Here’s an update from an Urbnlivn reader who is trying to buy a unit:

I signed a contract for one of the back units at 25 on the Park on April 14th, the day before the bank selling the properties was shut down by the FDIC. This past week (June 24) we got word that the FDIC has finally approved the existing contracts and will soon pay to finish the sold units and the common areas. The FDIC won’t close a unit with a temporary certificate of occupancy (TCO), so we have to wait until all units are finished and certified by the city. They estimate another 60 days before closing.

Me, I’m tired of the waiting and the drama. It’s so incredibly hard to get any concrete information from the FDIC. I have a contract with a closing date of June 15. I have my earnest money ready, but no one will accept it. I’ve found a cool townhouse on 19th that I’m probably going to make an offer on soon. It has everything that the place at 25 on the Park has (minus the park location) but is cheaper … AND is owned by an actual builder. Gasp!

Curious about the unfinished shells at 25 on the Park, which you can buy as a three-pack, I went the other night to check them out. Unfortunately they don’t seem to be doing open houses any more but there was a random agent there who let me in.

The kitchens clearly need some work:

Actually the units need a lot of work:

I also toured a finished unit, 1814B, and I have to say I was not impressed. The units are all jammed up next to each other so you’re going to need blinds on every window. The units are also small. The bathrooms are small, the bedrooms are small and the finishes are uninspired. Unless you get one of the units facing onto 11th I’d pass on this project.

But you be the judge, here are my photos.

As well as a custom steel & wood staircase leading to a 2nd floor loft:

Current average appraisal:

$311,667

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Disclaimer: this is a Redfin listing too and I work at Redfin…

Current average appraisal:

$187,800

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Disclaimer: this unit is listed by Redfin, for whom I work.

Current average appraisal:

$400,000

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What makes the #205 and #305 floor plans so sweet is the exposed brick wall with steel. The light fixture they installed is also very nice (we need a light fixture for our dining table still…):

The possible downer with this floor plan is the lack of windows. But what few windows there are, the west facing ones fortunately capture the Space Needle, and the windows open onto two small decks:

There’s been two re-sales at Trace. One at $490/sq. ft. in January and one $438/sq. ft. last week making this unit looking priced to sell at $438/sq. ft.

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Current average appraisal:

$377,857

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The other day three unfinished townhouses at 25 on the Park showed up on the MLS:

This unit is partially completed so bring your imagination on how you want to complete it. These homes offer the very best: spacious floor plans, lots of windows and light, high ceilings! Rooftop decks with view of Space Needle. Seller FDIC. Unit sold as is. Buyer to verify building condition, permits, etc.

Here they are on Redfin:

1820 11th Ave Unit A: $249k for 1,254, 1 bed, 1.5 baths

1820 11th Ave Unit B: $219k for 1,062 square feet, 1 bed, 1.5 baths

1820 11th Ave Unit C: $249k for 1,254, 1 bed, 1.5 baths

Six months ago they were asking $400k for unit B presumably finished. There appears to be one completed sale at the project according to Redfin, 1822 11th Ave, unit A for $435k for a 1,078 square foot unit.

Could an Urbnlivn reader post on estimated costs for finishing a townhouse? What’s the approximate dollars per square foot that we should be adding to those price tags? Also, I’m curious what the financing options are like for something like this? I’m assuming none and you’d have to pay cash because it wouldn’t appraise unfinished?

I’ve also heard from some people buying at 25 on the Park that it has been a hassle buying there because the bank that foreclosed on the project failed itself and now the project is owned by the FDIC and working with the FDIC is apparently a lengthy process in order to submit an offer and if your offer is accepted get your deal to close. Curious to hear about the FDIC drama and see these shells first hand I stopped by the project this afternoon only to discover they don’t have an open house on the weekends which is pretty odd! You’d expect the foot traffic at Cal Anderson Park to be the best on the weekends, especially this sunny weekend.

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Frankly the photos are pretty uninspiring maybe because the unit itself is uninspiring:

And what’s up with this weird cupboard?

It’s priced at $600k for 1,418 square feet. The unit upstairs sold for $699k on January 29th of this year (the unit upstairs is also larger at 1,966 square feet).

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Current average appraisal:

$485,000

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The building has its own blog but oddly they didn’t blog about the open house? Hmmm…

I’m tracking down photos of the interiors. In the meantime here’s a video walkthrough:

We recently blogged about the Broadway Building leasing 75% of their retail space.

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