Auction Results

Just a quick update on the auction I mentioned a couple of weeks ago.

The auction was yesterday and about 30 bidders were there and about 120 people in the room. There were 17 condos for sale so the odds were pretty good on getting a condo if you really wanted one. There was a minimum bid for each type of unit. After the first 13 sold the Seller stopped the auction. I believe it was because they were not getting as good of prices as they had anticipated. They sold the first 13 from about 25%-46% under the current asking price. The current asking prices were about average for similar condos currently for sale in the area so getting a condo that much under the asking price is incredible. All the condos had new kitchens, bathrooms, flooring, new roof, siding and windows.

Deals of the day;
Studio condo w/out parking sold for $102k. The average price for Studios on Cap Hill w/out parking is $200k. The cheapest co-op on Cap Hill is a dump for $115k.
2 Bedroom/1 Bath top floor w/parking and a view of the Space Needle sold for $278k. The average price for 2 Bed/1 Bath condos on Cap Hill is $356K.
1 Bedroom w/parking sold for $205k. The average price for a 1 Bed condo w/parking on Cap Hill is $332k.
With such low pricing the Seller has put himself in a sticky situation. Future purchases will be based on these prices so anyone else buying in this building should be able to purchase well below current rates.

There are still about 11 condos for sale in this building. Please let me know if you are interested in getting more information as I feel confident that a good deal can still be had, just not through the auction process.