Lumen officially announced it will auction the remaining 19 condominium homes on Saturday, July 11, 2009 at the Seattle Grand Hyatt Hotel.
The one-bedroom, one-bath homes previously priced over $460,000 will carry minimum selling prices at auction from only $175,000, or 40% of original pricing. Two-bedroom homes carry minimum bids starting at only $275,000. Auction pricing averages nearly 50% below original pricing. One 1,631 square-foot loft-style home will open with a minimum bid of only $395,000, more than $500,000 below original price.
Buyers will need to be be pre-registered and pre-qualified with the seller’s designated lender, Wells Fargo Home Mortgage, prior to bidding. They also should inspect the specific property they wish to bid on prior to the auction.
To help those new to auction buying, the auctioneer, TeamBuilder Auction Group, will host a pre-auction seminar for interested buyers on Wednesday, July 1st at 7 p.m. At that time potential buyers can pre-register, learn about the auction process, review the terms and conditions of sale, and participate in a mock-auction to experience first-hand how this type of real estate transaction works.
To learn more about LUMEN and tour the homes available for sale at this event, please visit the on-site information office located at 501 Roy Street, Seattle, 98109. The onsite office is open seven days a week from 10 a.m. to 6 p.m
More information about the auction along with the units available with the minimum starting bid and last offered price are available at www.LumenCondoAuction.com.
June 5th, 2009 at 4:30 pm
Can someone tell me why their HOA dues are so high. We looked at a 1030sq/ft 1+ and the dues were 776.00. Could this be due to low occupancy, or are they for real. I believe the sheet said approx. 66 cts per sq ft. Am I nuts or is this a couple hundred a month higher than it should be?
June 6th, 2009 at 1:50 pm
Cale – Lumen does have one of the higher $/sq ft rate for HOA dues, but does include cable, internet, central hot water and concierge services in addition to water/sewer/garage, master policy earthquake insurance and maintenance. It is not related to occupancy/sold level, which by the way, is at 80%.
June 8th, 2009 at 2:41 pm
Wow, I was so interested in this property until I hear the HOA dues..but then like Ben said, if it includes everything it shouldnt be too bad I guess. Thanks for the good information!
June 14th, 2009 at 8:33 pm
66 cents a foot for HOA?! Soooo…. 1000 sq ft = $660. Is that each month?! That’s a lot of lawn getting watered. Cable, internet, insurance and a golf course?
July 1st, 2009 at 9:09 pm
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?
July 2nd, 2009 at 11:48 am
Interesing fact we learned last night. Three of the townhomes offered were marketed for $579,040 originally, but that price included TWO parking spots. Now, it includes only one. So, the starting bid is really $19K higher than the $260K posted in the brochure, if you want to get the same property as was offered at $579K. Truth in advertising?
July 3rd, 2009 at 10:37 am
Disappointed: ‘What if’ – as the highest bidder at auction (if reserve is met), you are responsible for closing. If you lose your job or can’t finance thats your problem and no one elses plain and simple. Don’t bid unless you are prepared and organised to meet a winning bid commitment.
As for the building, wow what a concrete dump. Tiny sq footage, next to Mercer St, high HOA, mixed with commercial space. But the beauty of the auction process is that it will determine the price point at which some people will be happy to call Lumen home.
July 6th, 2009 at 7:58 am
the hoa is higher then my rent across the street almost, why would i even buy?