Comments on: 5th and Madison Condo Auction http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction Wed, 25 Jan 2012 02:01:42 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Ben Kakimoto http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105657 Ben Kakimoto Wed, 10 Mar 2010 18:15:37 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105657 Penelope - Thanks for your comment. You're right, bidders will need to read the brochure to learn about the unpublished reserve price. I don't particularly like the placement of the information, though there is section about it under the "Auction Day Procedures" heading. That people are commenting about it, which is a wonderful thing, is probably more about this particular type auction with its unpublished reserves and people's resentment/dislike of it. If I were looking to buy, I'd be a little skeptical about participating in the auction given the reserve set-up. Escala's current revised dues is $.58 cents per square foot, 5th and Madison's seems to top out at $.62 cents per square foot. That's only $.04 per square foot higher. Though, if the info I have is dated, please do let me know. (edited) Penelope – Thanks for your comment. You’re right, bidders will need to read the brochure to learn about the unpublished reserve price. I don’t particularly like the placement of the information, though there is section about it under the “Auction Day Procedures” heading.

That people are commenting about it, which is a wonderful thing, is probably more about this particular type auction with its unpublished reserves and people’s resentment/dislike of it. If I were looking to buy, I’d be a little skeptical about participating in the auction given the reserve set-up.

Escala’s current revised dues is $.58 cents per square foot, 5th and Madison’s seems to top out at $.62 cents per square foot. That’s only $.04 per square foot higher. Though, if the info I have is dated, please do let me know.

(edited)

]]> By: Penelope http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105656 Penelope Wed, 10 Mar 2010 17:47:48 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105656 Ben, I'm sorry to disagree but the dues are 20% higher than Escala. That translates to over $1,000 per year. I wouldn't call that "barely" higher. The amenities are the less than most other places. Every place that I know of in Seattle includes central hot water and 24-hr concierge. Most also include gas in that price. I also disagree that they are upfront about the reserve price. I just looked at the auction web site. I did not see a mention of the reserve price. It is in fine print on some of the brochures that they are handing out. The fact that it is known that there is a reserve price is because the blogs have made that clear. urbnlivin has a whole story warning people about it. That is hardly being up front about it. Ben, I’m sorry to disagree but the dues are 20% higher than Escala. That translates to over $1,000 per year. I wouldn’t call that “barely” higher. The amenities are the less than most other places. Every place that I know of in Seattle includes central hot water and 24-hr concierge. Most also include gas in that price.

I also disagree that they are upfront about the reserve price. I just looked at the auction web site. I did not see a mention of the reserve price. It is in fine print on some of the brochures that they are handing out. The fact that it is known that there is a reserve price is because the blogs have made that clear. urbnlivin has a whole story warning people about it. That is hardly being up front about it.

]]> By: Ben Kakimoto http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105624 Ben Kakimoto Wed, 10 Mar 2010 03:16:24 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105624 The dues run approximately $.61 to $.62 per square foot, which isn't bad relative to other newer high-rise properties downtown and given the amenities, 24-hr concierge and central hot water. It's barely higher than Escala and less then others. I don't think this is a "trick" in that they are upfront with the fact there is an unpublished reserve price. However, it does create a less than ideal situation for bidders. The dues run approximately $.61 to $.62 per square foot, which isn’t bad relative to other newer high-rise properties downtown and given the amenities, 24-hr concierge and central hot water. It’s barely higher than Escala and less then others.

I don’t think this is a “trick” in that they are upfront with the fact there is an unpublished reserve price. However, it does create a less than ideal situation for bidders.

]]> By: Maria http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105550 Maria Mon, 08 Mar 2010 19:31:26 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105550 Penelope- Does anyone know what are the homeowners dues for this place? Well, sounds like everyone thinks this is a trick to get buyers into coming to the auction and the seller won't be selling them even if the places goes for 195k or the price it starts at. Penelope- Does anyone know what are the homeowners dues for this place?

Well, sounds like everyone thinks this is a trick to get buyers into coming to the auction and the seller won’t be selling them even if the places goes for 195k or the price it starts at.

]]> By: Penelope http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105491 Penelope Sun, 07 Mar 2010 19:50:08 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105491 This is a complete waste of time. They publish the $195k price to create a very low advertised price but there is no way that they will accept it. That should be an indication of the group that you will deal with. Ironically, the reserve price is likely to guarantee that they don't maximize the price because buyers like me will stay away. I am not interested in ivesting all of my time into this auction only to essentially find myself in the same position vis-a-vis negotiations had there been no auction. They also have high maintenance fees of 60 cents per square foot, which is higher than Escala. When I asked about that I was told "but it is much cheaper than LA!" Huh? I thought this was Seattle. This is a complete waste of time. They publish the $195k price to create a very low advertised price but there is no way that they will accept it. That should be an indication of the group that you will deal with. Ironically, the reserve price is likely to guarantee that they don’t maximize the price because buyers like me will stay away. I am not interested in ivesting all of my time into this auction only to essentially find myself in the same position vis-a-vis negotiations had there been no auction. They also have high maintenance fees of 60 cents per square foot, which is higher than Escala. When I asked about that I was told “but it is much cheaper than LA!” Huh? I thought this was Seattle.

]]> By: mike http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105490 mike Sun, 07 Mar 2010 19:19:06 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105490 hank t, you are spot on w/your assessment. these guys are not serious, just fishing to see what nibbles. hank t, you are spot on w/your assessment. these guys are not serious, just fishing to see what nibbles.

]]> By: Hank T http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105149 Hank T Wed, 03 Mar 2010 21:44:51 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105149 Kennedy Wilson Owns this building. They selected themselves for the job. There are 18 rented units that they intend to vacate after the unpublished reserve auction. If the bidding does not go as high as they want the prices to be, they will go back to the winning bidders and force them to either accept Kennedy Wilson's higher price or they will not accept the bid and will try to re-sell it to someone else.. The bid is basically an offer with no guarantee of it being accepted. This is a total waste of the buyers time Kennedy Wilson Owns this building. They selected themselves for the job. There are 18 rented units that they intend to vacate after the unpublished reserve auction. If the bidding does not go as high as they want the prices to be, they will go back to the winning bidders and force them to either accept Kennedy Wilson’s higher price or they will not accept the bid and will try to re-sell it to someone else.. The bid is basically an offer with no guarantee of it being accepted. This is a total waste of the buyers time

]]> By: EDT http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-105145 EDT Wed, 03 Mar 2010 20:44:52 +0000 http://seattlecondosandlofts.com/?p=4750#comment-105145 Like ebay? Generate interest and instigate some bidding to identify buyers' true cut off pricing? Like ebay? Generate interest and instigate some bidding to identify buyers’ true cut off pricing?

]]> By: Phil H http://seattlecondosandlofts.com/2010/02/5th-and-madison-condo-auction/comment-page-1#comment-104967 Phil H Mon, 01 Mar 2010 18:32:46 +0000 http://seattlecondosandlofts.com/?p=4750#comment-104967 This will be interesting - an unpublished reserve??? C'mon. Sounds a bit shady to me. This will be interesting – an unpublished reserve??? C’mon. Sounds a bit shady to me.

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