Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000

Banner Building 403404 web Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000

Do you remember this unit?  We wrote about it back in October of 2011 just before it went to the public foreclosure auction. It is a 3,798 square foot loft in the Banner Building in Belltown.  It was once listed as high as $2,450,000 and now is selling it for $1,549,000.

This unit is insane. Although the pictures don’t reveal much, I can promise you that the unit itself would blow away your expectations. It is truly one of a kind and now at a price of $1,549,000 (407psf) it should attract plenty of interest. This type of unit in San Francisco or New York would sell for well over 1,400 per square foot (depending on the neighborhood my guess would be $4,000,000-$6,000,000).

GetMedia 4 Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000
(picture c/o windermere)

UNIT FEATURES BUILDING FACTS
3,798sf (2 story plan)7 Floors
3 bedrooms, 2.75 baths28 units
Private DecksConcrete and Steel
Subzero,Gaggenau,Elan,& Miele Award Winning Construction
Spiral StaircaseCorner Location
Massive Windows 95 on Walkscore

Although the Banner Building doesn’t offer too much in terms of amenities, this unit certainly looks like a good deal when you look at a few other sales in the 3,000 sf category. There have only been 4 sales of properties that offer over 3,000 square feet in the last year:

Building Square Footage Selling PricePrice Per Square Foot Date Sold
Waterfront Place3,711$1,250,000$33611/09/2011
Escala 3,562$2,200,000$61711/04/2011
Millennium Tower 4,589$2,690,000$58609/14/2011
1521 Second Ave 3,600$4,250,000$1,18003/14/2011

A different perspective on the building:


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