Existing condo projects feelin' the hurt, too

The difficulties of new condo projects like Veer, Rollin Street and Enso have been well documented. 2200 Westlake, a Vulcan project completed in 2006, isn't faring any better.

According to this KING5 report, an astonishing 60 out of 227 units are for sale. These units are being rented out month-to-month in violation of the homeowners association rules which require long-term leases (to keep out the riff-raff).

"Peter," who wants to remain unidentified, says he is renting his unit out for short-term as he tries to unload an investment in which he stands to lose about $130,000. Peter says he has no choice.

So why doesn't Peter just pull his condo off the market and rent it? He researched and found that the renters' market right now means he'd only get about $1,700 a month. That doesn't even come close to his $3,000 per month mortgage.