Seattle Condo Blog and Community Information

I’ve been watching an interesting chain of events unfold since attending the highly successful Gallery and Brix Auction. In the 10 day since, Brix has sold ten more condo homes and Gallery, eight. The pricing set at the auction remains in place and, with the seller determined to fill the buildings in the next couple of months, patient buyers who have held out for fair deals are being rewarded.

Excited auction buyers came well prepared, most putting down 20 percent – certainly the tax incentive was part of the motivation. And, very few investors bought units, which in other times would be the other way around. As Ken Stevens, CEO of Accelerated Marketing Partners, put it: “The auction added a dimension of transparency to the process and sellers aren’t going to go right back to the original pricing… they are now willing to accept the mandate for this new pricing for the remaining inventory. It’s the only way the trust factor will return.”

For those looking to purchase a condo home at this time, there are two big incentives to consider (not including the $8,000 tax credit due to expire in November): the first is that in my opinion there is no way these buildings can be replaced for the cost at which the condo units sold. Which leads to the second: that buyers can feel really great about making a very secure investment. Gallery currently has about 15 condos left to sell, and Brix, about 20. Going…going….?