1521 pre-solds on market

Posted on October 25 2008 | The Seattle Condo Blog |                                                                         

According to the NWMLS, at least four pre-sale buyers have listed their 1521 units on the market. This is a unique situation since they do not yet own the property they are selling – it’s not quite a resale nor an assignment. Instead, they are marketing the units seeking simultaneous closings. That is, the original pre-sale buyer will close with the developer first (provided they can successfully close) then immediately close the second transaction with the new buyer.

These are all two-bedroom units, ranging in size between 1,700 to 2,000 and are listed between $1,250,000 and $2,100,000. Closing dates are slated for December and February. Presently, there are eight units at 1521 listed in the NWMLS.

Similar posts you may find interesting:

  1. 2006 Condo Appreciation – Seattle
  2. Downtown Market Update
  3. Presale Process
  4. Seattle Condo Market Update – Nov 2007
  5. AVA Condo – Early Preview & Reservations

This post was written by:

Ben Kakimoto - who has written 528 posts on The Seattle Condo Blog.

Ben Kakimoto is a condo marketing specialist and publisher of The Seattle Condo Blog. Ben's focus is urban residential properties in Seattle's metropolitan core. Contact Ben to learn more about the Seattle condo and loft real estate market.

5 Comments For This Post

  1. condoboy says:

    I would be curious to know how much profit these quasi-flippers are trying to get, and I am surprised the developer is allowing it.

  2. ADS says:

    I wonder if more units are going to hit the market. I also think it’s ridiculous if these sellers believe they’ll be able to make a small profit given what’s going on in this economy. Even if you’re well off, and looking to buy something, a smart buyer would probably wait it out.

    Although the unit on the 8th floor at $560/ft sounds like a good deal. Seriously though, good luck to all the specs trying to unload at >$1,000/ft. I know if I had that kind of money I wouldn’t be a buyer.

  3. Ken Wright says:

    They are being resold as the buyers realize they have signed up to overpriced (2007 money) contracts, and are trying to get out without losing their deposit. The market has significantly corrected and the prices are unrealistic (for 2009 money). The lose of deposit would make more sense than completing the contract and holding a $1m-$2m ‘toxic asset’.

  4. Ben Kakimoto says:

    Ken – excellent point. I know a few pre-sale buyers (not 1521) who have forfeited tens of thousands in EM deposits (upwards of $70,000) rather than take possession of a bad investment. In those cases, though, they were purchasing the units as speculative investments (rental or flip) and it made sense to take the loss. I don’t think it’s necessarily a toxic asset assuming its a long-term principal residence purchase.

  5. Ken Wright says:

    I’m sure the condos are quite nice, but the ‘toxic asset’ refers the mark-to-market price of the asset versus the original contract price, whereby it becomes illiquid.

1 Trackbacks For This Post

  1. But I’m Bluer Than Blue | Seattle Planning Blog says:

    [...] Looks may be deceiving, but the photo above makes me think “see-through office.”  Back in pre-bust days Opus presold 138 of the 143 units, but I doubt anyone would be surprised to see more buyers backing out. [...]

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