Top Floor Condo Sells For $110,000 At Foreclosure Auction On Friday

belltown.court  Top Floor Condo Sells For $110,000 At Foreclosure Auction On FridayCosmopolitan Night Top Floor Condo Sells For $110,000 At Foreclosure Auction On FridayAvenue One Blog Top Floor Condo Sells For $110,000 At Foreclosure Auction On Friday

I thought I would share a quick update from this weekends foreclosure auction.  There were a number of units that I had been following leading up to Friday morning: A studio at Belltown Court, a 19th floor unit at Cosmopolitan and a penthouse unit at Avenue One in Belltown.

Belltown Court #728:

Unit #728 was on the mls just last year.  It is a 579sf top floor studio with a private view deck.  It last sold in August of 2007 for $292,000.  On Friday the minimum bid for the property was $101,489.  I was told that the final sale price was $110,000.  wow.  Considering that one-bedroom studios can rent for as much as 1,400 per month in Belltown, this could be a pretty sound investment for the new owner.

Cosmopolitan #1907:

Many of the one bedroom units at the Cosmopolitan selling at Foreclosure have been successful. Especially the north facing units.  This particular unit, like many other west facing condos in the building is heavily encumbered by the 1918 office tower next door.  With that being said it is a 800sf unit on the 19th floor.  One would think that an investor at the auction would have paid the $240,000 for it when it became available.  It sold in June of 2007 for $445,000.  Suprisingly, it never received a bid.  It reverted back to the bank and we will likely see it as a REO/Bank Owned listing soon.

Avenue One Penthouse #PH02:

For those of you unfamiliar with Avenue One, it was built in 2005 by Intracorp and is located at the corner of 1st and Clay in Belltown.  I’m always surprised to see penthouse units on the auction block.  This unit was purchased in 2005 for $980,500.  It never received a minimum bid and therefore wasn’t available for sale at auction.  It was postponed by the bank.  I will continue to monitor the situation.