The distressed category of the Seattle Condo market continues to expand. I know I risk boring you guys with so many examples of distressed units, but I feel that it is important for you to see. The “market value” for condos downtown is constantly facing pressure from the short sales and foreclosures that make up a large portion of our inventory. This condo that you see above is located at Lumen (5th and Mercer). In 2007 it sold for $449,900. Now, just 4 years later its priced at $188,987. I should know what the final sale price is by this afternoon/evening. The Takeaway……..Lower prices mean more investors/sales and decreasing inventory. At the same time it adds pressure to pricing for those trying to sell traditionally.
****Other condos offered at the foreclosure auction today included, Betsy Ross (Capitol Hill), Queen Anne High School (Upper Queen Anne) and 2200 Westlake (South Lake Union-Postponed).
[picture courtesy of M Schmaltz]