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Foreclosed Trace Loft Next Door to Us is For Sale

By July 7, 2011

Trace Lofts

Remember that condo I blogged about in the post how to research a foreclosure in your building? It just hit the market, 1408 12th Ave #202. This unit is actually right next door to us! We’re #201. It looks reasonably priced ($402/sf versus $420/sf for recent sales) but not so bargained price that I’ll pick it up so that I can turn our 880 square foot space into a 1543 square foot one.

The pictures don’t do this place justice:

And here’s the new history:

9/17/2007 – Bought for $375,000 with a 0% down loan
11/1/2010 – Stop paying their mortgage of $2,189.96/month
1/25/2011 – Notice of default
2/25/2011 – Notice of trustee’s sale
5/27/2011 – Auction at King County Administration Building
6/2/2011 – Notice posted on unit that it is now owned by Fannie Mae and that it needs to be vacated
7/6/2011 – Listed for sale on the MLS
?/?/???? – Sold

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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