Nov 30, 2023

Vibrant Cities chops Alki condo prices

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Out by Alki Point, the 37-unit boutique condo project dubbed Infinity Shore Club opened in August. Developer Vibrant Cities is working with Realogics Sotheby's International Realty to sell the units. Prices were originally announced to range from just over $1 million to more than $5 million. About a half-dozen condos appear to have sold to date. Now, says Realogics, the next six buyers will receive discounts of up to 20%.” Vibrant Cities' James Wong said in a statement, “We want to do our part to bridge the divide between supply and demand with this unprecedented value proposition. It's a sign of the times for developers right now, but we need to do what it takes to meet the market.” The developer and broker cited current high interest rates as a factor in their decision. At Realogics, its Dehlan Gwo added, “We've seen this strategy work successfully across the landscape at virtually all new developments in downtown Seattle. It's a matter of marking to the market so buyers confidently step forward.”

Kidder Mathews

Ponce

Gaddis

Just before Thanksgiving, Kidder Mathews announced the hiring of two experienced local brokers. Kelly Gaddis and Mia Ponce will join the Bellevue office, concentrating on retail and hospitality. They make the move from NAI Puget Sound Properties. KM's Monica Wallace said in a statement, “We are delighted to have Kelly and Mia join Kidder Mathews' growing team. They are powerhouses in the restaurant and hospitality field, and a great asset to their clients and the commercial real estate community as a whole.” Working together, the duo has previously dealt with names like Ethan Stowell Restaurants, El Gaucho and Momiji.