In following up with the team at the Gallery, they report eight sales in last Saturday’s Buy-Now event with purchase prices averaging 12% below the last listed price. The late-breaking switch from an auction format was initiated because:
It became evident by last Thursday, March 3 that the open, one-bedroom unit type was attracting a niche market of potential buyers and that a select few units would be successfully sold at auction. This market was comprised of first-time home buyers, many of whom were having difficulty securing financing in a short time frame, and investors.
In order to preserve the value of the homes in the building for existing homeowners and to maintain a low percentage of investor purchases in the building, we determined that a one day sales event would be a better mechanism to achieve sales with these goals in mind.
The sales from last weekend bring Gallery to 86% sold, with 35 condos remaining to sell. The building is located at 2911 2nd Avenue in Belltown, and still holds both FHA and VA financing approvals.