Seller at Trace Lofts Faces Reality in Relisting

An owner at the Trace Lofts is taking another shot at selling their third floor studio. But this time, it seems they’re being much more realistic.

Living Seller at Trace Lofts Faces Reality in Relisting

1408 12th Ave #309

This 697 sq ft condo sold at the height of the market in 2007 for $325,000. In 2009, the owners put the unit back on the market for $372,500. Not sure how realistic it was to expect a 15% price jump when the overall market was still recovering from the great recession.

A year later, the owners tried again, relisting it at $312,000. Apparently, there were no takers. Today, the unit is back on the market for $299,000 or $440 per sq. ft. That price seems much more in line with current conditions. A slightly smaller unit to the south sold in December for $260,000 or $423 per sq. ft.

If you put 20% down, you’re looking at about $1,700 a month (including HOAs and property taxes), which isn’t much more than what some of the new Capitol Hill apartment complexes are charging for comparable spaces.

Kitchen Seller at Trace Lofts Faces Reality in Relisting

Nice photo of the kitchen

Bedroom Seller at Trace Lofts Faces Reality in Relisting

Open “bedroom”

Being on the third floor, you get plenty of light and views of Mt. Rainier. And you’re just steps away from all that 12th Ave and Pike/Pine have to offer. Oh, and it comes with 13 ft ceilings, reclaimed wood floors, stainless steel appliances, slate counters….and a parking spot.

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  • http://twitter.com/mattgoyer mattgoyer

    It is interesting to note that the second last unit sold at Trace (402) was immediately turned into a rental. And they had paid $445k for a 1 bedroom!