The Burien Town Square condo development has had a lot of recent activity with 13 closings in October through December, and six offers already this month. They will hold an open house Monday night, Dec. 3, and encourage local merchants to come by as a way to spread the word.
New wave of buyers moving to Burien Town Square
The 124-unit Burien Town Square condo development has been burdened with the reputation of being a quiet complex for the wrong reasons, lagging sales. That burden seems to have lifted as a record number of customers have recently made offers while many units have had closings.
According to Tracy O'Brien, Burien Town Square Sales Director, things are picking up steam in her "sales gallery" as fast as those locomotives at the Electric Train Shop across the street.
"Of the 124 units, 38 (total) will be closed and occupied within about one month," O'Brien said. "We had four closings in October, five this month, and we'll have four more in December. In addition to those closings, we've also had six new offers so far this month. And we're just two weeks into November."
O'Brien believes the flurry of activity is due in part to a new financing program with Union Bank. She said they are taking as little down as 5-percent down payment at current market rates without charging private mortgage insurance, or PMI, enticing to first-time buyers. Typically a bank will charge a monthly PMI fee if the buyer makes a down payment of less than 20-percent as the bank is taking on a bigger risk. With 5-percent down, PMI is about $60 month per $100,000 loan amount, which, again, the Union Bank program would wave.
"We've sold two live/work lofts which means there will be more energy on 6th Avenue," O'Brien added. Those are two story units have a first floor entry at near street level to accommodate a business. The types of businesses have not been announced yet.
Also, Burien Town Square will hold an open house Monday, Dec. 3, 5:00 p.m. to 8:00 p.m. geared toward welcoming not just potential future tenants, but local shopkeepers, too. Snacks and cider and little give aways such as certificates to local restaurants will be offered while supplies last. O'Brien encourages local retailers to stop by and take a look at the units as a way of getting the word out to the public.