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About the Author: Marco Kronen
Marco Kronen is the author of Seattle Condo Review and is real estate agent in Seattle who specializes in condos. He has been serving clients in Seattle since 2004.
Very interesting, Wendy.
I think the current list price of $329,950, the “Buy it Now” price of $309,000, and the minimum bid price of $279,000 will tell us how well this strategy works when the auction actually happens. The fact that this is NOT a distressed property or in foreclosure or short-sale takes a lot of the “desperation” factor out of the valuation too.
Looks like it was canceled. Anyone know why?
Yes. The auction was canceled and it is back on the market for $299,000. For additional information, you can contact Linda at 206.852.0714.
That’s a load of bull. How can they cancel the auction? There’s no explanation on the website either. Seems like the owner wasn’t acting in good faith.
Nice way to get some views on your condo that, “is NOT a distressed property – not a short sale nor a foreclosure. This is simply an owner who wants to sell his property.”
They’re also selling the condo next door (305) at a 60k loss. Can’t be fun paying 800 bucks a month in HOA dues on two condos you’re trying to unload.
I don’t understand how canceling the auction is “a bunch of bull”. The owner wants to sell. It is well reflected in the current list price. The condo is $30 a sqft cheaper than any other active 1 bedroom in Canal Station. It is also $22 a sqft cheaper than any other 1 bedroom that has sold in CS I & II in the last six months. Actually, if you look at the core of Ballard – there is only one active listing that has a lower price per sqft than our listing.
The owners are not flippers, investers, etc… They are owner occupied – yes, both units are owner occupied.
We tried the auction route to try to get the home sold since lowering the price has not seemed to help. The auction was canceled due to a lack of interest in the auction format. That is the only reason, plain and simple.
In this market, I think we can relate to a seller that wants to move, whether it is into a new place or out of state, but can’t until their current place sells. So, we are trying anything and everything we can to assist in helping them move on.
At the current price level, the number one question agents have for us is, “What’s wrong with it” and the answer is ABSOLUTELY NOTHING!! They are wanting to move and have priced it accordingly.
UWP – You are absolutely correct that taking a huge loss like this isn’t fun, but they want to sell and understand the current market conditions are ripe for them taking a loss.
Thanks
Co-Listing Agent
If you say you’re gonna do an auction on a certain date with a certain reserve price, you should honor that. Bad karma.
Greg – I am not sure what you are getting at. We had no one get pre-approved with the onsite lender – ergo we would be sitting there all by ourselves. There was no interest in the auction format. I do not understand your complaint.
Ok, well if there were 0 registered bidders, it’s reasonable to cancel the auction. Thanks for explaining. Good karma.
Thanks for stopping by to clarify.