made by developers of The Emerald, a 40-story luxury condominium near Pike Place Market, when they decided to include fewer parking stalls than any comparable new residential tower in the city.
But it looks like even Teslas on demand and the thrill of sharing an address with the priciest listing on the waterfront aren’t enough to prompt potential buyers of Seattle’s luxury condominiums to give up their cars.
The relative dearth of parking at The Emerald has been jeopardizing sales there, local condo brokers say.
A mere 62 parking stalls will serve the 40-story building’s 262 residences, the lowest stalls-per-unit ratio of any new residential tower downtown. Coincidentally or not, The Emerald has attracted fewer preopening buyers than Seattle’s average under-construction condo.
That flies in the face of years of predictions from developers and brokers that a critical mass of Seattle’s condo buyers are ready to go car-free.
Their forecasts built on trends in the low-end apartment market, where entirely parking-less projects catering to young, unencumbered Seattleites filled up quickly.
It seems clear, though, that for the present, the wealthy — and many of the not-so-wealthy — still demand the option to park.
“Any developer in the last two years who bought into the idea that parking wasn’t important missed the mark,” said Windermere broker Jeff Reynolds, who focuses on the Seattle condo market.
Buyers have reserved about 25% of units at The Emerald in advance of the tower’s summer opening, according to Nasvik.
Compare that to the average presale rate for Seattle’s under-construction condo projects, which is closer to 55% across 15 buildings on the market, according to Dean Jones, owner of Realogics Sotheby’s International Real Estate.
The condo project has rolled out two options it hopes will entice potential buyers to cast aside their parking objections.
In April, The Emerald promised penthouse residents will be able to commandeer two shared Teslas. (The building has 22 penthouses, starting at $2 million.)
And last week, the condo said it would partner with The Thompson hotel across the street to secure long-term parking leases for 20 residents, at a rate of $375 per month.
Meanwhile, the 62 parking spots in The Emerald — available only to owners of penthouses and two-bed, two-bath units, which start at $1.5 million — are in such high demand they’re going for as much as $100,000.
Read the entire article at the following weblink:
https://www.seattletimes.com/business/real-estate/a-tower-of-luxury...
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Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
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(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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