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Lumen 1 Bedroom, Last Sale $343,856, Now $206,159

March 28, 2013 By Leave a Comment

Lumen Exterior e1306369781825 Lumen 1 Bedroom, Last Sale $343,856, Now $206,159

I’ve been keeping my eye on the foreclosure market and unit 110 at Lumen caught my attention this week.

It was purchased in May of 2007 for $343,586 and now its scheduled at todays auction with a minimum bid of $206,159. I would necessarily jump at this particular purchase, but for $206,000 there are a lot of worse places to put your money right now too.

The only downside to Lumen is that the building has such a high commercial percentage. It has been presenting problems for traditional financing. 

Lumen 1 Bedroom, Last Sale $343,856, Now $206,159

Filed Under: All Condos, Home, Lumen, Queen Anne Tagged With: , , , , ,

Auction Update: 98 Union Sold, 1 Bed At The Parc Goes Bank Owned

January 5, 2013 By Leave a Comment

Quick Update from yesterday’s Seattle foreclosure auction (condos):

Condo Foreclosures Auction Update: 98 Union Sold, 1 Bed At The Parc Goes Bank Owned

98 Union St #908 (minimum bid – $258,571)
Sale Price – $290,500
2 bed, 2 bath 967 sq. ft.
We posted about this unit yesterday. As expected the minimum price was bid up over $20,000. It will be interesting to see if this unit comes back on as a flip or if it is held and rented.

98 UNION Auction Update: 98 Union Sold, 1 Bed At The Parc Goes Bank Owned
76 Cedar St #704 (minimum bid – $250,125)
Reverted (went back to the bank)
1 bed, 1.5 bath 867 sq. ft.
This 1 bedroom unit at the Parc in Belltown went back to the bank. No bidders at this price. Not a total surprise, but keep an eye on this when it comes back on the market as “bank owned”.  It was purchased for $425,000 back in 2007
The Parc Exterior Auction Update: 98 Union Sold, 1 Bed At The Parc Goes Bank Owned

Filed Under: 98 Union, All Condos, Auction Foreclosures, Bank Owned, Home, West Edge Tagged With: , , , , , , , , , ,

2 Bedroom Condo, Last Listed At $499,000, Minimum Auction Bid $258,571

January 3, 2013 By Leave a Comment

98 UNION 2 Bedroom Condo, Last Listed At $499,000, Minimum Auction Bid $258,571

There is a 2 bedroom unit at 98 Union that is headed to the foreclosure auction tomorrow. Last listed in 2010, the owners of the 967sf unit were asking $499,000 – now it has a minimum bid price of $258,571. It should have multiple bidders at this price. The last 2 bedroom sale in the building was back in July – Unit #1106

98 Union is located next to Four Seasons on 1st Ave. See more details here 98 Union St #908

Filed Under: 98 Union, Home, West Edge Tagged With: , , , , , ,

Foreclosure Auction Highlights – 12/14/12

December 15, 2012 By Leave a Comment

Condo Foreclosures Foreclosure Auction Highlights 12/14/12

There were a few highlights from yesterday’s foreclosure auction. 2 condos that stood out to me the most were:

500 Elliott Ave W #308, Seattle
Elliott Condominiums

GetMedia 42 Foreclosure Auction Highlights 12/14/12

Did the bank really want to sell this at the auction yesterday?

Unit #308 at the popular Elliott Condos in Queen Anne never sold yesterday. The 626 sq ft unit went back to the bank and I don’t think it surprised anyone. The last recorded sale was – $249,000. It had a minimum bid of $233,593. In my opinion, it wouldn’t sell for much more than $225,000 if it was a traditional sale. Without any bids it will likely come back to the market fairly soon as bank owned. It will be interesting to see how they price it.

6234 138th Ave NE 196, Redmond 
Project – Sixty 01
Foreclosure Auction Highlights 12/14/12

Now this was an interesting sale.

Unit #196 at the project referred to as Sixty 01 sold for $123,000. It is a 2 bedroom, 2 bath and has 1,116 sq ft. It had everyone’s attention, as the bank set a minimum bid of $99,716. Although the project is aged a bit, my guess is that the unit could likely sell for a price north of $150,000.  All in all, the winning bidder was probably pretty happy.

Have a great weekend guys!  Happy condo hunting!

Filed Under: 500 Elliott, All Condos, Home, Queen Anne Tagged With: , , , , , , , ,

Seattle Loft Headed to Foreclosure, Last Sale $400,000, Now $270,737

August 15, 2012 By Leave a Comment

Site 17 2440 Western Ave 209 2 e1345098947177 Seattle Loft Headed to Foreclosure, Last Sale $400,000, Now $270,737

Going through my daily property review this morning, I noticed a 2 story loft at Site 17 in Belltown. It was last sold in April of 2006 for $400,000 – now its listed at $270,737 and is headed to foreclosure on Friday. It is 1 bedroom, 1 bath at 873 sq ft. The most interesting feature is the 2 story layout. A stairwell from the living area, takes you upstairs to a bedroom that overlooks the unit. It has exposed steel, HVAC, and concrete floors giving the unit an industrial feel.

**Buyer beware as Site 17 just went through an extensive special assessment.

Site 17 2440 Western Ave 209 Seattle e1345099099794 Seattle Loft Headed to Foreclosure, Last Sale $400,000, Now $270,737 Site 17 2440 Western Ave 209 3 e1345099177441 Seattle Loft Headed to Foreclosure, Last Sale $400,000, Now $270,737

Seattle Condo Search2 Seattle Loft Headed to Foreclosure, Last Sale $400,000, Now $270,737

Filed Under: All Condos, Auction Foreclosures, Belltown, Home, Site 17 Tagged With: , , , , , ,

Condos Headed to Foreclosure Auction (2200 Westlake, The Parc)

July 26, 2012 By 1 Comment

Condo.Foreclosure1 Condos Headed to Foreclosure Auction (2200 Westlake, The Parc)

There are 2 condos I’ve been watching this week as they are schedule to be sold at todays foreclosure auction in Seattle.

Unit #S302 at 2200 Westlake (Minimum bid of $384,488)

910 Lenora6 300x200 Condos Headed to Foreclosure Auction (2200 Westlake, The Parc)

Unit 325 at The Parc (minimum bid had not been released)

The Parc Exterior 300x199 Condos Headed to Foreclosure Auction (2200 Westlake, The Parc)

An interesting side note – Unit #S302 is on the market and pending as a short sale. Typically in these situations, if the bank (seller) feel that the buyer they have will perform, they will grant a postponement and cancel the auction sale. I will keep you posted on results from todays auction.

 

Filed Under: 2200 Westlake, All Condos, Auction Foreclosures, Belltown, Home, South Lake Union, The Parc Tagged With: , , , , , ,

Foreclosure Watch – Queen Anne Condo Last Sale $219,900, Now $135,000

June 6, 2012 By Leave a Comment

GetMedia 42 Foreclosure Watch Queen Anne Condo Last Sale $219,900, Now $135,000

Looking for a foreclosure opportunity in lower Queen Anne?  Unit #411 at Elliott Condos/500 Elliott is heading to Fridays public foreclosure auction. It was last purchased in 2006 for $219,900 – the minimum bid at Auction is $135,000. I would estimate the rent to be $1,150-$1,250. Good rental opportunity? I think it is nice to see that these options are back in todays market.  I’ll keep you posted on what it sells for. Happy condo hunting this week!

Want to learn more about the building? Check out the UCS project profile:

500 Elliott Condos Queen Anne web Foreclosure Watch Queen Anne Condo Last Sale $219,900, Now $135,000

Seattle Condo Search2 Foreclosure Watch Queen Anne Condo Last Sale $219,900, Now $135,000

 

Filed Under: 500 Elliott, All Condos, Auction Foreclosures, Home, Queen Anne Tagged With: , , , , , ,

Top Floor Waterfront Condo, Previous Sale Price of $330,000. Now $103,064

May 8, 2012 By Leave a Comment

Kirkland Condo Forclosure web Top Floor Waterfront Condo, Previous Sale Price of $330,000. Now $103,064

If you follow foreclosures, you may have noticed that there were a very limited number of condos in the last 6 months. That was due in part to the major settlement with the Big “6″ banks. During that time, those major banks were not filing notices of trustee. Since the settlement, its clear to me that more and more condos are headed back to foreclosure again – as this activity picks back up, we’ll obviously be following it.

There is an interesting unit head to auction this Friday. It is a top-floor 1 bedroom waterfront condo in Kirkland. Kirkland is north of Bellevue and only 15 minutes from downtown Seattle. Unit #402, is a 670 sq. ft. floor plan with big Lake Washington views. For those of you wondering what something like this would rent for, my estimation would be $1,350-$1,450. The auction price or minimum bid is set for $103,064.

Could you flip this property? Depends on how much you need to make – The unit next door to #402, unit #403 just sold for $170,000 in December of 2011.

Have questions?  We have answers - Contact us.

Bayshore ext e1336497713146 Top Floor Waterfront Condo, Previous Sale Price of $330,000. Now $103,064Bayshore view e1336497776105 Top Floor Waterfront Condo, Previous Sale Price of $330,000. Now $103,064

WALKSCORE




Filed Under: All Condos, Auction Foreclosures, Bayshore, Home, Kirkland, Waterfront Tagged With: , , , , , , , , , ,

Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000

April 30, 2012 By Leave a Comment

Banner Building 403404 web Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000

Do you remember this unit?  We wrote about it back in October of 2011 just before it went to the public foreclosure auction. It is a 3,798 square foot loft in the Banner Building in Belltown.  It was once listed as high as $2,450,000 and now is selling it for $1,549,000.

This unit is insane. Although the pictures don’t reveal much, I can promise you that the unit itself would blow away your expectations. It is truly one of a kind and now at a price of $1,549,000 (407psf) it should attract plenty of interest. This type of unit in San Francisco or New York would sell for well over 1,400 per square foot (depending on the neighborhood my guess would be $4,000,000-$6,000,000).

GetMedia 4 Bank Owned Loft, Once Listed At $2.45 Million, Now Selling At $1,549,000
(picture c/o windermere)

UNIT FEATURES BUILDING FACTS
3,798sf (2 story plan)7 Floors
3 bedrooms, 2.75 baths28 units
Private DecksConcrete and Steel
Subzero,Gaggenau,Elan,& Miele Award Winning Construction
Spiral StaircaseCorner Location
Massive Windows 95 on Walkscore

Although the Banner Building doesn’t offer too much in terms of amenities, this unit certainly looks like a good deal when you look at a few other sales in the 3,000 sf category. There have only been 4 sales of properties that offer over 3,000 square feet in the last year:

Building Square Footage Selling PricePrice Per Square Foot Date Sold
Waterfront Place3,711$1,250,000$33611/09/2011
Escala 3,562$2,200,000$61711/04/2011
Millennium Tower 4,589$2,690,000$58609/14/2011
1521 Second Ave 3,600$4,250,000$1,18003/14/2011

A different perspective on the building:


View Larger Map

Filed Under: All Condos, Bank Owned, Bank Owned, Banner Building, Belltown, City of Seattle, Distressed Sales, Downtown Seattle (MLS Area 701), Everything Urban, Home, Incredible Condos, Market News/Trends Tagged With: , , , , ,

Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

March 9, 2012 By 1 Comment

Bellora 1001 e1320255592744 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

Wow. You don’t see this very often. If I were only in the market for a penthouse right now!

One of the Bellora Penthouse units is headed to foreclosure today (public auction).  This Seattle condo located in Belltown was last purchased for $1,495,000 in 2005. As of 9am this morning it has has a minimum bid of $800,000. It is a 2 bedroom, 3 bath unit plus den. It has floor to ceiling windows with big views of Elliott Bay and the Olympic Mountains. It features bamboo flooring, granite countertops and high-end appliances and at 2003 sq. ft, the asking price of $800,000 puts the cost per square footage at $399!

At $400 per square foot for a Seattle penthouse, I’d say thats a pretty incredible deal. Take a look at the penthouse for sale at the Concord.  These buildings were built just 3 years apart and many would argue that they very much alike in their offering and quality of construction. With that said, one is for sale at $1,795,000 (Concord) and the other mentioned above is 300 sf more and priced by the bank at $800,000 for today’s auction (Bellora).

2929 1st Ave Penhouse #2

2929 1st Ave PH2 Seattle 1 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

Bellora Sun Terrace e1331321125448 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

BELLORA SUN DECK

Bellora Gym e1331321208446 Bellora Penthouse Condo Headed To Foreclosure Auction, In 2005 $1.5 Million, Now $800,000

BELLORA GYM

 

Filed Under: All Condos, Auction Foreclosures, Bellora, Belltown, Concord, Home Tagged With: , , , , , , , ,

Condo At Avenue One In Belltown, Last Sold at $287,000, Auction Price of $133,550

March 1, 2012 By Leave a Comment

 

Condo At Avenue One In Belltown, Last Sold at $287,000, Auction Price of $133,550

Foreclosures have been a little quiet lately (holidays, foreclosure settlement etc…). With that said, I always try to keep an eye on the market in case something pops up. Unit #601 at Avenue One is schedule to be auctioned off tomorrow morning. It originally sold for $287,0oo in 2005. The minimum bid is set for $133,550 (Bank of America). We’ll have to wait and see if it sells. Remember that all bank owned units go through this process. If it doesn’t sell at public auction, it “reverts” back to lien holder and will likely come back on the market as “bank owned”. If you guys ever have any questions or want to learn more about foreclosures, check out our foreclosure page or contact us.

If you want to learn more about the building, check out our Avenue One Profile Page.

Avenue One Blog Condo At Avenue One In Belltown, Last Sold at $287,000, Auction Price of $133,550

 


View Seattle Condo Map in a larger map

Filed Under: All Condos, Avenue One, Belltown Tagged With: , , , , ,

Follow Up – Millennium Tower Minimum Bid Is $1,351,500 (Last Sale Price $1,950,000)

January 13, 2012 By Leave a Comment

Follow Up Millennium Tower Minimum Bid Is $1,351,500 (Last Sale Price $1,950,000)  Follow Up Millennium Tower Minimum Bid Is $1,351,500 (Last Sale Price $1,950,000)

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?

Jeff Active Listings2 Follow Up Millennium Tower Minimum Bid Is $1,351,500 (Last Sale Price $1,950,000)

Filed Under: All Condos, Auction Foreclosures, Millennium Tower, West Edge Tagged With: , , ,

Ponzi Scheme Leads To Sale Of Millennium Tower Condo (Foreclosure Auction)

January 10, 2012 By Leave a Comment

Ponzi Scheme Leads To Sale Of Millennium Tower Condo (Foreclosure Auction) Ponzi Scheme Leads To Sale Of Millennium Tower Condo (Foreclosure Auction) Ponzi Scheme Leads To Sale Of Millennium Tower Condo (Foreclosure Auction)

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.


View Seattle Condo Map in a larger map

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

Filed Under: All Condos, Home, Market News/Trends, Millennium Tower, West Edge Tagged With: , , , , ,

Cristalla Condo Sells for 57% Less Than Its Last Sale Price In 2007

January 8, 2012 By Leave a Comment

Cristalla 1909 View Deck e1315504484679 Cristalla Condo Sells for 57% Less Than Its Last Sale Price In 2007

Do you remember this condo we wrote about in September? Then, unit #809 at Cristalla was scheduled to go to auction with a minimum bid of $254,745. It was postponed (delayed) and finally made its way back to the foreclosure auction last Friday. It was brought to our attention by a loyal reader and client of ours who wanted to purchase this particular unit. On their behalf, I went down to the auction on Friday in an effort to secure the property for them. It didn’t take long me to notice that there were a few others investors that had their eyes on the 1 bedroom unit as well. Long story short the bidding started at $212,000 and ended at $265,000. Not a bad deal considering that this same exact unit once sold for $622,500 in 2007. Not all foreclosure sales have the same result, but in this case, my analysis showed that this property sold for about 70% 0f its actual market value.

We’ve just updated our Cristalla Property Profile page.  Check it out.  Interested in learning how to buy at the auction?  Contact us.

CRISTALLA CONDOS INFORMATIONUCS PROJECT GRADE GRADE BUILDING AMENITIES
ADDRESS2033 2nd Ave, Seattle LOCATION B+24 hour concierge
DEVELOPER Murray FranklynAMENITIES AOn-site management
ARCHITECT Weber + ThompsonPRICE BPool
BUILT 2005LUXURY APool, Sauna (wet and dry)
STORIES 23BUILDING CONSTRUCTIONAOwners Lounge & Screening Room
UNITS 197UNIT DECOR AMultiple View Decks & Fitness Facility

 

 

 

Filed Under: All Condos, Belltown, Cristalla, Home Tagged With: , , , , , , , ,

Just Another Uber Cool Foreclosure, Unit #2101 Newmark Tower, (Pictures)

December 19, 2011 By Leave a Comment

GetMedia 82 e1324338118507 Just Another Uber Cool Foreclosure, Unit #2101 Newmark Tower, (Pictures)

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]

Filed Under: All Condos, Home, Newmark Tower, West Edge Tagged With: , , , , , , , , ,
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