The Esplanade Condos were completed in 2008. Despite being nearly sold out during pre-sale, only 10 homeowners were able to close due to changes in lending guidelines. With new ownership (iStar Financial) and a new sales team, Esplanade condos re-opened in October 2009 with reduced pricing (approximately 30% off original prices). This initial pricing generated sales early on, but any momentum was quickly halted once Esplanade condos in Tacoma made the critical error of raising prices. At 33% sold, there was still too much down-ward pressure to reduce pricing, leaving buyers who were on the fence to consider other options. In terms of quality of construction, the building is second to none in Tacoma: Esplanade condos boast huge decks, modern finishes, and post tension steel and concrete construction. However, at 20% sold (according to the MLS), they may need to reconsider another price adjustment.
A couple of other things to consider with Esplanade condos in Tacoma:
• Military buyers looking at Esplanade condos in Tacoma will receive a free 42” TV if they buy a unit at Esplanade condos in Tacoma. This deal at the Esplanade is only good until the end of 2011 so you’ll need to act fast. If this deal has been effective, I wouldn’t be surprised if Esplanade condos extended this deal through 2011. If you already have a TV, Esplanade condos will offer you a gift card in lieu of the TV.
• Esplanade condos qualify for a tax abatement from the City of Tacoma. So, essentially the land the Esplanade condos is sitting on is taxed by the building itself is not taxed. So if buy a condo at Esplanade in Tacoma, you will only pay property taxes on your share of the land value.
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