Urbnlivn - Latest Comments in Intracorp now trying to dump Domaine

Re: Intracorp now trying to dump Domaine

kategood — Thu, 16 Jul 2009 18:18:26 -0000

The sale of Domaine was a very good decision. The community now rests in the hands of a wonderful apartment management company that is committed to taking care of the residents with a wonderful place to call home. The finishes are spectacular and the views are amazing. This will be a great place to live/.

Re: Intracorp now trying to dump Domaine

alfonsobergami — Wed, 21 Jan 2009 13:31:38 -0000

I totally agree with chris. Its tough to change course once you've spent the money for condo finishes.

Re: Intracorp now trying to dump Domaine

sevrin — Thu, 21 Feb 2008 12:19:24 -0000

hmm, well I will continue to poke and prod them to figure out what I can. Still trying to get in touch with my agent and get him on task as well. I will come back here and keep anyone interested posted on the progress and revelations.

Re: Intracorp now trying to dump Domaine

Jon — Thu, 21 Feb 2008 00:01:08 -0000

That may not be necessarily true, Jo. It would all depend on the contract and the fine print... I know that there are some contracts that would, in case of BKO, make it so that recovering earnest money be difficult. I doubt that would be the case here...

To answer your question about owning an apartment... I doubt that would happen. When they figure out what is really going on... whether to sell to a apartment company or to sell to another developer who is comfortable with a lower return ratio... or if they decide to keep it (if they get a few low ball offers throughout, they may want to keep the project as they can do more).

Nothing is guaranteed... but I would relook at your contract to see what happens if something goes wrong with the project.

Re: Intracorp now trying to dump Domaine

jo — Wed, 20 Feb 2008 23:55:15 -0000

you'll get all your money back - upgrades, down payment

you won't have to put up a fight

Re: Intracorp now trying to dump Domaine

sevrin — Wed, 20 Feb 2008 23:51:30 -0000

yeah, the location is not the best, but in my mind, the view made up for it, my unit is not on the 99 side, it was on the front in the townhome section. the original closing date was mid april last year, and the last date I got from them was end of February.
If they do convert, where does that leave the buyers that have already paid deposits? is there an automatic refund or does the sale go through and I am an owner of an apartment? Sure would be nice to heqr from them so I can figure out my plan of action.
And yeah, I paid for upgrades up front.

Re: Intracorp now trying to dump Domaine

Jro — Wed, 20 Feb 2008 21:21:32 -0000

Mithun is not to blame. They are very good architects. Intracorp is to blame - the location sucks no matter how you look at it, no parking and on 99. It is also a wood frame construction with a 99 next to it so it will be very noisy. What was your projected closing date suppose to be? If they extend it outside of what you are in contract for you can get out of the deal. Did you pay for your upgrades upfront? If so you will most likely not get that money back w/o putting up a pretty big fight. THe reason you are not getting answers is because they are trying to figure out whether to convert it to apartments, that would be my guess.

Re: Intracorp now trying to dump Domaine

sevrin — Wed, 20 Feb 2008 18:11:19 -0000

So, I bought a unit at Domaine on the east side with a water and mountain view and a bunch of upgrades. Is this development pretty much scrapped? If so, what sort of position does that put me in? I bought the november before last, and trying to get any answers has been impossible.
Put my faith in Mith their reputation, looks like im a sucker.

Re: Intracorp now trying to dump Domaine

J-Ro — Wed, 13 Feb 2008 19:54:02 -0000

I would have to disagree. Veer Lofts and Rollins Street are not comparables. Domaine was doomed from the start, Intracorp though they could get away with cheap cheap cheap. I would have to say that Veer & Rollins are a much better product than Domaine.

Re: Intracorp now trying to dump Domaine

Jon — Fri, 25 Jan 2008 19:04:34 -0000

For those who purchased at Domaine and would like something comparable... you might want to view www.veerlofts.com or www.rollinstreet.com.

Both are located in the South Lake Union of Seattle... surrounded by Whole Foods and Lake Union. The Discovery Center is open daily from 11-6, and is located on the corner of Denny and Westlake.

Stop by and take a look!

Re: Intracorp now trying to dump Domaine

nitsuj — Fri, 25 Jan 2008 02:19:46 -0000

"Believe I read some national reports last year that hotel/condo projects were being scratched/repurposed left and right"

WAIT!! You mean my unit at the W in Las Vegas isn't going to be built???

Re: Intracorp now trying to dump Domaine

tomasyalba — Fri, 25 Jan 2008 00:31:40 -0000

Funny about Intracorp, poor dears.

Hotel 1 is pretty odd right now; their line in late October was, "we'll hold off on pouring foundation due to holiday concrete moratorium downtown." Then around December they announced they were refiling plans with the City to remix with fewer condos and more condotel rooms.

Believe I read some national reports last year that hotel/condo projects were being scratched/repurposed left and right; perhaps we're just late to the party as usual.

Re: Intracorp now trying to dump Domaine

Ballard Guy — Thu, 24 Jan 2008 19:14:33 -0000

I went by Hjarta recently. I don't think Hjarta is going to be sold. They have just finished the building, and are beginning to close on units.

Re: Intracorp now trying to dump Domaine

Dan C. — Thu, 24 Jan 2008 10:57:56 -0000

As I said, I think that there is a market for one uber-luxury hotel in Seattle,Four Seasons. It has already broken ground, has a recognizable brand name, decent pre-construction sales and in a great location/view (albeit the streetscape leaves a little to be desired).

Problems with Hotel One (and condotels in general)
-Prices are ranging from the low $600k up to $10M. (ridiculous, this is a one bedroom condo)
-Competition with other "innkeepers" in your building for rental income. People are able to undercut others pricing
-VERY illiquid resale market, especially in down-times.
-HIGH fees for manager (Starwood) to manage your condo
-"Investors" are encouraged to participate
-If you choose to actually live in your condotel, you are subject to all the other hotel guests on a continuing basis, whose activities will not be regulated or monitored, because they are "guests".

Downtown Guy, I agree that seperation of the "city-suites" and traditional condos may provide a buffer, but I believe you still share the same lobby/elevator. In reality, the "city-suites" are just condos for rent, no other differences.

These are my personal opinions.

Re: Intracorp now trying to dump Domaine

Mark W — Thu, 24 Jan 2008 01:48:53 -0000

I've had kind of the opposite question. I don't doubt there's some identified demand given the construction, but I wonder *why* there is demand for hotel/condo combos. After all, most of the services that places like Olive 8 advertise as highlights of their hotel ties are readily available in most towers if there's a concierge. Its easy to hire house-cleaners, get restaurant meals delivered, send out dry-cleaning, etc. These may not have the Hyatt, etc., brand, but I can't say I'm impressed by brand name-dropping. Seems that the added cost would narrow the eventual resale market for those units.

Of course, I'm just as fine in a Motel 6 as I am in a Hyatt when I travel.

Re: Intracorp now trying to dump Domaine

Downtown Guy — Thu, 24 Jan 2008 00:07:13 -0000

Dan C.,

Can you explain why you feel there has never been a market for "uber lux hotel/condos" in Seattle (except for Four Seasons)? It seems to me that with the separation of the city suites vs. the condo homes at 1 Hotel that there really wouldn't be an issue in this instance. Looking for clarity here. Thanks!

Re: Intracorp now trying to dump Domaine

Dan C. — Wed, 23 Jan 2008 16:19:15 -0000

There never was a market for uber lux hotel/condos in the first place. Maybe hotel only, but just one (Four Seasons).

Re: Intracorp now trying to dump Domaine

Dan C. — Wed, 23 Jan 2008 16:14:48 -0000

Peckhammer,

Agreed. I can't believe the junkies I see when I take the Dexter exit off 99 South. That area is a sh*thole.

Re: Intracorp now trying to dump Domaine

curious george — Wed, 23 Jan 2008 15:37:39 -0000

What's going on with 1 Hotel and Residences? Is that project next to fold? That site has been very quiet for several months now, and there's no crane onsite. It's a great location.

Has the ubber lux hotel/condo market for Seattle been maxed out?

Re: Intracorp now trying to dump Domaine

Jamil — Wed, 23 Jan 2008 15:08:44 -0000

Trio has 42 sold of 116 units total, as of 1/20/08.

Re: Intracorp now trying to dump Domaine

Peckhammer — Wed, 23 Jan 2008 14:08:58 -0000

"That site would have been much better served by a building of similar height, but much less bulky and intrusive."

Yeah, something along the lines of a methadone clinic, or possibly a suicide prevention center With all those needles scattered along Aurora, and it's proximity to the Aurora Bridge, either option would work.

Re: Intracorp now trying to dump Domaine

bitter stinking renter — Wed, 23 Jan 2008 11:39:27 -0000

news like this makes me laugh at anyone who said Expo62's death was due to 'poor marketing'

wake up guys.

Re: Intracorp now trying to dump Domaine

Dan C. — Wed, 23 Jan 2008 11:18:05 -0000

I bet you that Hjarta is next. I bet Intracorp has canned whoever headed up their multi-family department. They just can't seem to do anything right.

Domaine was f-ed from the start. Terrible location, terrible entrance/exit intersection, ugly, too-big etc. That site would have been much better served by a building of similar height, but much less bulky and intrusive.

Re: Intracorp now trying to dump Domaine

Chris — Wed, 23 Jan 2008 11:03:24 -0000

Its tough to change course once you've spent the money for condo finishes. Like $.85 on the dollar tough

Re: Intracorp now trying to dump Domaine

Wed, 23 Jan 2008 10:21:04 -0000

Matt, what was that pdf report that you posted a few months back, that showed updated sales figures for current projects?