More than two years after opening The Esplanade to reservations, the nine-story waterfront condo project is on the brink of closing its first sales. And at a time when Pierce County’s real estate brokers and agents struggle to convince ever-hesitant buyers to take the plunge.

Not to mention receding prices countywide and a slowdown in condominium sales.

The Esplanade has 162 units priced $240,000 to $980,000, from one bedrooms measuring 800 square feet to penthouses topping 2,000 square feet and with views of the Sound and Mt. Rainier. Judy Mayfield, the project’s listing agent, said she emphasizes value, price and historically low mortgage rates to prospective buyers.

“If anyone’s going to get off the fence, I think they’ll get off the fence here,” she said.

Sales are happening, she said, but they are sluggish. Mayfield said she went through two buyers before putting together an agreement on the largest penthouse. (No worries if you’re still in the market for a waterfront penthouse: The next largest one at 2,172 square feet is still available for $922,000.)

Two models opened in April at The Esplanade, where Mayfield has 23 purchase-and-sale agreements. She expects the first of those to close in August, when construction should wrap up on the building’s common areas. The sales office also will move then from Thea’s Landing to The Esplanade.

“I’ve been selling real estate for 18 years and I’ve never experienced the feeling of frustration I’ve experienced this year,” Mayfield said. “It’s been a tough market. It is frustrating because you’ve got an awesome product. The pricing is really very reasonable, a great value for your money. You do everything you can and people still sit on the fence and, yes, that’s frustrating.”

For the first six months of the year, sales in the area that includes most of downtown Tacoma’s condos and the Foss Waterway have fallen by 47.2 percent compared to the same period in 2007, according to the Northwest Multiple Listing Service. That compares to a 33.1 percent drop in sales of all homes – houses and condos – countywide.

One market factor hurting sales, she said, is an issue other agents say they, too, are grappling with: Buyers who want to buy but can’t sell the home they have.

The Tall Ships festival, however, brought a welcome boost. Mayfield said 90 prospective buyers asked to return for one-on-one tours of the project after seeing it briefly during the maritime event.

The Esplanade isn’t marketing any specific bonuses or sales incentives, but Mayfield said there’s room for negotiating if buyers are looking for a little extra, such as a storage space, a break on closing costs or getting some homeowner’s dues prepaid. (Monthly homeowner association fees range from $280 to $480.)

“We have people who love the building and they’re going to buy when they start feeling more comfortable with the marketplace,” she said.