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Item: Posh condos seek buyers to match: 8 condos remain remain unsold in Hagadone’s Terraces development on Silver Beach/Becky Kramer, SR
More Info: The 30-unit Terraces development opened two years ago. Eight condos
remain unsold, 
with prices ranging from $3.5 million to $5.9 million.
At the upper end are units furnished by architect Guy Dreier, whose
work on Hagadone’s Palm Desert, Calif., home was featured on the cover
of April’s Robb Report. The magazine touts itself as a Consumer
Reports-type guide for the ultrarich on topics such as yachts, private
aircraft, fashion and fine jewelry. DeLong still gives about five tours a week at The Terraces. But many
prospective buyers have simply dropped out of the market, he acknowledged.
Question: Do you think Duane Hagadone will be forced to discount The Terraces to sell the final eight condominiums?
D.F. Oliveria is a columnist and blogger for The Spokesman-Review. Huckleberries Online was judged the best 2008 Idaho newspaper blog by the Idaho Press Club. And the best 2007 news blog in the Pacific Northwest by the Society for Professional Journalist. Print Huckleberries is a past winner of the Herb Caen Memorial Column contest by the National Association of Newspaper Columnists. The Readership Institute of Northwestern University cited this blog as a good example of online community journalism.
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idawa on July 11 at 8:53 a.m.
I don’t know, the uber rich always seem to be okay. I run a lot on Lake Washington Blvd here in Seattle and there always seem to be a lot of new waterfront homes being built (which means that someone bought an existing 3 million dollar home and knocked it down to built their new 5 million dollar home - disgusting) … Of course, I think the number of people who would drop 3-5M on a summer property are dropping and I don’t think that many permanent residents of Cd’A have that type of $$$.
wheels on July 11 at 9:46 a.m.
Nada, zip. He would never lose face or devalue his current tennants with such a move.This article however is a current reflection of real estate nationwide.The Phoenix.Ariz mkt is hard hit with an approx 3 yr overbuild or unsold inventory with prices off around 53% from their 2006 highs.If you need the money it won’t be pretty.Safe bet Duane can hold ‘em.
Bent on July 12 at 6:28 p.m.
I agree. Duane would never do anything to leave himself exposed to that point. He is all about making money — not losing it.
spokelooneh on July 12 at 7:09 p.m.
Hagadone’s got the capital to ride out, or at least attempt to ride out, the current down market.
The down market will probably last longer than he, or many others, think, however:
http://www.scribd.com/doc/16055044/T2-Partners?from_email_04_friend_send=1