Rollin Street Flats, one of Vulcan’s high-end condo projects in South Lake Union is cancelling their condo sales and changing the building into apartments. In a letter sent to buyers today, Vulcan advised buyers who had contracts to buy the new condos that they are cancelling their contracts and returning their deposits.
The project was hampered by Fannie Mae condo pre-sale requirements. Current pre-sale for Rollin Street is ~25%, which is lower than the 50%-70% guidelines that most lenders use to qualify a project to obtain financing. They didn’t believe that they would be able to achieve the 50% pre-sale requirement in a short timeframe, thus the conversion to apartments.
This must be disappointing for buyers who have waited so long for construction to finish. It looks like they are offering a credit towards purchase at Enso or Veer Lofts, their other two condo projects in South Lake Union. They are also offering a lease credit if these buyers want to rent at Rollin Street.
Our office is located in South Lake Union, and we are well-versed in the local condo inventory. If there are any affected buyers out there who would like help to find a replacement condo, give us a call at 206-462-6200 or email us at [email protected].