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Quick update on the auction foreclosure – Concord #508. As we posted earlier this week, the opening bid was $236,072. It sold this morning to an investor for $258,000. It is unknown at this point if it will be flipped or if it will be a rental. Stay tuned.
Its back! Remember this unit from 2 weeks ago? I wrote about it back on the 26th of September as well. This 5th floor condo at the Concord in Belltown was postponed last week. Now, its back on the auction list to be sold this Friday. It was last purchased for $500,000 in 2007. It was listed in March of this year for $439,950. The minimum bid at the foreclosure auction is $236,072.08.
For those of you unfamiliar with the building, I’ve added the information below.
| CONCORD | INFORMATION | UCS PROJECT GRADE | GRADE | AMENITIES |
|---|---|---|---|---|
| ADDRESS | 2929 1st Ave, Seattle 98121 | LOCATION | B+ | 24 Hour Concierge |
| BUILT | 2000 | AMENITIES | A | Fitness Facility |
| BUILDING | Concrete and Steel Construction | PRICE | B | Home owners lounge |
| TOWERS | 2 Towers, 13 Stories | LUXURY | B | Terrace |
| UNITS | 206 | BUILDING CONSTRUCTION | A | Hot Tub, Sauna |
| NEIGHBORHOOD | Belltown | UNIT DECOR | B+ | Secured building |
| ARCHITECT | Driscoll Architects | WALKABILITY | A+ | Business Center |
For those of you looking for a rental right now, you may want to check these out. They both hit the market in the last 24 hours.
1 bed, 1 bath at 1920 4th Ave #704 (Escala):
Private elevator, big views, its own private deck, kitchen, dining and living. Hardwood floors and wall-bed for guests. Includes office-nook. Amenities include elliptical swimming pools, gym, theater room, 24 hour concierge and wine cave. Pretty cool unit too:
Click here for more details:
Furnished studio at 2033 2nd Ave #904 (Cristalla):
Corner unit on the 9th floor. Good exposure, great building.
Click here for more details:
Remember these two units going to auction last Friday? I wanted to share the results.
Unit #1204 at 2200 Westlake: Sold for $1 over minimum bid. For those of your unfamiliar with the auctions. That means that only one investor was bidding on the unit and acquired it for just $1 more then what the bank was asking. What a win. It sold for $265,501. That is a 58% reduction from its last market sale in 2007! That is just $274 per square foot for concrete and steel construction.
Unit #508 at The Concord: This unit had a very different result. The sale was postponed. This can happen if the unit owner files bankruptcy, talks the bank into a delay of sale, successfully sells the unit as a short sale, or when the bank decides to delay the proceeding. At any rate, it did not sell and we’ll keep it on our radar in the coming months.
There are 2 great condos that are going to auction tomorrow (9/23/11) and I would buy both of them in a heartbeat. The first and the most attractive in my mind is W1204 at 2200 Westlake. It has North facing views that overlook the courtyard, Lake Union and extend all the way to Gas Works Park. It was originally purchased in April of 2007 for $628,000. At one point in 2008 it was listed for as much as $650,000. Now just 3 years later, this 1 bedroom, 1 bath has a minimum bid of $265,500!
The other unit is located on the 5th floor of the coveted Concord in Belltown. I love this building. In my opinion, it ranks in the top 15 condo buildings in Seattle. The unit is not a home run, but it is a great value and an opportunity to buy low in a class “A” project. Unit #508 was last purchased for $500,000 in 2007. It is 754 sf with big views of the Sound. It was last listed in March of this year for $439,950. The minimum bid at tomorrows foreclosure auction is just $236,072.08.
It is not very often that 2 great units go to auction on the same day. I try to keep my eye on the auctions each week. These 2 condos combined with the Cristalla unit from last week have to make the last 2 weeks the best I have seen in well over 6 months. I think they make excellent buys for investors looking to buy and flip and even better buys for someone looking to do a long term buy, hold and rent strategy. If any of you want to discuss options like these in greater detail, contact me through our contact us.
Unit #1204 at 2200 Westlake:
Unit #508 at The Concord:
If your interested in learning how to buy a foreclosure these, feel free to contact us.
This is a phenomenal buy and should be one of the hottest deals at the foreclosure auction in more then a year. Unit #809 at the coveted Cristalla is scheduled to be sold at tomorrows foreclosure auction (9/8/11). This unit once sold for $622,950 in 2007. The minimum bid at auction is $254,745. The condo is 826sf with 1 bedroom and 1 bathroom. It is a corner unit with great exposure and has panoramic views. Cristalla is a class “A” building with some of the best amenities in Seattle. In my opinion, it was designed with purpose and will be forever popular for Seattle condo buyers.
If your interested in learning how to buy a foreclosure like this one, feel free to contact us.
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Take a look at this Belltown Condo. It is a 1 bedroom at the Vine that is headed to foreclosure auction tomorrow morning. It was just listed in March of this year at $345,000. The minimum auction price is $189,539. The unit is located on the 3rd floor. It has custom paint, hardwood floors and is 934sf. For those of you unfamiliar with the Vine, it was built in 2002. It has 12 stories and 176 units. It’s located at Western and Cedar, across the street from the Parc.
| THE VINE | INFORMATION | UCS PROJECT GRADE | GRADE | AMENITIES |
|---|---|---|---|---|
| ADDRESS | 2607 Western Ave | LOCATION | B+ | 24 Hour Concierge |
| BUILT | 2002 | AMENITIES | B+ | Fitness Facility |
| BUILDING | 6 and 12 Story Structures | PRICE | B | Home owners lounge |
| TOWERS | 2 Towers | LUXURY | C+ | Rooftop Deck |
| UNITS | 174 | BUILDING CONSTRUCTION | B | Secure parking |
| DEVELOPER | Intracorp | UNIT DECOR | B | Secured building |
| ARCHITECT | GGLO | WALKABILITY | A | Landscaped Courtyard |
I thought I would share a quick update from this weekends foreclosure auction. There were a number of units that I had been following leading up to Friday morning: A studio at Belltown Court, a 19th floor unit at Cosmopolitan and a penthouse unit at Avenue One in Belltown.
Belltown Court #728:
Unit #728 was on the mls just last year. It is a 579sf top floor studio with a private view deck. It last sold in August of 2007 for $292,000. On Friday the minimum bid for the property was $101,489. I was told that the final sale price was $110,000. wow. Considering that one-bedroom studios can rent for as much as 1,400 per month in Belltown, this could be a pretty sound investment for the new owner.
Cosmopolitan #1907:
Many of the one bedroom units at the Cosmopolitan selling at Foreclosure have been successful. Especially the north facing units. This particular unit, like many other west facing condos in the building is heavily encumbered by the 1918 office tower next door. With that being said it is a 800sf unit on the 19th floor. One would think that an investor at the auction would have paid the $240,000 for it when it became available. It sold in June of 2007 for $445,000. Suprisingly, it never received a bid. It reverted back to the bank and we will likely see it as a REO/Bank Owned listing soon.
Avenue One Penthouse #PH02:
For those of you unfamiliar with Avenue One, it was built in 2005 by Intracorp and is located at the corner of 1st and Clay in Belltown. I’m always surprised to see penthouse units on the auction block. This unit was purchased in 2005 for $980,500. It never received a minimum bid and therefore wasn’t available for sale at auction. It was postponed by the bank. I will continue to monitor the situation.
I noticed this rental at the Parc yesterday and thought it might be a good option for some of you in the market. The Parc is located in Belltown between Clay and Cedar. Its over 1,100 sq. ft. with 2 bedrooms, 1.75 baths and a killer private terrace. It’s in the North Tower (81 Clay) on the 7th floor. With over 455sf of outdoor space its seems to stand out even at its asking rent of $2,650. The rent also includes water, sewer, garbage, 2 parking stalls and a storage space.
See the listing here: The Parc, #724
[Cassie Walker Johnson, Windermere Pm]
| PARC CONDOS | INFORMATION | UCS PROJECT GRADE | GRADE | AMENITIES |
|---|---|---|---|---|
| ADDRESS | 81 Clay St and 76 Cedar St | LOCATION | A- | 24 Hour Concierge |
| BUILT | 2007 | AMENITIES | B+ | Fitness Facility |
| BUILDING | Concrete and Steel Construction | PRICE | A- | Home owners lounge |
| TOWERS | 2 Towers | LUXURY | B | Rooftop Deck |
| UNITS | 185 | BUILDING CONSTRUCTION | A | Secure parking |
| DEVELOPER | Intracorp | UNIT DECOR | A- | Secured building |
| ARCHITECT | GGLO | WALKABILITY | A | Work Lofts |
Here is a look at the listing:
Downtown Seattle condo inventory (new construction) is continuing to shrink.
The Gallery condos in Belltown are about to reach their final closeout. They have just 1 remaining unit. It is a 2-story townhome style condo that had been used as the sales office for a little over a year. The large 1,142 sq. ft. unit is at ground level. It has a one bedroom loft with a den and is being offered at $399,900. See the listing here: Unit #120
This is all great news for Belltown condo owners as the neighborhood will not see a new condo project for years. Overall, as the new construction inventory shrinks, owners all of the city will benefit. There are less then 300 new units available for purchase.
Here is a current look at the condo inventory in Belltown:
More details on unit #120:
There have been a number of readers that have asked about work loft units for rent. A unit at Trio on the north end of Belltown just hit the market. It is 1,067sf and features bamboo flooring, granite counters, stainless appliances, powder room, and a nice sized patio right outside the front door. The asking rent is $1,995.
Here is a look at the listing:
If your out shopping for a Seattle condo this weekend, you may want to check out this bank owned unit at Mosler Lofts. Just weeks ago it was listed as a short sale. Now listed as Fannie Mae owned, #311 is back on the market at $239,000. It originally sold for $376,000 in December of 2007.
| MOSLER LOFTS | INFORMATION | UCS PROJECT GRADE | GRADE | AMENITIES |
|---|---|---|---|---|
| ADDRESS | 2720 3rd Ave | LOCATION | A- | 24 Hour Concierge |
| BUILT | 2008 | AMENITIES | B | Fitness Facility |
| BUILDING | Concrete and Steel Construction | PRICE | B | Lounge |
| NEIGHBORHOOD | Belltown | LUXURY | B+ | Rooftop Deck |
| UNITS | 148 | BUILDING CONSTRUCTION | A | Secure parking |
| DEVELOPER | Schuster Group | UNIT DECOR | A- | Secured building |
| ARCHITECT | Mithun Architects + Designers + Planners | WALKABILITY | A | Retail |
Check out the listing here:
I was just on my way out to dinner, when I noticed this 3 bedroom that came on the market. I couldn’t resist posting it. What a view. #2504 is a rare 3 bedroom 2.5 at the Continental. It has 1,924 sf of living space. It also comes with 3 private terraces, 2 master suites and a major kitchen and bathroom renovation. The amenities offered at the Continental include, 24 hour doorman, facilities manager, guest suite, pool, spa, gym, party lounge, rooftop deck and landscaped gardens. For a unit this size, I imagine it might be a good fit for someone looking to downsize and move into the city. Curious about the location? The Continental has a 97 rank on Walkscore (see below). Picture courtesy of Moira Holley
Looking for a good deal this weekend? Check out this bank owned 1 bedroom at the Parc. It doesn’t have a view, but it is pretty tough to beat at $255 per square foot. In September of 2007, this unit sold for $399,000. Now at $234,400 this Fannie Mae owned resale is selling at 41% less then the last market sale price. I’ve sold this same floor-plate on a lower floor. It has a nice layout with the majority of the square footage in the living area and kitchen. It has a designated guest bath and the large bedroom has a bathroom with dual vanity and a spacious walk-in closet. It may be worth a look if your in the market. I viewed it this morning and it is in good condition.
| PARC CONDOS | INFORMATION | UCS PROJECT GRADE | GRADE | AMENITIES |
|---|---|---|---|---|
| ADDRESS | 81 Clay St and 76 Cedar St | LOCATION | A- | 24 Hour Concierge |
| BUILT | 2007 | AMENITIES | B+ | Fitness Facility |
| BUILDING | Concrete and Steel Construction | PRICE | A- | Home owners lounge |
| TOWERS | 2 Towers | LUXURY | B | Rooftop Deck |
| UNITS | 185 | BUILDING CONSTRUCTION | A | Secure parking |
| DEVELOPER | Intracorp | UNIT DECOR | A- | Secured building |
| ARCHITECT | GGLO | WALKABILITY | A | Work Lofts |
Here is a look at the listing:
Gallery is advertising just 10 units until they reach their sellout. For any of your interested, they are offering some sales incentives until the end of the month. Gallery is located at 2nd and Broad, has 233 units on 13 floors. The amenities include storage, secured parking, 24 hour concierge, guest suites, business center, fitness facility, homeowners lounge, view terrace and ground floor retail.
| Home | Was | Now |
| 120 | $671,000 | $415,000 |
| 322 | $250,000 | $230,000 |
| 324 | $275,000 | $272,000 |
| 422 | $260,000 | $235,000 |
| 608 | $287,000 | $253,000 |
| 610 | $292,000 | $253,000 |
| 708 | $292,000 | $258,000 |
| 710 | $297,000 | $258,000 |
| 810 | $297,000 | $265,000 |
| 812 | $297,000 | $265,000 |
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