Bank Owned Seattle Condo, Selling At A 59% Reduction of Last Sale Price

Unit M-247 at Lumen just went pending last week after 5 days on the market.  That might not mean much until you consider its history. It was once listed as high as $549,950 after being  purchased in May of 2007  for $449,900. Fast forward a little over 4 years and that same unit is listed at $185,000.  Wow.

The bank took back possession of the unit in August of 2011.  Wells Fargo, the current owner has obviously taken the stance of reducing the price and “getting the property off their books”.  For those of you that enjoy the significance of the numbers, they priced the unit to at a 59% decrease from its last sale price in 2007.

Here is a look at the listing:


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