A reader e-mailed in about a flood of new listings at the Meridian, 1420 Terry Ave:
In the last few days, there has been a sudden rush of units being put on the market. There are currently 13 on the market out of 190+ = 7% - unusually high. There is also a concentration of units on the upper floors. Furthermore, the $/square foot seems rather low on a few of them.
Any one know what’s going on here? I had some take a look and they all appear to be different sellers.
Popularity: 11% [?]
8 responses so far ↓
1 EconE // Jun 26, 2007 at 8:23 am
yup…I noticed that also last night.
2 Dan C. // Jun 26, 2007 at 8:26 am
I would venture to guess that many sellers signed a contract preventing them from flipping units for a period of time (6-18 months). Many of these people are probably trying to bail out before condo prices start dropping…
3 Cameron // Jun 26, 2007 at 8:57 am
While I am sympathetic to individual sellers it is kind of funny. In their rush “to bail out before condo prices start dropping…” they are flooding the market for the building and their prices ARE dropping.
4 Dan L // Jun 26, 2007 at 11:14 am
I live at Meridian and I’ve noticed the flood of listings over the past month or so. I don’t know what’s behind this phenomenon, but I can say with a fair amount of certainty that it’s not a rush to bail out.
Cameron - appreciation in this building have stayed strong over the 1.5 years I’ve been here. I’m not sure where you got the idea that prices are dropping but that’s just not correct. And at a glance it may look flooded, but when you consider that units range from 600 SF 1 BRs for $320K to the 2700 SF penthouses for $3.4 million and everything in between, there’s a wide array of buyers that they’ll appeal to.
Dan C - this building was completed 4.5 years ago, well before the days of investor restrictions.
I think 3-4 years after opening is typically a high turn-over period and that’s where we’re at. And maybe it’s compounded because it’s also a good time of year to sell.
5 da special assesment or mon // Jun 26, 2007 at 11:19 am
That building was built over 5years ago, probably not a flipping clause could be that they purchased an a new buildin g that is ready to start closing soon…OR there could be an issue in the building requiring littigation and or special assesments.
6 James // Jun 28, 2007 at 1:46 pm
(snip)
I would venture to guess that many sellers signed a contract preventing them from flipping units for a period of time (6-18 months).
(snip)
Hey, I’m the owner of a unit on the 20th floor and I can tell you this is not the case. I bought my unit when the building was new in fall 2003. There was no language in the contract preventing sales within any timeframe.
I know two of the owners who are selling and they’re each selling for personal, idiosyncratic reasons. There’s no deeper causal factor that I’m aware of. But then I’m not selling — maybe there’s something I don’t know! ;) (Conspiracy theories sure are fun!)
7 Meridian owner // Aug 30, 2007 at 2:16 pm
Just an FYI if anyone else comes across this from a search like I did.
All defects were resolved with the builder without the need for litigation. There are no pending proposals for special assessments nor are there any major projects needed outside the planned maintenance budget. Many of the folks I’ve talked to are cashing out to buy houses. A number of these owners were the first to buy in so they made the most from the market gain.
8 Adrianna // Sep 11, 2007 at 6:54 pm
I’d be interested in hearing about the condos that are for sale in the Meridian and if real estate prices are actually dropping in Seattle — ?
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