3 Unfinished Townhouses at 25 on the Park

Interested in a fixer upper at the best located townhomes on Capitol Hill?

87154 D 3 Unfinished Townhouses at 25 on the Park

The other day three unfinished townhouses at 25 on the Park showed up on the MLS:

This unit is partially completed so bring your imagination on how you want to complete it. These homes offer the very best: spacious floor plans, lots of windows and light, high ceilings! Rooftop decks with view of Space Needle. Seller FDIC. Unit sold as is. Buyer to verify building condition, permits, etc.

Here they are on Redfin:

1820 11th Ave Unit A: $249k for 1,254, 1 bed, 1.5 baths

1820 11th Ave Unit B: $219k for 1,062 square feet, 1 bed, 1.5 baths

1820 11th Ave Unit C: $249k for 1,254, 1 bed, 1.5 baths

Six months ago they were asking $400k for unit B presumably finished. There appears to be one completed sale at the project according to Redfin, 1822 11th Ave, unit A for $435k for a 1,078 square foot unit.

Could an Urbnlivn reader post on estimated costs for finishing a townhouse? What’s the approximate dollars per square foot that we should be adding to those price tags? Also, I’m curious what the financing options are like for something like this? I’m assuming none and you’d have to pay cash because it wouldn’t appraise unfinished?

I’ve also heard from some people buying at 25 on the Park that it has been a hassle buying there because the bank that foreclosed on the project failed itself and now the project is owned by the FDIC and working with the FDIC is apparently a lengthy process in order to submit an offer and if your offer is accepted get your deal to close. Curious to hear about the FDIC drama and see these shells first hand I stopped by the project this afternoon only to discover they don’t have an open house on the weekends which is pretty odd! You’d expect the foot traffic at Cal Anderson Park to be the best on the weekends, especially this sunny weekend.

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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.

  • The MD

    Matt,

    I find that a good rough estimate to anticipate for furnishing a condo (including painting, ALL furniture, lighting, kitchenware, bathware, art, and misc. items) is $35-$50/square foot. This range seems big, but it is highly dependent upon a person's budget and perceived quality preferences. Keep in mind these numbers do NOT include any help from an interior designer.

  • Dbabrahams

    I don't thinlk we are talking about interior design costs. This is a shell. It's unfinished, like drywall, plumbing fixtures, appliances, flooring, etc., all have to be done I presume. You have to tour it and see what it needs.

  • http://twitter.com/mattgoyer mattgoyer

    Yeah, I'm wondering about the costs of finishing the shell. That is, the cost to drywall it, put in appliances, a kitchen, bathroom, etc…

  • http://urbancondospaces.com Jeff Reynolds

    Back in March this project was in the midst of a very complicated legal dispute involving construction defects. I have not confirmed all parties involved, but it would be worth a look in public records. I would proceed with caution. In terms of finishing the unit from its “vanilla shell”, I would expect to pay $50-75 per foot if you are talking about lighting, hardwood, carpets, appliances etc…

  • Gavin

    That is true. I took a look – it is bare wood right now, everything exposed on the inside. Also, the community is very tightly packed with townhomes. Lots of windows looking right into other windows.

  • Dbabrahams

    It's a cluster of inside units embedded in the second row, right? The picture shows a street front cluster on the park. That's very deceptive, if this is true. FDIC should be ashamed to mis-advertise its properties. Your toured it so what's the story?

  • Crafty

    I signed a contract for one of the back units at 25 on the Park on April 14th, the day before the bank selling the properties was shut down by the FDIC. This past week (June 24) we got word that the FDIC has finally approved the existing contracts and will soon pay to finish the sold units and the common areas. The FDIC won't close a unit with a temporary certificate of occupancy (TCO), so we have to wait until all units are finished and certified by the city. They estimate another 60 days before closing.

    Me, I'm tired of the waiting and the drama. It's so incredibly hard to get any concrete information from the FDIC. I have a contract with a closing date of June 15. I have my earnest money ready, but no one will accept it. I've found a cool townhouse on 19th that I'm probably going to make an offer on soon. It has everything that the place at 25 on the Park has (minus the park location) but is cheaper … AND is owned by an actual builder. Gasp!