I went to the Parc presentation center when it first opened several months ago. While the construction plan looked solid and we were impressed with Avenue One (built by the same team that will be doing the Parc), it has struck me that the Parc is notably nondescript.
What I mean is that there seems to be so many new projects all over the city and each one has a distinct flavor. Looking around, you have hotel / luxury condo combinations like Madison Tower, forward thinking efficient design places like Lumen, and parts of the Vulcan empire in South Lake Union like the innovative Veer Lofts.
The Parc, on the other hand, is more like your standard modern concrete and steel condo project straight from central casting. Sure, it's got a great location in Belltown, arguably more desirable than some of its competition but there's certainly no Whole Foods underneath, movable walls, or luxury hotel attached. Of course, the Parc's more memorable competitors are not cheap. Interestingly enough, from memory I wasn't particularly impressed with the Parc as a value play either. It seemed like it was a bit cheaper but if someone is gonna pay a few hundred grand for a condo, you might as well pay a little more for a more unique, more downturn resistant design or go for an older building and get a much bigger discount.
In some ways, the Parc may be in this oddly uncomfortable place. Too pricey to be a great value play but not really that memorable to make for a hot resale opportunity a few years down the road. On the other hand, perhaps the Parc is as close as we can get to a reasonable, no-nonsense project where some of the better heeled new projects will be considered a relic of mid 2000 condo extravegance? Personally, I think I'd look for a resale unit at the Vine or even Avenue One if I'm looking to stretch the dollar or go for the gusto with one of the newer loft or more interesting condo projects that will have a more spirited resale market.
Related posts:
Parc Incentives
The Parc Update
Pre-Construction Marketing versus Reality
Rent a condo or hotel?
Technorati Tags: parc, seattle condos, seattle condominiums, veer lofts, mosler lofts, madison tower, belltown property, real estate investments, belltown condos, belltown condo, intra corp
