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Madison Tower / Hotel 1000 Unit

By Matt Goyer May 28, 2009

If you’ve got a $1.8 million burning a hole in your pocket and you’re not dissuaded by raising mortgage rates check out #1901 at Madison Tower.

The sales history is interesting:

May 27, 2009 Listed for $1,840,000
Oct 27, 2006 Sold for $2,000,000
Sep 08, 2006 Listed
Aug 21, 2006 Sold for $1,520,000

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5 responses to “Madison Tower / Hotel 1000 Unit”

Madoff1000 says:

May 29, 2009 at 12:37 am

Madison Tower has always been overpriced. There is a prominent speculator/realtor holding on to a number of units on which he must be well underwater.

The condo interiors are quite ordinary. In some of the rooms they have used drop ceiling tiles which look absolutely horrible – check the closet picture on #1901 for an example – not to mention the cheap looking closets. There is only valet parking in this building, and overall it is light on amenities.

There are a couple of units on the back side of the building (#1502, #1702) closer to $600 sq/ft now, so I don't see how #1901 can justify over $1000 sq/ft considering it isn't even a penthouse? $400 a sq ft for a 19th floor view of the sound with no air rights?

I haven't seen any condo's selling here at all since the market crashed. At those prices, it's not really surprising. Hotel 1000 can't compete with the newer properties in downtown. It makes Olive 8 look like a bargain.
searcher says:

May 29, 2009 at 2:28 pm

the biggest reason why nothing is selling at Madison Tower is the two old properties on the same block. The building next door on first ave has been slated for a condo tower and the old federal bank behind it on second ave has been empty for over a year and is prime redevelopment property. any condo at Madison Towers not facing the First and Madison corner will be staring into an office window or another condo within five years, just like the Cosmopolitan.
bowwow says:

May 29, 2009 at 10:24 pm

The building next door has far too small a lot to build a tower with a usable floorplate, and there's no way in hell the holyoke building will be torn down; it's a listed historic property, built in 1890 – one of the first to be built after the great fire. See http://www.nps.gov/archive/klse/hrs/hrs6a4.htm

The “developer” selling penthouse shells for the imaginary tower that will never be built there is a con man.

But, yeah, the 1000 Madison tower condos are way, way overpriced. I hear the hotel is nice for honeymooners but not worth the money for mortals otherwise; can't imagine it's worth 2x the rate of the Alexis across the street.
EconE says:

May 31, 2009 at 12:04 am

Way overpriced. Still is. 2201 is asking the same as 1901.

At least you have to give the “prominent realtor/flipper” credit. He's doing his best to “Mark to Market”.

http://www.redfin.com/WA/Seattle/1000-1st-Ave-9…

Still behind the curve however.
EconE says:

May 31, 2009 at 7:04 am

Way overpriced. Still is. 2201 is asking the same as 1901.

At least you have to give the “prominent realtor/flipper” credit. He's doing his best to “Mark to Market”.

http://www.redfin.com/WA/Seattle/1000-1st-Ave-9…

Still behind the curve however.

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