A two-bedroom condo on the 31st floor of the Olive 8 closed for $1.1 million yesterday, one of 38 condos sold in Seattle in the past week. The Olive 8 deal is interesting, not just because it was the highest-priced unit in the bunch, but because it sold at a pretty lofty price just a month after new images showed the condo’s awesome Lake Union view will be replaced by a 43-story building across the street.
The seller didn’t get the list price ($1.175 million), but he still made a healthy 12% gain in just a year and a half. He paid $9750,000 for the 1,534 sq ft-unit in October, 2011. Good job by the sellers’ agent or is there just not enough supply? If you bought the unit, I’d love to hear why you did so at this price.
This Pb Elemental row home on SW Holly in West Seattle got exactly the asking price: $395,000, or $246 per square foot.
The exterior is simple but striking. Inside, nice finishes fill out the three bedrooms and two bathrooms over 1,605 square feet. It’s not a surprise the developer of this and five neighboring homes that just finished construction are already sold.
Another recent sale that caught my eye is this one-bedroom condo at The Pointe at First Hill near Seattle University that closed at $104,900. At 545 square feet, the price comes out to $192 per sq ft.
Earlier this year, we blogged about a unit (A204) down the hall as an example of reasonably-priced one-bedroom condos. (That unit is now pending at $112,000.) There’s a simple explanation why these two centrally-located units were priced so low: They face a roughly $24,000 special assessment.
Finally, I want to point out this one-bedroom condo at The Parc in Belltown. The 867 sq ft-unit was foreclosed earlier this year and it has now sold for $295,000 or $340 per sq ft. The same condo sold in February 2008 for $425,000.
No doubt the litigation with the developer over construction issues has had an effect on sales at The Parc. But hey, at least it’s still selling…