"Prospective condo buyers are being lured by pretty amazing incentives these days. That's because there is a veritable glut of brand new condominiums on the market. A few years ago, it seemed, every parking lot in downtown Seattle was being turned into condos. Many of those projects are coming on line now, during the worst real estate market in decades.
At Brix, which completed construction late last year, two thirds of the building's units are still unsold."
By some estimates, there are thousands more condos in Seattle than the market can currently absorb, which is putting financiers and condo developers in a tight spot.