Did you catch this post on Wednesday?  Unit #1506 at Millennium Tower is scheduled for auction today and it has a minimum bid from the bank at $1,351,500. The unit was purchased in 2004 for $1,950,500. The owner of the unit is a man charged with running the largest Ponzi scheme in Washington State history.  It will be interesting to see what this unit sells for.  If you want more of the story, see our post from a few days ago or take a look at the property profile for Millennium Tower.

Want to see whats available at one of Seattle’s most luxurious condo towers?

There is a condo going to foreclosure auction this Friday and its in one of the most luxurious buildings in all of Seattle - Millennium Tower.  What makes this foreclosure unique is not just the property itself, but the Ponzi scheme that surrounds the person that bought it.

Do you recall the story of Meridian Mortgage Investor Fund?  The founder Frederick Darren Berg, a Mercer Island resident, was charged with running the largest Ponzi scheme in Washington State history. Berg was accused of defrauding more than $100 million invested in his Seattle company’s mortgage funds. This occurred between 2003 and 2010. Investigators uncovered that Berg had been spending his investors money with reckless abandon.  Some of his frivolous spending  included a 5.5 million dollar mansion in Bellevue, planes, boats, condos (like the unit you see above) and a muliti-million dollar luxury bus line. Long story short, Berg appeared to be as elusive as Bernie Madoff.  He had major accounting firms producing what appeared to be real financial statements and he ultimately was charged with fraud and nine counts of money laundering.

What does all this have to do with Millennium Tower?  Well, he bought unit #1506 back in January of 2004 for $1,950,000.  Millennium Tower is home to just 19 units.  Its history of ownership includes the likes of coffee mogul Howard Schultz and the units range in size from 2,300 sq. ft. to 10,000 sq. ft.  The condos were sold bare and vacant with the idea that each affluent owner could bring their own architect and interior design team. What’s remarkable is that unit 1506, which was once listed for as much as $3,000,000 will now appear at the Seattle public auction (foreclosure). Something that is rarely seen in buildings like this. The price has not been established by the bank, but my guess is that when the price is published this could be one of the most talked about deals of the year.  If you want more information or want to be a part of our foreclosure mailing list, contact us.

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Here is a previous post highlighting the interiors of a Millennium Tower Unit

Do you guys remember this penthouse?  We covered it back in February of last year (1521 Penthouse, Yes Please).  It was also featured in a guest piece on Seattleite.com.  Well, it is back on the market and it appears to be priced to sell.  At a cool $3,900,000 it can be yours.  I recommend  at least looking through the photos.  This is un-doubt-ably the best penthouse on the market.

See the listing with more photos here.

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It is Monday and yet again I have a great example of a foreclosure from last Fridays auction. Unit #2101 at Newmark Tower sold for $297,000.  The minimum bid was $263,500. In January of 2010 it was listed as high as $450,000. So when I saw that it was headed to auction, I had a gut feeling that it would appeal to the masses. Although small at 610 sq ft, it had gone through a modern renovation that gave the unit character.  The western waterview alone was enough to attract a number of investors. Apparently it did exactly that.

If you don’t recall, Newmark Tower is located at 1415 2nd Ave.  It is one block from Pike Place Market, a short walk to the waterfront and will be home to one of Target’s first “Urban Concept” department stores. Target acquired the retail space for estimated 15.5 million dollars.

[photo c/o M A Shea]

Remember this penthouse at 1521?   Well, its back on the market.  Listed at $4,399,000.  It is hard not to love when you have nearly 2,800 sq. ft on the top floor of one of Seattle’s most luxurious condo towers.

You may recall our post on Seattlite a few months ago featuring this home as well.  Check it out!

If you’ve been down to Pike Place Market in the last few days you probably noticed the scaffolding going up on Market Court Condominiums. They are set to begin an estimated $3.1 million dollar replacement of both its siding and windows. As I mentioned in a post last week, it presents an interesting scenario for someone wanting to take advantage of lower prices due to the construction (assuming you have already done your research on the project and its financial reserves).  In a similar situation, you might look at the buildings near the former McGuire Apartments as they continue to demolish the 25 story structure. Rumor has it that the demolition is both incredibly loud and dusty.

Defective elements in condo towers can present buying opportunities for those willing to take the risk.

We just sold a unit at Market Court Condominiums near Pike Place Market. I’d have to say that it was one of the more difficult challenges I have had in a few years. When my seller contacted me to put the unit on the market, I was cautiously optimistic at best.  The seller purchased the unit on his own at a foreclosure auction. He obtained the unit for a great price but didn’t do his homework in regards to the condition of the building. Although it was a 6th floor unit with views, the condo association was forced to levy a special assessment to the tune of $2.7-$3.1 million dollars. That meant that my owner had to pay $31,000 dollars towards the expense of new siding and windows. He called me and asked me if I would take on the challenge of helping him sell the unit.  I agreed.

The assessment was a HUGE obstacle when trying to sell the unit. As you could imagine, 75% or more of the prospective buyers we had through had immediately checked this unit off their list.  Others had some interest but idea of the building being wrapped in plastic utiltimately made them move on.

Finally after 4 months of being on the market, we found a buyer who was excited about the unit.  They paid all cash, and a portion of the assessment.  Their opinion of the assesment was very different compared to the previous buying pool.  They felt that the discount in price for the unit presented a great buying opportunity given that the condo was 30-40k dollars under market.  It seemed obvious to them that with new windows, siding and a below market price that they were making a strategic investment.  Similar to buying a stock in a undervalued company or one that expected above average earnings.

I found this situation to be interesting.  Out of all the buyers that came through the unit, not one person saw the opportunity that these buyers did.  At the end of the day, they are buying a unit that is just 2 blocks from Pike Place Market.  It is 631sf and has great views of the sound.  With brand new siding and new windows this unit will immediately see an increase value. Congratulations to the new buyers and I give them credit for taking a risk for a deferred return on their investment***

***I’m not endorsing the idea that buying a condo with siding issues is a “good” investment. In this case it has its advantages.  In many other situations it can be problematic. You should ALWAYS work with a professional before you decide on a purchase. A thorough review of the re-sale certificate is incredibly important. The finances of a condo project are just as important as the condition of the building itself.

Could there really be a new 40 story tower coming to Belltown?

On Thursday May 5th, the Department of Planning and Development granted final design approval for a 400 foot tower located at 2116 4th Ave.  The applicant HAL Real Estate Investments plans to put 365 homes, above 2,743 square feet of retail space. This would also include 329 parking spaces. Seattle’s Weber Thompson Architects designed the building.  This adds to an already impressive resume for the Seattle firm.  Past condo projects include, Cristalla, Madison Tower and 1521 Second.  The entire design proposal can be found here: 2116 4th Ave

Here is a video of the proposed project:

Here is a look at the proposed project looking Southwest.  You can see the Seattle Monorail on 5th to the east of the building.

For those of you curious about how it might change the views of neighboring projects, the biggest impact in my opinion would be on the north facing views of Escala (see above in green).  Keep in mind that there are many variables. We have to assume it will built as they would not be asking Seattle for a conditional approval if they didn’t intend on doing something with the site.  If and when it gets built is an entirely different topic.  As we speak, financing a large condominium high-rise is very tough to come by.  In addition to that, many developers won’t likely take the risk for some time. Time will tell.

See the map here:

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Street view:

View from the Puget Sound:

View from the Space Needle:

Amenity view:

Project: Millennium Tower
Neighborhood: Downtown Seattle

Check out this urban luxury super-pad at the Millennium Tower.

It is a 4,600sf, 2-story condominium completed in 2006.  It features 3 bedrooms, 2+ baths, master suite, wine cellar, view balcony, storage and underground parking with 3 spaces. Floor-to-ceiling windows with panoramic views of the sound, the city and the mountains.  The views cover from Mt. Rainier to the Olympics. The condo also features a high-tech media room, study and an incredible kitchen.

Millennium Tower is not talked about much.  Its located on 2nd Avenue in Downtown Seattle and stands 20 stories tall.  With only 19 homes it is a pretty exclusive ownership. It was designed by Zimmer Gunsul Frasca Partnership and developed by Martin Smith Development Corporation.  The condos range in size from 2,300 to almost 10,000 square feet.

Check out the listing here: 1501 Millennium Tower

Courtesy of  NWMLS / Windermere Real Estate Co.

There are three active foreclosures that I’m watching this week heading into Fridays auction.  For the 3rd weekend in a row, there is a Washington Square unit. A condo at Lumen on the 3rd floor and an incredible unit at Market Place North in the Pike Place district in Downtown Seattle.

1. Washington Square (1 bed, 1 bath 967sf)

2. Lumen (1 bed, 1 bath, 775sf)

3. Market Place North (3 bedroom, 2 bath 1,682sf)

Clearly the impact of condos purchased between 2005-2009 is starting to rear its ugly head in Seattle.  As values plummeted, owners started giving their keys back to the bank.  Condo foreclosures are on the rise and in the upcoming weeks you could see foreclosures in some of the best buildings in Seattle and Bellevue.  I’ve included a “short” list of buildings that will have units auctioned in the next 60 days:

If you want to learn about investing at the Foreclosure Auction, contact us.

This unit is stunning.  It sits 38 floors above the city at Downtown Seattle’s 1521 Second Ave.  In May of 2009 this unit sold for $4,962,820. Now, listed at $4,499,999, it can be yours.

UNIT FEATURES

• Top floor
• Spacious plan
• Floor to ceiling glass
• 180 degree views (Sound, city and mountains)
• Private roof terrace w/spa, grill & fireplace
• Light Oak, Imported Granite, Limestone & porcelain
• Designed by the acclaimed Susan Marinello
• 3 parking spaces

TAXES, HOA DUES

• Taxes for 2010 were $44,494
• HOA Dues are $1,592

PICTURES

FLOORPLAN

A big thank you to Jade Attar for providing access to these pictures.

I surprised my wife today with a trip to the spa and a few hours down at Pike Place Market.  It was a great reminder of how international Seattle can feel. It always amazes me to see such diversity in just a few city blocks.  It was a really fun experience exploring, drinking coffee and the 2 minutes of my chocolate croissant (unbelievable).  Combine the typical diversity, great weather and the buzz around Valentines day and you have a perfect experience in one of our cities most cherished attractions.

I’ve included some pictures of the market, Post Alley and the Seattle skyline.  To me it is such a fun experience to look back at the city.

Post Alley

Tons of Last Minute Flower Purchases and Other Valentine Gifts

Post Alley

Seattle Skyline

A Look At 1521 From The Market

Another Glimpse of The Super Popular Condo Project That Soars High Above The Market

Market Place North

Project: Madison Tower
Neighborhood:  West Edge

UCS just listed this incredible 1 bed, 1.5 bath at Madison Tower in the West Edge of Seattle.

I’ve included a collection of pictures and and a short description of the unit:

[Show as slideshow]

MARKETING DESCRIPTION

Your opportunity to live at this exclusive address. This incredible corner unit sits on the 21st floor w/magnificent views. Madison Tower is above Hotel 1000, a premier hotel in the heart of downtown & the waterfront district. Residence owners are offered all Hotel amenities including room service, housekeeping, spa services, library, & private chef services. Owners also receive valet parking, unlimited use of 24-hour fitness center, & access to the rooftop terrace w/stunning 360 degree views!

MADISON TOWER

Madison Tower is a incredible project consisting of 47 units units that sit above Hotel 1000 in Downtown Waterfront district or “West Edge” of Seattle.

Madison Tower is considered boutique condo/hotel development that offers luxurious amenities and functional floor plans.  Completed in 2006, Madison Towers was the first hotel/condo project built in Seattle.  Located at 1st Ave and Madison Street, Madison Tower offers an exceptional location.  Amenities include a spa, gym, business center, room service, housekeeping service, virtual golfing, private elevators, exclusive roof-top deck and 24 hour valet. There are five units per floor with the exception of the penthouse.  All the residential units are located between the 15th through the 24th floors.

The building is located between Pioneer Square and Pike Place Market on the corner of 1st Ave and Madison St and occupies a quarter block.

Overall, Madison Tower is class A project, good location and a great offering for Seattle residents.

MADISON TOWER WALKSCORE

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