Lumen Next To Auction Off Remaining Inventory

With the Queen Anne High auction today (how’d it go??) time to move our attention to the next auction.

I hear the Lumen will be the next Seattle condo to auction off their remaining inventory. The auction will be handled by Kennedy Wilson who handled the auctions for The Press and Queen Anne High.

It looks like 24 units remain unsold at Lumen according to King County records.

There are currently 8 unsold units on the MLS with an average price of $480/square foot. The average sold price for the last 90 days for condos in Lower Queen Anne is $402/square foot. This does not bode well for the seller of #108 who won’t be able to compete against the auction pricing.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • http://www.downtownbellevue.com/ Michael

    Ouch.

  • http://www.downtownbellevue.com/ Michael

    Ouch.

  • http://www.downtownbellevue.com/ Michael

    Ouch.

  • http://www.downtownbellevue.com/ Michael

    Ouch.

  • Ross

    I attended the Queen Anne auction today. I didn't win any properties, but overall it was an interesting experience. The 13 units were sold is about an hour. Most of the auctions ended in about 3 minutes or so, though a couple had back and fourth bidding wars that lasted a bit longer. I was bidding oppurtunistically, but didn't expect to win (I was mainly concerned with the high HOD and potential that they increase further due to low reserve funds). Anyways, here's my notes from the auction:

    West Wing
    #01 (167) 1154sqft. 2BR/1.75 Bath. Orig=480K(416/sqft) Res=245K(212/sqft) HOD=560. Sales center. East facing fountain. No view. Unit somewhat worn. Close=336K(291/sqft)
    #02 (267) 1154sqft. 2BR/1.75 Bath. Orig=500K(433/sqft) Res=265K(230/sqft) HOD=560. East facing fountain. View of fountain. Close=324K(281/sqft)
    #04 (367) 1127sqft. 2BR/1.75 Bath. Orig=520K(461/sqft) Res=295K(261/sqft) HOD=550. East facing. Some city/cascade views. Entrance descends. Close=390K($346/sqft)
    Industrial Arts Bldg
    #05 (280) 1000sqft. 2BR/1.5 Bath. Orig=485K(485/sqft) Res=265K(265/sqft) HOD=485. NW facing, west road view. Side faces west wing walls. Close=326K($326/sqft)
    #06 (282) 1181sqft. 1BR/1.5 Bath/Den Townhome. Orig=580K(491/sqft) Res=325K(275/sqft) HOD=575. 2-level townhome with large deck (NW facing, wraparound). Peekaboo views of water from deck. Close=426K(361/sqft)
    #07 (286) 526sqft. Studio/1 Bath. Orig=255K(485/sqft) Res=145K(275/sqft) HOD=255. Studio, west facing. No view. Close=201K(361/sqft)
    #08 (287) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. SE facing with deck and excellent city/space needle views. Close=360K(309/sqft)
    #09 (289) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#9 is south of #8). Some damage to windows. Close=392K(337/sqft)
    #11 (291) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#11 is south of #9). Close=395K(339/sqft)
    #12 (294) 1000sqft. 2BR/1.5Bath. Orig=475K(475/sqft) Res=265K(265/sqft) HOD=485. SW facing. West road non-view. End unit. Close=$325K(325/sqft)
    #13 (295) 1000sqft. 2BR/1.5Bath. Orig=500K(500/sqft) Res=265K(265/sqft) HOD=485. SE facing. End unit. Balcony from master with excellent city + sound views. Close=$350K($350/sqft)
    Main 1909 Bldg
    #14 (402) 1432sqft. 1BR/1.75Bath/Den. Orig=1000K(700/sqft) Res=650K(453/sqft) HOD=695 Penthouse unit. Main 1909 building. Awesome views. Weird layout. Close=$685K($478/sqft)

    Res=Reserve Price (i.e. minimum/opening bid)
    Close=Final bid

    Probably the best deals of the day were the penthouse unit that sold for only about 5% over the starting bid and unit 287 (a townhome with decent views of DT closing at $360K). #267, the first item up for bid, closed at the lowest cost per square foot – $281 – which is very good for Queen Anne.. The closing bid for 167 seemed high to me, at $336K (#167 was used as the sales center and had some wear + #267, directly above with a better view went for $324K). Otherwise, most units seemed to end in about the same general area. If someone has a list of the most recent MLS prices for these units, it would be interesting to compare them to these closing prices.

  • Ross

    I attended the Queen Anne auction today. I didn't win any properties, but overall it was an interesting experience. The 13 units were sold is about an hour. Most of the auctions ended in about 3 minutes or so, though a couple had back and fourth bidding wars that lasted a bit longer. I was bidding oppurtunistically, but didn't expect to win (I was mainly concerned with the high HOD and potential that they increase further due to low reserve funds). Anyways, here's my notes from the auction:

    West Wing
    #01 (167) 1154sqft. 2BR/1.75 Bath. Orig=480K(416/sqft) Res=245K(212/sqft) HOD=560. Sales center. East facing fountain. No view. Unit somewhat worn. Close=336K(291/sqft)
    #02 (267) 1154sqft. 2BR/1.75 Bath. Orig=500K(433/sqft) Res=265K(230/sqft) HOD=560. East facing fountain. View of fountain. Close=324K(281/sqft)
    #04 (367) 1127sqft. 2BR/1.75 Bath. Orig=520K(461/sqft) Res=295K(261/sqft) HOD=550. East facing. Some city/cascade views. Entrance descends. Close=390K($346/sqft)
    Industrial Arts Bldg
    #05 (280) 1000sqft. 2BR/1.5 Bath. Orig=485K(485/sqft) Res=265K(265/sqft) HOD=485. NW facing, west road view. Side faces west wing walls. Close=326K($326/sqft)
    #06 (282) 1181sqft. 1BR/1.5 Bath/Den Townhome. Orig=580K(491/sqft) Res=325K(275/sqft) HOD=575. 2-level townhome with large deck (NW facing, wraparound). Peekaboo views of water from deck. Close=426K(361/sqft)
    #07 (286) 526sqft. Studio/1 Bath. Orig=255K(485/sqft) Res=145K(275/sqft) HOD=255. Studio, west facing. No view. Close=201K(361/sqft)
    #08 (287) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. SE facing with deck and excellent city/space needle views. Close=360K(309/sqft)
    #09 (289) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#9 is south of #8). Some damage to windows. Close=392K(337/sqft)
    #11 (291) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#11 is south of #9). Close=395K(339/sqft)
    #12 (294) 1000sqft. 2BR/1.5Bath. Orig=475K(475/sqft) Res=265K(265/sqft) HOD=485. SW facing. West road non-view. End unit. Close=$325K(325/sqft)
    #13 (295) 1000sqft. 2BR/1.5Bath. Orig=500K(500/sqft) Res=265K(265/sqft) HOD=485. SE facing. End unit. Balcony from master with excellent city + sound views. Close=$350K($350/sqft)
    Main 1909 Bldg
    #14 (402) 1432sqft. 1BR/1.75Bath/Den. Orig=1000K(700/sqft) Res=650K(453/sqft) HOD=695 Penthouse unit. Main 1909 building. Awesome views. Weird layout. Close=$685K($478/sqft)

    Res=Reserve Price (i.e. minimum/opening bid)
    Close=Final bid

    Probably the best deals of the day were the penthouse unit that sold for only about 5% over the starting bid and unit 287 (a townhome with decent views of DT closing at $360K). #267, the first item up for bid, closed at the lowest cost per square foot – $281 – which is very good for Queen Anne.. The closing bid for 167 seemed high to me, at $336K (#167 was used as the sales center and had some wear + #267, directly above with a better view went for $324K). Otherwise, most units seemed to end in about the same general area. If someone has a list of the most recent MLS prices for these units, it would be interesting to compare them to these closing prices.

  • Ross

    I attended the Queen Anne auction today. I didn't win any properties, but overall it was an interesting experience. The 13 units were sold is about an hour. Most of the auctions ended in about 3 minutes or so, though a couple had back and fourth bidding wars that lasted a bit longer. I was bidding oppurtunistically, but didn't expect to win (I was mainly concerned with the high HOD and potential that they increase further due to low reserve funds). Anyways, here's my notes from the auction:

    West Wing
    #01 (167) 1154sqft. 2BR/1.75 Bath. Orig=480K(416/sqft) Res=245K(212/sqft) HOD=560. Sales center. East facing fountain. No view. Unit somewhat worn. Close=336K(291/sqft)
    #02 (267) 1154sqft. 2BR/1.75 Bath. Orig=500K(433/sqft) Res=265K(230/sqft) HOD=560. East facing fountain. View of fountain. Close=324K(281/sqft)
    #04 (367) 1127sqft. 2BR/1.75 Bath. Orig=520K(461/sqft) Res=295K(261/sqft) HOD=550. East facing. Some city/cascade views. Entrance descends. Close=390K($346/sqft)
    Industrial Arts Bldg
    #05 (280) 1000sqft. 2BR/1.5 Bath. Orig=485K(485/sqft) Res=265K(265/sqft) HOD=485. NW facing, west road view. Side faces west wing walls. Close=326K($326/sqft)
    #06 (282) 1181sqft. 1BR/1.5 Bath/Den Townhome. Orig=580K(491/sqft) Res=325K(275/sqft) HOD=575. 2-level townhome with large deck (NW facing, wraparound). Peekaboo views of water from deck. Close=426K(361/sqft)
    #07 (286) 526sqft. Studio/1 Bath. Orig=255K(485/sqft) Res=145K(275/sqft) HOD=255. Studio, west facing. No view. Close=201K(361/sqft)
    #08 (287) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. SE facing with deck and excellent city/space needle views. Close=360K(309/sqft)
    #09 (289) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#9 is south of #8). Some damage to windows. Close=392K(337/sqft)
    #11 (291) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#11 is south of #9). Close=395K(339/sqft)
    #12 (294) 1000sqft. 2BR/1.5Bath. Orig=475K(475/sqft) Res=265K(265/sqft) HOD=485. SW facing. West road non-view. End unit. Close=$325K(325/sqft)
    #13 (295) 1000sqft. 2BR/1.5Bath. Orig=500K(500/sqft) Res=265K(265/sqft) HOD=485. SE facing. End unit. Balcony from master with excellent city + sound views. Close=$350K($350/sqft)
    Main 1909 Bldg
    #14 (402) 1432sqft. 1BR/1.75Bath/Den. Orig=1000K(700/sqft) Res=650K(453/sqft) HOD=695 Penthouse unit. Main 1909 building. Awesome views. Weird layout. Close=$685K($478/sqft)

    Res=Reserve Price (i.e. minimum/opening bid)
    Close=Final bid

    Probably the best deals of the day were the penthouse unit that sold for only about 5% over the starting bid and unit 287 (a townhome with decent views of DT closing at $360K). #267, the first item up for bid, closed at the lowest cost per square foot – $281 – which is very good for Queen Anne.. The closing bid for 167 seemed high to me, at $336K (#167 was used as the sales center and had some wear + #267, directly above with a better view went for $324K). Otherwise, most units seemed to end in about the same general area. If someone has a list of the most recent MLS prices for these units, it would be interesting to compare them to these closing prices.

  • Ross

    I attended the Queen Anne auction today. I didn't win any properties, but overall it was an interesting experience. The 13 units were sold is about an hour. Most of the auctions ended in about 3 minutes or so, though a couple had back and fourth bidding wars that lasted a bit longer. I was bidding oppurtunistically, but didn't expect to win (I was mainly concerned with the high HOD and potential that they increase further due to low reserve funds). Anyways, here's my notes from the auction:

    West Wing
    #01 (167) 1154sqft. 2BR/1.75 Bath. Orig=480K(416/sqft) Res=245K(212/sqft) HOD=560. Sales center. East facing fountain. No view. Unit somewhat worn. Close=336K(291/sqft)
    #02 (267) 1154sqft. 2BR/1.75 Bath. Orig=500K(433/sqft) Res=265K(230/sqft) HOD=560. East facing fountain. View of fountain. Close=324K(281/sqft)
    #04 (367) 1127sqft. 2BR/1.75 Bath. Orig=520K(461/sqft) Res=295K(261/sqft) HOD=550. East facing. Some city/cascade views. Entrance descends. Close=390K($346/sqft)
    Industrial Arts Bldg
    #05 (280) 1000sqft. 2BR/1.5 Bath. Orig=485K(485/sqft) Res=265K(265/sqft) HOD=485. NW facing, west road view. Side faces west wing walls. Close=326K($326/sqft)
    #06 (282) 1181sqft. 1BR/1.5 Bath/Den Townhome. Orig=580K(491/sqft) Res=325K(275/sqft) HOD=575. 2-level townhome with large deck (NW facing, wraparound). Peekaboo views of water from deck. Close=426K(361/sqft)
    #07 (286) 526sqft. Studio/1 Bath. Orig=255K(485/sqft) Res=145K(275/sqft) HOD=255. Studio, west facing. No view. Close=201K(361/sqft)
    #08 (287) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. SE facing with deck and excellent city/space needle views. Close=360K(309/sqft)
    #09 (289) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#9 is south of #8). Some damage to windows. Close=392K(337/sqft)
    #11 (291) 1164sqft. 2BR/1.75Bath. Orig=600K(515/sqft) Res=325K(280/sqft) HOD=565. Similar to #8 (#11 is south of #9). Close=395K(339/sqft)
    #12 (294) 1000sqft. 2BR/1.5Bath. Orig=475K(475/sqft) Res=265K(265/sqft) HOD=485. SW facing. West road non-view. End unit. Close=$325K(325/sqft)
    #13 (295) 1000sqft. 2BR/1.5Bath. Orig=500K(500/sqft) Res=265K(265/sqft) HOD=485. SE facing. End unit. Balcony from master with excellent city + sound views. Close=$350K($350/sqft)
    Main 1909 Bldg
    #14 (402) 1432sqft. 1BR/1.75Bath/Den. Orig=1000K(700/sqft) Res=650K(453/sqft) HOD=695 Penthouse unit. Main 1909 building. Awesome views. Weird layout. Close=$685K($478/sqft)

    Res=Reserve Price (i.e. minimum/opening bid)
    Close=Final bid

    Probably the best deals of the day were the penthouse unit that sold for only about 5% over the starting bid and unit 287 (a townhome with decent views of DT closing at $360K). #267, the first item up for bid, closed at the lowest cost per square foot – $281 – which is very good for Queen Anne.. The closing bid for 167 seemed high to me, at $336K (#167 was used as the sales center and had some wear + #267, directly above with a better view went for $324K). Otherwise, most units seemed to end in about the same general area. If someone has a list of the most recent MLS prices for these units, it would be interesting to compare them to these closing prices.

  • Colin

    Thanks much Ross!

  • Colin

    Thanks much Ross!

  • Colin

    Thanks much Ross!

  • Colin

    Thanks much Ross!

  • JamieR

    Lumen still has 24 units to sell after a few years on the market? That figures, a really mediocre condo project in a pretty good location. There should be some real good bargains there.

  • JamieR

    Lumen still has 24 units to sell after a few years on the market? That figures, a really mediocre condo project in a pretty good location. There should be some real good bargains there.

  • JamieR

    Lumen still has 24 units to sell after a few years on the market? That figures, a really mediocre condo project in a pretty good location. There should be some real good bargains there.

  • JamieR

    Lumen still has 24 units to sell after a few years on the market? That figures, a really mediocre condo project in a pretty good location. There should be some real good bargains there.

  • SW

    Anybody know who typically buys at auction? Investors who want to hold on and flip later or is it mostly home buyers? My guess is that the best deals (price per sf) at Lumen will be the courtyard units which represent a bulk of the leftover inventory.

  • SW

    Anybody know who typically buys at auction? Investors who want to hold on and flip later or is it mostly home buyers? My guess is that the best deals (price per sf) at Lumen will be the courtyard units which represent a bulk of the leftover inventory.

  • SW

    Anybody know who typically buys at auction? Investors who want to hold on and flip later or is it mostly home buyers? My guess is that the best deals (price per sf) at Lumen will be the courtyard units which represent a bulk of the leftover inventory.

  • SW

    Anybody know who typically buys at auction? Investors who want to hold on and flip later or is it mostly home buyers? My guess is that the best deals (price per sf) at Lumen will be the courtyard units which represent a bulk of the leftover inventory.

  • Jayne

    When & Where will the LUMEN auction take place?

  • Jayne

    When & Where will the LUMEN auction take place?

  • Jayne

    When & Where will the LUMEN auction take place?

  • Jayne

    When & Where will the LUMEN auction take place?

  • Prezotus

    Looks like the auction will take place on Saturday July 11th. I just sent matt a letter with all the details.

  • Prezotus

    Looks like the auction will take place on Saturday July 11th. I just sent matt a letter with all the details.