Schnitzer West, the developer on The Bravern in Bellevue, is reducing the new construction condo supply in downtown Bellevue by converting one of the towers into apartments for rental. The Bravern South Tower has 236 units that will be leased and not sold as condos. Schnitzer also converted their Eastlake Seattle project Equinox to apartments last year.
Also announced was price reductions to the 215 remaining condos in The Bravern North Tower – which will add downward pressure to Bellevue Towers and Washington Square on their unsold units. The sales in downtown Bellevue condos are slow right now and maybe price reductions and taking some supply off the market will drive new sales in the Bellevue condo market. What do you think?
Seattle Times Article :