Gallery Condominiums – Looking Back, and Ahead

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. 

Check out our Gallery website, GalleryinBelltown.com for more information. If you would like to schedule a private tour, just drop us a line at urgent@stroupe.com.