Interesting Sales Last Week

There were 27 closed sales in Seattle’s condo and townhouse market last week. After last week’s round-up of new construction condo inventory, it seems that the following units moved from the ‘pending’ column to the ‘sold’ column:

  • Trace North #320 and #420 – both 1-bedroom condos that closed for $425/sf and $417/sf respectively.
  • Enso #505 – 2 bedroom, 1.75 bath sold for $486/sf.
  • Gallery #1208 – 1 bedroom that garnered $461/sf.
  • Olive 8 #2902 – 2 bedroom, 2 bath that went for $605/sf.
  • Hjarta #403 – 1 bedroom that came in at $365/sf.
  • 200 West Highland #505 – final 2-bedroom closed for $495/sf.

Other notable sales include:

1308 Lakeview Blvd E Unit A
1308 Lakeview Blvd E Unit A

This 1,656 square foot townhouse was listed on Mar 18 for $629K, went pending in less than a month, and finally closed last week for $595K. As Urbnlivn noted previously, the development first hit the market after they were built in 2009 but were then rented after presumably not selling. Unit B is  still available for $529K ($20K less than it listed for in March).

500 Mercer St #C217
500 Mercer St Unit C217

Purchased in 2008 for $1.25M, this 3bd/2.25b loft at Lumen was foreclosed on in Aug 2010 and was relisted shortly after. Its 2,120 square feet remained on the listings until this month when it finally closed for $553K.

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  • Definitely an interesting one. High HOA dues deterred most prospective Buyers (dues are currently $1,641 per month, or 77cents per finished square foot per month, including all but electricity). However, the new owners plan to take an active role in the HOA’s effort to repair the budget. Also, they had cash and a need for housing. So, they asked: “Where else can we live in 2,120 sf for $1,641/mo (+taxes and insurance). Finally, with six month rental minimums, the Buyers saw potential risk reduction due to strong likelihood for a solid rental base as Gates Foundation, AMZN, and other professionals move into the area. Time will tell…