Familiar with the Boulevard in Kirkland? It was a wild success in 2006 when they sold nearly every unit before the project was built. It is a concrete and steel structure of 119 units, just 3 blocks from the Kirkland waterfront. Since its original sellout, the Boulevard has experienced its fair share of distressed sales. Unit #248, has been listed as a “lender approved” short sale since October of 2010. Now it appears that the bank (Wells Fargo) is looking to move it at tomorrows (June 3rd) auction. Their minimum bid is $187,000. At a cost per square foot basis of $204 it seems remarkable, as the cost per square foot was $431 the last time it sold and was $546 psf in 2008. It’s “actual value” now is up for debate, but if you compared other concrete and steel structures built around the same time as this one, you’d be surprised at home much lower this condo is. I’m sure someone will be bidding on it tomorrow. If they don’t we can expect to see it back on the market as “bank owned” soon.
- One bed plus den
- 2nd floor