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.
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