Tuesday, February 10, 2009

Prices Going Down on New Hyatt Beach Fractionals near Sarasota

The Hyatt Siesta Key Beach, a 44 unit, $100-million fractional ownership resort now under construction has lowered its prices significantly in a move to find buyers in the moribund Florida economy, the Sarasota Herald Tribune has reported. Some units sold in six-week segments that were priced last year ranging from $250,000 to $750,000 have been reduced to a starting level of $150,000.

Hyatt acknowledges it's a response to market demand -- or non-demand, as the case may be."Our new pricing reflects a superior product at a fraction of the cost of what is selling in today's market," said David Lehrman, director of sales and marketing for the resort. "It allows people to be fiscally conservative and responsible without giving up the luxury they have come to expect." He said four segments had been sold with the reduced price tag.

Wednesday, February 04, 2009

Krueger Commons Jump-Starts Sales with Below Cost Condos

Krueger Commons, a small, attractive "New Urbanist" condo community in Coupeville on Whidbey Island, in Washington, seems to have the right approach to selling its newest units. There are a total of 20, four per building in 5 buildings. Each unit is a comfy size for a vacation home or empty-nest retreat -- not quite 1250 square feet, with 3 bedrooms and 2 1/2 baths each.

To pump up sales, the developer is not selling all, but only 3 units right now, at the remarkable price of $210,000. "At that price, buyers get $30,000 in equity--current appraisal about two weeks ago," said spokeswoman Stephanie Meehan this week. "And yes, it's below our cost."

A big selling point is that there is a lot of open space for bicycling, walking, jogging and enjoying nature in Krueger Commons. Whidbey itself is in the rain "shadow"of the Olympic range and thus gets less rain than metropolises such as Seattle, with a temperate year-round climate. Those houses shown above are a short stroll from the beach.

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