Update for July 14:
The long-languishing Burien Town Square condominiums are finally going back on the market in August.
The condos have been off the market for about two years.
Cost of the condos will be more than 35 percent lower than when the condos first came on the market in June 2009.
ST Residential, managing member of the project, had contemplated converting the unsold condos to rental apartments until economic times got better but have decided the current market will support the new prices. Prices are expected to be from $120,000-$420,000. Original prices went from the mid -$200,000s to the mid-$600,000s.
Only six of the 124 condos had been sold at the old prices.
Pete Marino, spokesman for ST, noted the original prices “were determined in a completely different economic climate.”
As to why the project owners waited so long before putting the condos back on the market, Marino said they wanted to make sure they analyzed the local market completely.
“We wanted to do our homework,” Marino declared.
ST always prefers to sell its units as condos instead of rental apartments but must make the determination on a market-by-market basis, according to Marino.
“Now that the pricing has been established, we feel there will be a great interest in moving into these great spaces,” Marino concluded.
ST will also market the ground-floor retail spaces.
He said he doesn’t know whether there will be a comparable drop in prices for the retail space but ST will price them competitively.
He noted ST is actively trying to sell the retail spaces. There has been interest but no deals have been announced, according to Marino. There could be some announcements in the new few weeks, he added.
One person who said she will be glad to have more people move into the condos is Renna Pierce. Pierce was the first tenant in the Town Square condos.
“I really look forward to the shops on the ground floor,” she said. “They really will be convenient.”
Pierce admits when she heard about the 35 percent discount, she groaned.
“Why wouldn’t I? Pierce said. “But I’ve enjoyed my time here and I am looking to the future.”
Burien City Manager Mike Martin is also happy the condos are back on the market.
“We think the move to aggressively market the units is long overdue,” Martin declared.
He noted that no city money is invested in the project.
With a project that was designed to revitalize downtown Burien, the damage was more to the city’s self-image than economic, according to Martin.
The city has missed out on some sales tax revenues without the retail shops and certainly would have gained more revenues with an additional 118 housing spaces occupied in downtown, Martin admitted.
But the city is doing better financially than many other municipalities during the economic downturn, according to Martin.
“(The Town Square vacancies) haven’t damaged the city,” Martin concluded. “There has been no significant blow.”
Urban Partners of Los Angeles originally bought the project in 2007 as part of a Town Square development in the middle of downtown Burien along S.W. 152nd Street. A combined City Hall/King County Library building was opened with an adjoining park. Events, such as the Wild Strawberry Festival and Thursday Farmers Market are held in the park and adjoining area.
But the real-estate market collapse happened as the condos went on the market.
Urban Partners defaulted on its loan in fall 2009. A year later, Urban Partners turned ownership over to the bank.
