Fifth and Madison Auctioning 18 Units March 28

Thanks to the reader who forwarded this notice:

Dear 5th and Madison Owners:

On Friday afternoon, Rick Drottz of 5th and Madison, LLC informed the Board of Directors of the upcoming sale of the remaining Developer owned condos. Mr. Drottz also requested we communicate his message to the ownership. See below:

During the last three years, we have conducted a very successful sales program at Fifth and Madison which has resulted in the closing of 103 out of 126 units.

In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

Information about this sale will be available in the on site Auction Information Office in unit 2301 beginning the week of March 1, 2010.

Sincerely,

Richard Drottz
Vice President
Fifth and Madison, LLC

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.

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  • seattlesavvy

    hmm. could of made a better move i think. place is great tho. curious why more have sold. overpriced? don't like the location? idk

  • Pete

    I've always liked these condo, very safe part of downtown and away from Belltown. I'm going to check this out this Saturday from 1-5pm per conversation with some chick name Ginger, who was very rude and didn't want to help and seemed like she was more interested in finishing her cookie or whatever instead of being a good salesperson.

    Also on their website, http://www.5thandmadison.com it shows 16 units available and not the 18 mentioned in this newsletter.

  • Chris

    5th and Madison just would not lower prices. They were still asking for 2006/7 move-in prices in the middle of 2009! They sold all of two units in all of 2009. <sarcasm> I wonder why? </sarcasm>

  • Justice

    Nice looking building with lots of issues. Ventilation system doesn't work, so you get to smell what's cooking next door in most units. The parking levels are open to the public and there have been a lot of security issues as a result. And the interiors are already looking a bit shabby, partly due to the fact there is no freight elevator so there is always furniture being dragged through the lobby.

    There has been a few resales at a loss and one unit is in foreclosure. Many of the units are rentals as there is no rental cap.

    Apart from all that it's just dandy.

  • Justice

    By the way, this area is no safer than Belltown. The library and park across 5th are a major magnet for the homeless and crack addicts.

  • xf

    Some interesting comments from people at 5th and Madison over on Wendys blog

    http://www.seattlecondoreview.com/2007/12/5th-a

  • paul

    It would be nice if the developer would have fixed/addressed all the current owners problems before auctioning off the 18 units. I hope the board becomes capable of handling them.
    ventalation issues, LEED, and a few others (he knows)

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