I just noticed this bank owned condo that came on the market yesterday. It is on the 7th floor at Washington Square. In January of 2008 it was purchased for $420,000. It’s now listed at $274,900. That is a 35% reduction since the last market sale. The unit is 640sf. For more info, check out the listing below.
If you are wondering why there are so many bank owned properties in this building, there is a simple explanation. It is a combination of market pricing when they originally sold and that the developer placed very little exclusions or limitations on investor financing. You see this in the Seattle condo market as well (Cosmopolitan, 2200 Westlake etc….)[table “21” not found /]
Here is a look at the listing: