The Bravern Signature Residences has begin offering discount prices on condominiums and also is marketing some units as luxury apartment homes.
The move is an attempt to remove excess condominium inventory in the market, according to Dan Ivanoff, founder and managing member of Schnitzer West, developer of The Bravern.
The Bravern has two residential towers in the mixed-use complex.
“We are in the midst of a shift back to more normalized market demand between owned and leased housing,” continued Ivanoff. “Our strategy of one condominium tower and one apartment tower is prudent in light of this changing dynamic in the marketplace that allows for the ability to convert the South Tower apartments to condominiums in the future.”
Moving some of the units to apartments now “provides our North Tower homeowners with enhanced value protection by limiting the amount of luxury housing in the Bellevue market,” Ivanoff said.
Schnitzer West also has implemented new pricing for The North Tower condominiums with asking prices starting from $320,000.
Ivanoff said condominium sales will be phased, beginning with the release of the first five residential floors in an effort to meet current mortgage lending guidelines and to provide financing solutions for buyers.
The South Tower apartment homes will have rents start at $1,100 per month. Residents there will have access to all of the residential amenities and will enjoy the same finely finishes as the North Tower homeowners, Ivanoff said.
The Bravern, at Northeast Eight Street and 112th Avenue Northeast, includes two office towers fully leased to Microsoft and 305,000 square feet of fashion retail, restaurants and personal services in The Shops at The Bravern, anchored by Neiman Marcus.
Housing includes 215 condominium homes in the North Tower, with units ranging in size from 600 to more than 5,000 square feet, and 232 apartment homes in the South Tower, with units from 600 to more than 2,000 square feet.
More information about the condominiums is available at 425-452-3788. Details about the apartments is available at 425-502-9748.