Million dollar re-model at Monique Lofts

Have a $1 million to spend on a gorgeous Capitol Hill Monique Loft?

This isn’t any old Monique Loft with flexing plywood floors and a mini kitchen. This unit was purchased on 05/24/2006 for $501,500 and the owner has apparently put $300,000 worth of renovations into it. The marketing description lists many of the new features:

Spacious & inspiring living space w/ industrial & modern Italian design. Huge exposed old growth beams, steel, exposed concrete wall, floating VG fir stairs, industrial white epoxy floors, & chic Italian design w/ Poliform Varenna Kitchen, Antonio Lupi bath fixtures, Waterworks bathtub, custom steel stairs and so much more.

They had an unannounced open house today and I stopped in to see it and it is as nice as it sounds. Amazing kitchen, spacious, spare bedroom and den. Plus it looks like it has never been lived in post-model. The agent showing the place mentioned that HGTV and the Seattle glossy mags were wrangling for stories on the place. It really is that nice.

Will they clear $200,000 on this flip? It’s narrow, south facing, not much of a view, few windows but impeccably designed.

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • vc

    So hot. I love it.

  • vc

    So hot. I love it.

  • tomasyalba

    History shows quite an up and down story for this unit. Sold fresh out of conversion in 2000 for $525K, then foreclosure in 2002, bank unloaded it more than a year later at $386K. Now the runup. Did she get it out there in time? If she gets her ask it’ll be almost $400K above appraised tax value. How suspenseful!

  • tomasyalba

    History shows quite an up and down story for this unit. Sold fresh out of conversion in 2000 for $525K, then foreclosure in 2002, bank unloaded it more than a year later at $386K. Now the runup. Did she get it out there in time? If she gets her ask it’ll be almost $400K above appraised tax value. How suspenseful!

  • http://twitter.com/mattgoyer mattgoyer

    Yes the history is quite interesting. It’s really interesting that it sold for $525k in 2000 and then $501k in 2006. If anyone gets some free time it would be interesting to look at all the units in the building and see if other units had zero to negative appreciation over six years.

  • http://blog.mattgoyer.com Matt

    Yes the history is quite interesting. It’s really interesting that it sold for $525k in 2000 and then $501k in 2006. If anyone gets some free time it would be interesting to look at all the units in the building and see if other units had zero to negative appreciation over six years.

  • newbuyer

    I like it, but I feel that if you take away all the swanky furnishings it would look quite drab.

  • newbuyer

    I like it, but I feel that if you take away all the swanky furnishings it would look quite drab.

  • tomasyalba

    Good idea, Matt. I’m hiding from the boss so have time to indulge…

    Looks okey-dokey at the Monique – a snapshot of “spot the asset curve” on Cap Hill.

    Over six or more years, no zero or neg except the unit in your post! Looks like some 2004 sellers took a cold bath, but no probs once the mania kicked in, independent of HOA or any special assessments. No idea the type of financing on these puppies, so grain of salt on my lousy math for appreciations in parens).

    Seven-year resales:
    Unit 402. Fresh in 2000: $554,900. June 07: $649K (17% up).
    406. 2000, Bruce Pavitt (skinnier bearded Sub Pop cofounder) paid $250K. Feb 07 $462,500 (85% up).
    401. 2000: $615K. Foreclosed 06. Bank sale Feb 07 for $759K. (23%).

    Six-year:

    205. 2000: $310,900. March 06: $375K. (20%).
    208. 2000: $275K. May 06: $380K. (38%).

    Five-year:

    404. 2000: $435K. July 05: $925K. (112%). (Woof.)

    Four-year:

    302. 2000: $229,500. October 04: $190K (17% down).
    207. 2000: $334K. June 04: $295K (11% down).
    310. 2000: $289,900. May 04: $296,950 (2%).

  • tomasyalba

    Good idea, Matt. I’m hiding from the boss so have time to indulge…

    Looks okey-dokey at the Monique – a snapshot of “spot the asset curve” on Cap Hill.

    Over six or more years, no zero or neg except the unit in your post! Looks like some 2004 sellers took a cold bath, but no probs once the mania kicked in, independent of HOA or any special assessments. No idea the type of financing on these puppies, so grain of salt on my lousy math for appreciations in parens).

    Seven-year resales:
    Unit 402. Fresh in 2000: $554,900. June 07: $649K (17% up).
    406. 2000, Bruce Pavitt (skinnier bearded Sub Pop cofounder) paid $250K. Feb 07 $462,500 (85% up).
    401. 2000: $615K. Foreclosed 06. Bank sale Feb 07 for $759K. (23%).

    Six-year:

    205. 2000: $310,900. March 06: $375K. (20%).
    208. 2000: $275K. May 06: $380K. (38%).

    Five-year:

    404. 2000: $435K. July 05: $925K. (112%). (Woof.)

    Four-year:

    302. 2000: $229,500. October 04: $190K (17% down).
    207. 2000: $334K. June 04: $295K (11% down).
    310. 2000: $289,900. May 04: $296,950 (2%).

  • vc

    Some of tommy’s info is inaccurate, but it’s a neat analysis nonetheless.

  • vc

    Some of tommy’s info is inaccurate, but it’s a neat analysis nonetheless.