Bank Owned Condo At Washington Square

Project: Washington Square
Neighborhood: Downtown Bellevue

A few weeks back I wrote about a Washington Square condo that was going to the King County Foreclosure Auction.  Well, it just hit the market this morning as a Fannie Mae/Bank Owned listing.  It is a 1 bedroom, 1.5 bath 808sf unit. Purchased in July of 2008 for $609,000, it is now on the market for $289,900.  This is a reduction of over 50% since the last recorded sales price. On a cost per square foot basis the unit is listed at $358pf.  It is obvious to me that this condo was purchased well above market in 2008, but at the current price, one could argue that the unit is a pretty good deal.  Especially considering it is on the 17th floor.  I’ve included the floor plan below.

It looks like Fannie Mae is offering another 3.5% discount to owner occupied buyers who qualify as well.

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