WOW - It is official, the Seattle Condo Auctions at Brix and Gallery announced JUST TODAY in The Seattle Times show us the Seattle Condo Market HAS A WAYS TO GO BEFORE BOTTOMING OUT.
I was suprised to see these two buildings go in to Auction, especially suprised by Brix. Yes, Brix Condos located on the North end of Broadway in Seattle's Capitol Hill neighborhood had been beset by Contractor problems and ended up going through three, yes three different general contractors before finishing, but Brix also had a good lead timeline wise on the entire Condo Meltdown, and their on-site sales were starting to pick up last I heard.
An Auction at Gallery in Seattle's Belltown - in contrast to the Condo Auction at Brix - is not as suprising as it is disheartening. This recent developement proves to me that Seattle Condos still have a bit of price adjustment to go before the market will support more market based sales.
SO WHAT IS THE PROBLEM? WHY ARE BRIX and GALLERY GOING TO AUCTION??
We have a supply problem, plain and simple - Buyers that would have been looking at BRIX or GALLERY a year or even two years ago are buying today in nearby townhouses and a few scattered single family homes that previously would not have been affordable to them. The price advantage of buying a condo in Seattle dissappeared - evidenced most strongly by the announcement today of the BRIX and GALLERY AUCTIONS.
So how much do Seattle Condo prices need to come down to absorb the inventory?
My guess is around 10% from current asking prices across the board. The entry point for condos and the monthly payment needed to live in them needs to come down below that of nearby Townhouses. Paying $400 and up for HOA dues is like financing an additional 80,000 or more in buying power for a townhouse or regular house.
WANT A DEAL ON A SEATTLE CONDO? GET IN ON THE AUCTIONS!!
It is all happening September 27th 2009 for both BRIX and GALLERY, and you need to be pre-approved for financing BEFORE you can bid. If you are thinking of a new Condo, you need strong Buyer Representation, especially in an Auction! CALL ME at 206.218.8448 and lets get the ball rolling for pre-approval so you can take advantage of these once-in-a-lifetime opportunities! Of course if you are a first time buyer, getting in on the Condo Auctions at Brix or Gallery could mean an additional $8,000 tax credit as well, just need to close by November 30th to take advantage and meet some income guidelines.
Register for the BRIX Condo Auction at www.AuctionBrix.com
Register for the GALLERY Condo Auction at www.AuctionTheGallery.com
Become pre-approved so you can bid at one of these Auctions at www.imaginepropertiesnw.com
Sign up for our once a month FREE FORECLOSED HOME TOUR if your looking to skip the whole messy Auction bit and just go straight to the best deals!
Urbnlivn.com BLOG Post with links to prices and brochures for BRIX AUCTION
Urbnlivin.com BLOG Post with links to prices and brochures for THE GALLERY AUCTION
The LONG TERM (7+ years) outlook for Seattle Condos remains unchanged - we will trend upwards!!! Don't be discouraged if you dream of fabulous Condo living. Instead be excited by the incredible opportunites that the Seattle Condo Auctions at BRIX and GALLERY represent!
Joseph R Hill
Your Professional Realtor, serving Capitol Hill Seattle, Short Sales, Bank Owned & REOS, National Relocation, and Buyers throughout King County.
206.218.8448
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