The story began on March 4th, 2011, the day before 24 units of Gallery Condominiums were scheduled to go up for auction—with a press release announcing there was now NO auction! An eleventh-hour decision by Gallery Condominium, LLC and auction coordinator Accelerated Marketing Partners radically shifted the March 5th auction at the Grand Hyatt to a non-compete buy on a first come, first serve basis at the Gallery itself.
There’s much to speculate about the sudden format change. Adding to the confusion was the press release itself. It stated that the Sales Event would only be opened to potential buyers who officially registered during the auction campaign. Later, we were told that the public could preview the homes that Saturday morning, then sign up at the Gallery Sales Information Center for the afternoon sale.
A number of price incentives were in place, but tighter credit requirements and expensive conventional financing slowed the purchase process. Buyers needed more time to obtain financing pre-approvals, and were allowed seven days to finalize their purchase. Of the 24 homes offered that day, only eight were sold.
The Sales Event may have been a little too much and way too late– but the Gallery story may still have a happy ending. We checked with management and a week later, sales are running on a positive note. Three more homes have sold since the March 5th event, with three offers pending. There are a total of 29 units open, building occupancy is now at 87%.
And, we still feel that the Gallery is a great property for a first-time buyer, a professional or an empty-nester. Situated at 2911 Second Ave (at Broad St), Gallery captures Space Needle views to the east, and Elliott Bay panoramas to the west. Its crossroads location allows you to easily zip up to Queen Anne, out to Ballard or South Lake Union, or into Downtown Seattle. No car? Their WalkScore is ranked 92 out of a possible 100.
Floorplans offer maximum use of space. Interiors include European-styled kitchens with custom cabinetry, slab granite or microcrystal countertops and premium stainless steel appliances; floor to ceiling windows; hardwood floors; and generous balconies. Amenities include a full-service concierge, two-story lobby, Owners Lounge, plus an exclusive Supper Club and Sky Lounge to accommodate your special events.
The Gallery is back to traditional sales methods, with prices 10%-15% lower from the most previous listings. Open one bedrooms range from $225,000 to $315,000. A two bedroom, two bath is going for $459,000. Homes are available on all sides of the building—three with water views, others with great views of the Cascades and Downtown. There is also special pricing for homes located on the lower levels.
The final closeout of Gallery Condominiums’ new home inventory goes under the hammer on Saturday, March 5, 2011 at 5:00 p.m. at the Grand Hyatt Seattle, located at 721 Pine Street downtown. This is an amazing opportunity for any type of buyer, because starting prices for these homes have been slashed from 40 to 54 percent! Below is the price list so you can see what we mean, sorted by square feet, then unit number.
Gallery’s location at 2nd Avenue & Broad Street ranks a 92 on the 100-point WalkScore meter (more on that in a minute). Its views include Seattle icons such as the Space Needle, Elliott Bay and the downtown skyline. Driving around is easy when you’re at the crossroads of easy commutes to Queen Anne, Ballard, South Lake Union, downtown and beyond!
Gallery Condominiums provide customized floor plans offering maximum use of space. Check out their European-styled kitchens with custom cabinetry, slab granite or microcrystal countertops, plus premium stainless steel appliances. There’s plenty of light with floor to ceiling windows in each unit. Beautiful hardwood floors plus generous balconies with prime views provide finishing touches on a special place to call home!
Amenities include a full-service concierge staff, a two-story lobby, Owners Lounge, two Guest Suites, a Fitness/Yoga room plus an exclusive Supper Club and Sky Lounge. From intimate dinners to large groups, Gallery can easily accommodate any event you host!
Our own Gallery website, GalleryinBelltown.com, provides a short virtual tour and an amenities slideshow. It also provides WalkScore information plus neighborhood details including restaurants, shops and local attractions. Bidders have to be pre-registered, so click on our “AUCTION!” link so we can get in touch with you.
As your auction resource, we’re with you from beginning to end. We’ll start by discussing the auction process plus financing options, take you on a private tour of the units, formulate an auction strategy, and be at your side during the bidding and closing. Check out our site above, or just get in touch with us by clicking this Stroupe Group link.
Last night we broke the news that Gallery Condominiums was rumored to be putting up 26 homes for auction on Friday, March 4th. Well, our info was correct except for the date… it’ll be on Saturday, March 5th. Here are more details, which we can now present as confirmed:
The final closeout of Gallery Condominiums’ new home inventory will go under the hammer on Saturday, March 5, 2011 at the Grand Hyatt in downtown Seattle, providing a rare opportunity for prospective homebuyers to purchase a new condominium at steeply discounted prices… minimum bids between $175,000 and $295,000 represent up to a 54 percent reduction in price!
Situated at 2911 Second Ave (at Broad Street) and ideally located at the north end of Belltown, Gallery is perfectly situated to capture Space Needle views to the east, and Elliott Bay panoramas to the west. Its convenient Broad Street location allows you to easily zip up to Queen Anne, out to Ballard or South Lake Union, or deep into the heart of Downtown Seattle.
Gallery features concrete and steel frame construction and customized floor plans offering maximum use of space. Their upscale finishes are something to behold. Try European-styled kitchens with custom cabinetry, slab granite or microcrystal countertops and premium stainless steel appliances; floor to ceiling windows; hardwood floors; and generous balconies! Amenities include a full-service concierge staff, a two-story lobby, Owners Lounge, and an exclusive Supper Club and Sky Lounge. From intimate dinners to large groups, Gallery can easily accommodate your special events!
The homes slated for auction will be open, one bedroom/one bath plans with a variety of square footage layouts ranging from approx 571 to 672 sq ft in size, and successful bidders will be able to choose from a number of configurations to define their living areas and bedroom areas. Also included in this sale is a one bedroom/one bath plus den at approx 883 sq ft, with exceptional views of Elliott Bay. Whether you’re a professional or an empty nester, these homes are designed to work with your individuality, while providing you the best of city living!
Gallery is currently more than 80 percent occupied. We will keep watch as this develops and get you the latest news as quickly as possible. In the meantime, you can keep tabs on the auction by checking this website or our special Gallery website, GalleryinBelltown.com . If you’d like us to contact YOU on more information or to schedule a private tour, just sign up at our Stroupe Group link.
We’ve just heard rumors from very reliable sources that an auction will be held on Friday, March 4th, on 26 open one bedroom homes at GALLERY CONDOMINIUMS, 2911 Second Avenue (2nd & Broad), in downtown Seattle.
Again, we state that these are rumors and we are working on securing confirmation, pricing, and floorplans. We will post these as soon as we have all the information available. Check back on this website, as well as our site specially dedicated to Gallery Condominiums, http://galleryinbelltown.com/. While you’re there, click on the Listings tab to reference past auction results.
Gallery Condominiums is a 13-story community with unbeatable amenities including a rooftop deck with Puget Sound views, extravagant 2-story lobby entrance, private dog park and more. We’ll stay in touch!
January 25, 2010 by James
Filed under 1521, 2200Westlake, 81 Vine, ArborPlace, AvenueOne, BayVista, Bellora, Cosmopolitan, Cristalla, ESCALA, Featured, Gallery, Marketing, Meridian, Newmark Tower, Parc, Pomeroy, Seattle Heights, The Vine, WFP
We wanted to take a moment to share a beneficial service we provide for both buyers and sellers looking at downtown Seattle real estate. Over the last couple of years, we have built a collection of websites for buildings downtown, and have many more in the hopper. Our intention with these websites is to allow each unique address to convey its own personality online.
Every site we build for a condo building allows a visitor to:
- View active units for sale,
- View the past three years of sold history,
- Sign up for instant email notifications of new listings,
- Inquire about a particular unit’s value,
- See a neighborhood map and WalkScore,
- Look at a photo gallery of amenities, and
- Get building management/concierge contact information.
In addition, whenever we have a seller that lists with the Stroupe Group, we integrate a customized page with professional photography. All of our building websites also place at the top of all major search engines for maximum exposure, and we also use linking strategies to further secure placement.
Visit our current project: EscalaTower.com
Below is a list of other websites that are constantly being improved, and we would love to hear any suggestions on how we can make them better.
- 81 Vine Lofts
- 2200 Westlake
- Arbor Place Tower
- Avenue One
- Bay Vista Tower
- Bellora Building
- Fifteen Twenty-One
- Meridian Tower
- Newmark Tower
- Seattle Heights
- Tavona Condos
- The Cosmopolitan
- The Parc
- The Vine
- Watermark Tower
We were told that Brix sold another eight units (one being a fallout/back up buyer from the auction) over the weekend after the auction. Also, of the three remaining townhouses, only one is now left and has yet to be released. We’ve yet to speak to anyone about how Gallery has done since the auction, but our web traffic shows our Gallery website received 1,355 visits compared to our Brix website which received 346. Although we built the websites and integrated tracking on the same day, we have to also consider that search engine placement for both vary.
At any rate, those who have won a home at either location seem to feel happy with the deal they received. Schnitzer has also acted promptly and repriced their first release of homes–which are moving quickly based on what we know from the eight additional units that sold just this weekend.
Any one of these units shown below does not guarantee that it is still on the market. To take advantage of this low pricing and to get more information on what units are available, contact us.
|Unit #1206 | Open 2B/2B
1,066 sq. ft.
Now $499,000Unit #1204 | Open 2B/1B
880 sq. ft.
Unit #1202 | 2B/2B + Den
Unit #918 | Open 1B/1B
Unit #915 | Open 1B/1B
Unit #908 | Open 1B/1B
Unit #802 | 2B/2B + Den
Unit #616 | Open 1B/1B
Unit #908 | Open 1B/1B
Unit #307 | 1B/1B + Den
Unit #302 | Open 2B/2B
|Unit #607 | Open 1B/1B
724 sq. ft.
Now $309,000Unit #505 | Open 1B/1B
674 sq. ft.
Unit #314 | Open 1B/1B
Unit #311 | 1B/1B
Unit #307 | Open 1B/1B + Den
Unit #136 | TH 2B/2.5B + Den
Unit #134 | TH 2B/2.5B + Den
Unit #113 | Loft TH 1B/1.5B
Unit #126 | Loft TH 1B/1.5B
Unit #112 | Loft TH 1B/1.5B
Arrange a Showing to Take Advantage of New Pricing! Last Chance to Take Advantage of $8,000 Tax Credit!
We’ve had several inquiries about the Gallery and Brix auctions, so we have put together a couple of websites for you to review if you’re also interested. The new sites show previous sold prices, and a list of units will be going up for auction. Click on either of the project names below to view the site:
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.