Ben Miller over at the PSBJ has a great post on his experience at the Lumen Auction. I agree with him on the vibe of these auctions but differ on the attractiveness of the Lumen final prices. I suspect a few years from now, most of us will wish we got in at some of these prices.
As an example, someone got a brand new 1,272 square foot condo for $355k (they paid half of the original $712k asking price). Here's a couple of charts summarizing the results.
I doubt “most of us” would be wishing we had bought at these prices, even a few years down the road. It seems to me the auction went very well for the sellers, since buyers ended up paying prices that are very close to current *asking* prices of the MLS-listed units. In fact, there’s one on the MLS listed for $250k and units of comparable size sold for around $300k at the auction, though I admit unit size is just one aspect of overall value.
The $355k unit is the closest thing to a “good” deal, until you consider the $800+ (by my calculation) monthly dues … about half of what it would hypothetically rent for I bet.
i can’t believe someone got a new 1,300 square foot new condo above a supermarket in queen anne for $355K.
was there something wrong with that unit?
That’s weird. Why are their dues so high?