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November 30, 2023

Vibrant Cities chops Alki condo prices

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.”

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