Jun 01 2009
SEATTLE’S LUMEN CONDOS – Up Next on Seattle’s Auction Block
For those of you with some cash in your pockets and a desire for fine living in the heart of Seattle, the condominium auctions roll on, even despite the turnaround shift in the market. Numerous new constructions have taken their wares to the auction block to sell-out crowds, almost every time.
LUMEN just announced it will bring 19 brand new condos to auction in July. Located at 501 Roy St., Lumen offers beautiful living space with lots of great natural light (hence “lumen”). The condos, originally priced between $352,000 and $1.7 million, are accepting starting bids from $155,000 to $750,000. Square footage ranges from 630 – 2,082 in configurations from one bedroom/one bath to 2 bedrooms/den/and three baths.
The building sits at the northern edge of downtown
AUCTION DETAILS:
When: Saturday, July 11
Where: Grand Hyatt,
Time: Registration begins at 11:00 a.m.; Auction will begin at 1:00 p.m.
There is a checklist of seven things you will need to attend the auction. See this list at: http://www.lumencondosauction.com/, along with other details.
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With its modern fixtures and soaring ceilings, Lumen appears to be a welcome oasis, located steps away from QFC (just below), Seattle Center, Highway 99, and the Bill and Melinda Gates location (currently under construction). The residents are friendly; the amenities are bountiful. And with attractive new auction prices, it seems that the American Dream is once again accessible.
HOWEVER, in light of the enduring state of our economic landscape, it is truly disappointing to see the property developers, auction house, and lenders continue to perpetuate cloak and dagger tactics - flagrantly ignoring the very causes of our current, dire state. Nothing made this more clear than the “How to Bid at an Auction” seminar held at the Lumen Lounge the evening of 7/1/2009.
With tougher lending standards, and many employers reducing/stalling headcount to mitigate lingering poor company performance, it is understandable for prospective buyers to express pragmatic concerns: “What happens if approval falls through even after pre-approval?”….”Where does my earnest money or 5% deposit go if I lose my job before closing?”….”What average interest rates is the lender seeing/providing these days?” In this landmark time, the worst case scenario is more and more prevalent, so “what if?” These are reasonable questions, by reasonable people, taking appropriate steps to avoid the mishaps that plagued real estate all-too-recently.
Every one of these valid questions was danced around and/or flippantly evaded. The most direct answer provided by the auction and lending team was that if a buyer was operating “out of the goodness of their heart” (how that is determined is beyond me, as there is no explicit criteria for this) but are unable to complete the purchase (say, to losing a job - a very real possibility looming over many today), the developer has discussed (strictly in conversation), that the earnest money would be refunded. It should be noted that no documentation supports this statement, thus it is a matter of “word.” It should ALSO be noted that the developer, on their “word”, stated that no condos would be sold prior to auction; as of 7/1/2009, TWO units have actually been sold outside of the auction.
So who wins? Buyers, who cannot get straight answers? Current homeowners, eager to see increased occupancy - only to risk new waves of defaults? Or The Triad: developer, auction house, and lender, who tout their commitment to putting clients at ease, yet cannot address genuine client concerns?