Multiple Offer Situation, 9 Buyers for a One Bedroom Condo at 2200 Westlake

I thought I would share a quick story. One of my clients has been looking for a 1 bedroom Seattle condo in a concrete and steel building for close to 4 months. Just a 12 days ago, unit #W704 hit the market at 2200 Westlake. It is a 1 bedroom, 1 bath, 741 sq ft condo with west facing views.  My client was immediately interested and decided to write an offer. When we learned that the unit was a short sale, there were a few obstacles we had to overcome, but ultimately, we submitted his offer and waited for the sellers response. We were told that there would be multiple offers, so my client decided to raise his price well over the asking price for the unit to ensure he would be in first position. In my opinion, we wrote a very good offer.  It was well over the asking price, was all cash (no financing) and we removed the inspection to offer the most favorable terms for the seller.

6 days after writing our offer, we were told that it was the sellers 3rd favorite out of 9 offers submitted.  The second best offer was all cash and over $25,000 above the sellers asking price. The best offer included financing but came in well above all other offers submitted.

So, let me summarize:

12 days on the market, over $25,000 more than the seller’s asking price and 8 buyers that didn’t have their offer accepted.

How is the market in downtown Seattle?  I would buckle your seatbelt. This is the first sellers market I’ve seen in 4 years.

SELLERS – Now is the time to sell – Trust me.  Contact us if you want a FREE analysis on how much your condo is worth.

 

  • Van Bones

    This unit sold for $420,000.00 in 2006, Selling at $280,000 the seller has only lost
    $140,000. Now this is one hot sellers market.