Sub $100k Downtown Condo at the Elektra

159634 0 Sub $100k Downtown Condo at the Elektra

A reader tipped me off to a condo at the Elektra, unit #513 for $99.9k and he’s wondering what’s the catch:

I live near the convention center at the border of First Hill, Capitol Hill, and Downtown. I’ve noticed that the wedge-shaped Elektra building at Hubbell & Terry & Pike has some very inexpensive units for sale. Unit 513 hit my inbox today at $99,900 — that’s $33k less than what it sold for at foreclosure auction last month and $600 less than it sold for in 1998! Do you or your readers know anything about this building? Why are so many units available for so little so close to downtown? I feel like there must be a catch.

I know there was a bit of a fuss about short term rentals a few years ago but haven’t heard anything recently. Readers? Any thoughts on the Elektra?

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.

  • phil

    Banked owned, sold as is, no parking, and no pictures of unit. What’s not to like? If a large portion of the units are still rentals, then financing will be a big problem for entry level buyers. You would need a large down payment, investor loan.

  • phil

    Banked owned, sold as is, no parking, and no pictures of unit. What’s not to like? If a large portion of the units are still rentals, then financing will be a big problem for entry level buyers. You would need a large down payment, investor loan.

  • CalEngineer

    Or how about a $64k condo in Queen Anne? And it’s not even adjacent to any freeways! AND it comes with a parking spot! You can’t lose!

    http://www.redfin.com/WA/Seattle/3609-14th-Ave-W-98119/unit-301/home/22431

    Pfft…

  • Suh Albert

    I rented a unit in that building from oct 04-oct 05. i loved living there, when i lived there the building seemed to be in good shape although it was older. the building also had front desk throughout the day which is nice. i always wanted to purchase here and have noticed that units are pretty cheap. not sure what the deal is..

  • albert

    sorry front desk personnel

  • phil

    Looking around the internet, I do see good reviews from folks that have stayed there, short and long term.
    Before buying a condo, always read the minutes of any HOA meetings/newsletters for the past couple of years to get a handle on any potential issues and to see how the board & management handle problems.

  • frank

    lots of foreclosures, which means deals for potential buyers. have lived in the building for years, nice place to live with a killer location.

  • debra

    our board is political and is only concerned for their own personal agenda. The condominum is mostly renters. the homeowners move out of the building becasue the association building manager and Copeland Group make decision that behoove them and not the value of the building. The building is in a constant legal issue after legal issue.