Foreclosure Auction Update, Seattle Condo Sells For 58% Less Than Last Market Sale

 

 

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.