There’s nothing of major concern with this letter sent to residents about the auction of condos scheduled for September 27th, but it does verify that they will be auctioning a select number of units. After the auction, sales will commence as usual, but with an expected pricing revision.
“We have contracted with Accelerated Marketing Partners, a respected national sales marketing company, to sell select inventory homes during a one-day sale that will take place on September 27, 2009. Please note that this is not a complete sale of the remaining inventory of homes. Following the September 27th event, we will resume our normal sales activities.”
The most important thing to remember about attending an auction is just to make sure you are accompanied by someone who knows real estate. The goal is to win an auctioned condo at a low price, but also be the highest bidder among everybody else. Also, attending an auction for real estate still requires that you have gone through the financing process (unless you’re paying cash of course), and you’ll still need to make sure you account for closing costs. Here are a few basic considerations to look at before deciding on if you plan to work with an agent or not.
Know the laws on how auctions operate – For Gallery and Brix, the company organizing the auction is from California, therefore it may be a good idea to see if there’s any differences between how auctions operate. Also be sure to know how much cash the auctioneer requires you must have if winning a bid,
Secure your financing – Before you can even bid on a condo, you’ll need to know how you can afford by getting prequalified. Also, auctions vary on how much you will need to have in cash (usually a cashier’s check) upon winning a bid. This is usually done by percentage, but you will need to be prepared before the day of the auction.
Analyze the real estate’s value – Once you’ve secured your financing and you’ve familiarized yourself with what is required by you under the assumption you will win, the next step is to determine the market value of the properties up for auction. This is when you may want to seek the advice of a professional Realtor.
Know your maximum bid – Your maximum bid should only be calculated after you’ve familiarized yourself with how the auction will operate, have secured your financing, and have analyzed the property’s market value. Then, you should know the maximum amount you are willing to bid before the auction begins, and try to avoid getting caught up in an emotional bidding war by sticking to your predetermined limit.
If you are considering agent representation, here is what we as your agent will do for you:
- Obtain a copy of the purchase and sale agreement, making sure you understand it.
- Assist you in coordinating the right financing and appraisal.
- Provide you with comparables, educate you on the market, and offer an opinion on maximum value.
- Assist you in understanding the auction requirements and what deposit is required.
- Keep you focused during bidding!
Are you planning on attending the acution for Gallery/Brix? Let’s make a game plan for you! Call or email us today to get the ball rolling.
As of our most recent visit this afternoon, several potential buyers have already visited Gallery to tour some of the homes going up for auction. Unfortunately, any of those buyers signing in as a guest who will later want representation from an agent will be denied that request. Therefore, it’s important for you to decide if you wish to have representation before you go to visit these two properties. There are several important things to consider before making this decision. We’ll be doing a more detailed post tomorrow as to what those benefits are, but we have had a client who was unable to bring us as their agent during the Lumen auction because we were not present during their initial visit. They were very disappointed that they had to attend the auction without any professional insight. The bottom line is that auctions can get very emotional, and you will need a ‘game plan’, with numbers figured on how much you’re willing to pay. Most all units at Lumen sold for over $100k from the starting bid, and not all of those who won a purchase really made a “great deal”.
Schnitzer’s goal is to auction off enough units to get FHA approval, then adjust the prices on the remaining units afterwards to match current market value determined from the auction. Not a bad strategy in this market.
In the meantime, here is a copy of what units will go up for auction at Gallery (we’ll post Brix tomorrow), and you can see some of them online by visiting our condo profile for the address here. If you would like us to put together a game plan to take full advantage of the up-and-coming auction for either of these projects, please give us a call and see how we can help you. Representation doesn’t cost you anymore money, but getting wrapped up in an auction without it could.
Realogics announced the final sale of the last remaining unit at The Parc (with the exception of those being resold/flipped). The press release stated that this will be the first time that a condo project has sold out since 2007!
“The sellout of any tower is always a milestone but it’s far more significant today because it means that we’re finally digesting the standing inventory,” says Sam Cunningham, Managing Broker for Realogics Brokerage, LLC. who is the listing broker at The Parc. “We’re especially proud to have sold out using traditional sales and marketing efforts – it’s a win-win for buyer and seller in what has been a challenging marketplace for many, but not all projects downtown.”
This is certainly big news since the there’s still left over inventory from other new construction projects. The release points out that the last place to sell out was 2200 Westlake–also marketed by Realogics.
Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)
So far, the Marselle has achieved 11 sales and two pendings. The units themselves are pretty nice, with location only three blocks from the city center.
There’s 2 types of units that we expect to be very popular at Marselle. The 1 bedroom plus sizable den, and the townhomes are very nice. Here are some pics of their modeled 1 bedroom + den:
As mentioned in a post from our first visit, the townhomes are also a splendid buy. We took pictures of unit #705, which is just under $650k. The 2 bedroom plus den has soaring ceilings and a full on view of the Space Needle from the living room and bedroom, in addition to its own rooftop terrace access. We sure would love to see the view from that unit at night! Here’s the pics:
As far as amenities go, Marselle features a game room w/kitchen, a fitness room, stretch room, and of course the rooftop terrace with a doggie area.
Schnitzer West properties going to auction for both Gallery & Brix. Matt & Ben both twittered the announcements already, and you can view their posts below.
Here’s your ‘pings':
Both auctions have their own websites where you can get more detailed information:
There’s no doubt that auction buyers have walked away with massive savings. Contact us for more information on what you should pay for these units if you’re looking to attend.
P.S. Don’t forget to buy your Mega Millions ticket. Drawing for $325M is tonight!
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Condo Only, NWMLS Area 701 (Belltown & Downtown Seattle)
Some time ago we had a client ask about zoning when the city had just made some changes, so we have now integrated it into our blog for general use by the public. If you have any concerns regarding a possible loss of a view, this will prove to be one of the best resources for you! For future reference you can find it under the “Search” button in our navigation.
And, just in case you missed it, we have another cool new search that allows you to view up to three years of sold history! The best part about this feature is that if you create an account, you can also save sold properties to your favorites, then use them for future comparison when looking to sell.