Half of Units Auctioned at Gallery and Brix Haven’t Closed

Deals for the Gallery and Brix auctions were supposed to close by October 27th so I went digging through the King County Property records this week to get the skinny on what closed, and found some surprising results.

Brix has closed on only 15 of 36 units auctioned, and Gallery has closed on 25 out of 44.

A request for comment from Schnitzer West, the developers of the Gallery and Brix condo buildings, has gone unanswered. The list of units that have not closed is after the jump. If you have any information on the holdup of the remaining 40 units, send it our way or drop it in the comments. Is this normal for a condo auction?

Gallery Units (2911 2nd Avenue)
201
403
420
507
612
703
715
721
903
920
1002
1017
1018
1102
1103
1107
1115
1117
1118

Brix (536 broadway east)
120
123
124
130
132
140
222
223
230
236
239
330
331
411
413
507
510
513
515
605
614

About Sarah Davies
  • krazy

    So at least 60% of pre-sales on these projects dropped out, then the discount auction buyers drop out at about a 50% ratio? Wow. At this rate it will take Schnitzer years to sell all their condo inventory. Meanwhile Escala and Olive 8 are 75% empty as well.

  • vija

    They haven't necessarily flipped although its a unusual to have so many pending 6 weeks after deadline. Are you sure 10/27 was the closing deadline? There may be a title glitch or some other type of administrative hold up.

  • cansada

    it might be that a large percent are waiting for FHA approval for the building. i didn't buy at auction, but i've been waiting since august to get my financing and finally close. it's been super frustrating.

  • Oliver

    My wife and I bought at Brix and haven't closed because the FHA financing was just only recently approved. From what I gather, the FHA regulations changed, and so the paperwork had to be adjusted for approval. It's supposed to be approved this week, so once that happens the rest of the units can start escrow.

    My wife and I have been pretty patient, but we are anxious to close before the end of the year so we don't have to wait till 2011 for the $8000 tax credit. That's money we want to work for us, and not just sit in the hands of the government.

  • Dante

    I know at least one person who dropped out because the appraised value came in well under their mortgage. Perhaps those that closed paid cash?

  • mspeed

    With how badly FHA loans are performing now, I would not want to buy into a building where so many people had FHA loans – and apparently are unwilling or unable to pony up the cash for a conventional loan in order to close faster

  • old timer

    “…so we don't have to wait till 2011 for the $8000 tax credit. That's money we want to work for us, and not just sit in the hands of the government.”

    ahem.. the “government” is the taxpayers who are giving you that money, and since there is no money, it's their grandkids who are stuck for the debt incurred for your subsidy.

    Where's your gratitude?

  • Steve

    Not being able to speak for Brix, but we closed on the unit we won at the Gallery auction within 30 days using a conventional loan. The appraised value was well above our mortgage.

    Also, I'm not sure about the rest of the list, but I know several of the units on your Gallery list have, in fact, closed and are currently occupied by their new owners.

  • The MD

    ….. AGENT!

  • Steve

    No MD, I'm absolutely not an agent, but a resident here at Gallery. All I was doing was pointing out that some of the facts in this article here are actually incorrect.

  • Guest

    Are you a Gallery fan?

  • Steve

    Other than the floors tending to scratch more easily than I'd like, yeah, so far so good.

  • WC

    The King County Records are often delayed by several months after closing. It would therefore be inaccurate to assess closure just on this information alone. This would be consistent with what Steve stated.

  • WC

    The King County Parcel records are often not updated for a few months after closure. This would be consistent with what Steve has stated.

  • scar

    Not strictly true. The excise tax records are updated daily – go to http://www.kingcounty.gov/business/Recorders/Re… and click on Excise Tax, then search on Gallery.

    Unit 903 at Gallery closed on 12/22.

  • scar

    Not strictly true. The excise tax records are updated daily – go to http://www.kingcounty.gov/business/Recorders/Re… and click on Excise Tax, then search on Gallery.

    Unit 903 at Gallery closed on 12/22.

  • http://www.seattlecondoreview.com/ Wendy

    That's right. I closed it for my client : )