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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