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.
Popularity: 16% [?]
6 responses so far ↓
1 vc // Nov 19, 2007 at 10:57 am
So hot. I love it.
2 tomasyalba // Nov 19, 2007 at 11:32 pm
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!
3 Matt // Nov 20, 2007 at 10:15 am
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.
4 newbuyer // Nov 20, 2007 at 6:59 pm
I like it, but I feel that if you take away all the swanky furnishings it would look quite drab.
5 tomasyalba // Nov 21, 2007 at 8:04 am
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%).
6 vc // Nov 23, 2007 at 10:34 pm
Some of tommy’s info is inaccurate, but it’s a neat analysis nonetheless.
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