We have the sales summary on our website.

We’re moving to sell the 1 and 2 bedroom homes in April.

The community of Copper Lantern Homes remains to be 10 to 15% less than all comparable new construction in a 10 mile square radius. Yes, you may find cheaper condos down the street but those are conversions. Our homes are brand new construction built with “NW building materials” e.g. cement plank siding, Trex(R) decks, green carpets and appliances.

Here are the new guidelines:

1-person: $59,000
2 people: $67,400
3 people: $75,850
4 people: $84,300
5 people: $91,000
6 people: $97,800

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are commenting about it, which is a wonderful thing, is probably more about this particular type auction with its unpublished reserves and people’s resentment/dislike of it.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)

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.

I don’t think this is a “trick” in that they are upfront with the fact there is an unpublished reserve price.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.

For those that qualify, property taxes are based on their share of the land value for the first 12 years. In simplier terms, property taxes will run under $20.00 per month instead of $220.00. This is a huge savings and helps qualify buyers for an additional $35,000 to $40,000.

The tax exemption is on top of the $70,000 deferred 2nd mortgage that allows home ownership to those at or below 80% of HUD area Median income.

When thinking of low to moderate income, most people confuse this with below poverty levels. Low to moderate income encompasses hard working professionals such as, teachers, nurses, firefighters, policmen and many others. It is difficult for these professional to find housing in the Seattle area that is affordable.

HomeSight, a non profit developer and mortgage lender, along with their partners, such as City of Seattle, State of Washington and others, bridges the gap between low to moderate income borrowers and the prices of homes in the Seattle area.

For more information, please visit HomeSight at http://www.homesightwa.org. or http://www.pontederacondos.com. You can also drop me an email. I work for HomeSight as their Lending Operations Manager and would love to hear from you. PJ Wright pj@homesightwa.org

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.