Brix Condo Auction Results: $344-$500/Sq. Ft.

Here are the results from the Brix auction: Brix auction results [xlsx]. (Thanks to team Redfin for counting bids!)

It went by FAST. They sold all the units in 68 minutes. So if you can help fill in the gaps please leave a comment.

All condos sold, ranging from $344/square foot to $500/square foot.

There were ~200 registered bidders. About 600 in attendance.

Other condo bloggers. If you steal my spreadsheet please link back to Urbnlivn :).

Update: Check out additional coverage at:

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • The_Tim

    So it looks like the final auction prices were on average about 30% lower per square foot than the previous list price. Interesting that that's a bit less of a discount than the Lumen Auction, in which by my calculation, units sold at an average of ~38% off the previous list price.

  • Chris

    I question the “previous list price” thing.

    For example, 620 at Gallery has a “previous list price” of 480,000. I was looking at it a few months ago, and they were listing it under 400,000.

  • Zampy

    240 went for 444 (so my agent told me), just to complete your spreadsheet :)
    Congrats on your blog!

  • seph

    Those prices are still too high. I think the bidders didn't follow the headlines on commercial property failures this month. The actual price of those properties is probably a good 30% less, even in the best case.

    Here is an example of where it is heading – http://latimesblogs.latimes.com/laland/2009/09/

    There is a reason all of the developers have suddenly started to discount in the last few weeks, and it's not because they are trying to establish a 'market price'.

  • Eric K

    Wow, I didn't realize 200+ people would be there. The prices were higher than I was expecting… but it's good that they were able to move them at that price.

  • cnut

    I was a registered bidder, but when I arrived and saw how many people were there, I decided to leave sensing any chance for a decent price to be nonexistent. Up until this weekend I was continually told that there were hardly any bidders registered, now I think that is just a rumor they put out to encourage people to register, hoping they would find a good deal. I found the construction of the Brix somewhat shoddy, and was really surprised on the HOA dues. I didn't think the units were worth even the minimum asking price. I'm quite surprised that the units sold for as much as they did, perhaps the competition aspect of the auction had a significant affect on bidding.

  • Name

    i was there. i couldn't believe the prices people were paying. i don't think people got much of a deal at all. the original asking prices seemed way too inflated to really compare the selling prices to.

  • Name

    Yeah, they're “discounting” prices to get sales before their cash strapped construction lenders call their loans. That's the market we're in, however where's the data backing the statement that 36 buyers just paid 30% more than they should have? And what does an unfinished mixed use project in Los Angeles have to do with residential value in Seattle? I'm not seeing the comparison…

  • http://erosoflucre.blogspot.com/ Ken

    Hey Matt thanks for the spreadsheet. It yields a couple high level numbers worth noting: The overall $/square foot came out right about $400 (that's total money paid divided by total square footage, it's $411 if you average the $/sq.ft. on a per unit basis). Per Redfin (http://www.redfin.com/zipcode/98102) that's slightly below list but slightly above sold $/sq. ft. for the zipcode.

  • Name

    Yeah, I couldn't believe the “asking” prices. I laughed out loud (then looked around a bit embarrassed) when I first saw the price sheet. Even at the peak in 07' those asking prices would have been a joke. On some of those units (the faux 1 beds), I wouldn't have paid the minimum. There were maybe two units in the whole auction that I would have paid the minimum bid price (and not much more). While the exterior architecture looked good, the interiors where a bit shoddy and poorly laid out. I was underwhelmed.

  • http://thedailyreviewer.com The Daily Reviewer

    Hi!

    Congratulations! Your readers have submitted and voted for your blog at The Daily Reviewer. We compiled an exclusive list of the Top 100 Seattle Blogs, and we are glad to let you know that your blog was included! You can see it at http://thedailyreviewer.com/top/seattle-wa

    You can claim your Top 100 Blogs Award here : http://thedailyreviewer.com/pages/badges/seattl

    P.S. This is a one-time notice to let you know your blog was included in one of our Top 100 Blog categories. You might get notices if you are listed in two or more categories.

    P.P.S. If for some reason you want your blog removed from our list, just send an email to angelina@thedailyreviewer.com with the subject line “REMOVE” and the link to your blog in the body of the message.

    Cheers!

    Angelina Mizaki
    Selection Committee President
    The Daily Reviewer
    http://thedailyreviewer.com

  • petepilkington

    The question now will the 28 Million in sales yesterday, Assuming they all close within 30 days, be enough to save Schnitzer or will we see another auction when the next note comes due?

  • onehoonose

    Developer notes are very different than your mortgage. typically their banker/lender is a partner in the success or failure of the project & as such is motivated to help them succeed even if it means perpetually postponing their note, readjusting terms or reducing principal. How do you think so many of these projects have been around for years? Lumen had been holding at virtually no sales for 3 years- Last thing a big bank back east wants to do is carry something like that in their pocket & report it on their balace sheet. they might have 5 years after the first closing to pay off the loan- we're back to a traditional market & banks expect it.

  • http://thebinarycircumstance.com/ Chip

    I totally agree with you cnut. I wasn't impressed with the building or the individual units in general and I'm surprised they got as much as they did. It's a great location but the developer could have done a lot better with the design and finishes. It's interesting that in general the two-story units had much steeper discounts than some of the smallest units. But still, I wouldn't pay that much to live in units like that.

  • dildough

    yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.

  • dildough

    yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.