Here is something new for Seattle condo projects - an auction to get some of the condos sold.
1707 Condominiums on Capitol Hill will be auctioning off 17 condos on Sunday, October 19th. There is a minimum bid of $95k for Studios, $195k for 1 Bedroom units and $215k for 2 Bedroom units. These minimum bids are up to 47% off the current list price, which can be a great buy if you can get any of them at the minimum price.
According to the on-site team the developer is fine financially but wants to get some units moved before the quite months of November/December. They are asking for a $2,500 deposit and you must close in 30 days. Monthly dues are about $180-$205 depending on the unit (25-45 cents psf), which is pretty good.
It's a basic building w/out a lot of amenities in a great location, just one block west of SCCC. It could be a great first-time Buyer condo or a great rental, depending on the final sales price.
Developers are hoping for 70-80 bidders. I'll be there with a client and will let you know if any great deals were found.
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