The Seattle Condo Blog | Seattle Condos and Lofts

Gallery Condo is ditching the open auction format of 25 open one-bedroom and one-bedroom homes that was slated for tomorrow, Saturday, March 5th.

At the root of the issue, apparently, is few qualified buyers due to tighter credit and loan qualification requirements. It sounds as though, had they proceeded with the auction, the likelihood was high that they’d have too few bidder and that the winning bidder’s financing could fall through making the auction a bust, so they’re opting for a one-day “Buy Now” event. With the new format they’ll provide home sale opportunities to buyers individually on a first-come, first-served basis, which sounds similar to the what Veer Lofts initially tried. This will also ensure that buyers are financially qualified and will complete the sale.

The Buy Now event is open only to those who had previously registered during the auction campaign; it is not open the public and will take place at the Gallery Condo building in Belltown.

Hat tip to Matt who’s got more details at Urbnlivn.com.

Olive 8 Condominium

Downtown Seattle’s Olive 8 Condominium reported they’ve taken in 15 new home sales, representing about $10 million, since their January 1st pricing reset.

“(These) new closings will satisfy a third of our remaining construction debt,” said David Thyer, President of RC Hedreen Company. “We consider Olive 8 to be stable, with a minimal debt/unsold home value ratio. And we feel the homes are well positioned in the marketplace.”

RC Hedreen Company is planning on transitioning control of the Home Owner’s Association to the residents this Spring. “Our community belongs to the homeowners and not to a bank,” added Thyer. “This is a pivotal milestone for Olive 8 and it demonstrates our commitment to delivering certainty, stability and enduring value within the building.”

Visit Olive 8

Trace North

Trace North, located in the Pike/Pine Triangle area of Capitol Hill has just 15 homes remaining – a mix of studio, open one-bedroom, one-bedroom and two-bedroom units. Trace recently reduced prices with homes now starting from $199,950 and ranging up to $444,950.

Visit Trace North

7800 Plaza

Mercer Island’s boutique 7800 Plaza Condominium development has now sold over 60% of its inventory, leaving just 9 two-bedroom homes available.

The concrete and steel constructed 7800 Plaza is located in the downtown district of Mercer Island, close to numerous shopping and dining options. Prices range from $479,500 to $749,500.

Visit 7800 Plaza

Marselle Condominium

The Marselle Condominium, located just north of Belltown, is 65% sold. Homes are priced from $219,990 for an open one-bedrom unit, from $349,990 for two-bedrooms while the two-level penthouse townhomes start from $479,990. Marselle is approved for 3.5% down FHA or VA financing.

Visit Marselle Condo

Gallery Condo Auction

The March 5th Gallery Condo auction is just two-weeks away. Two positive items to note about this particular auction are: (1) there is no hidden/unpublished reserve amount, so the highest winning bid is the selling price, and (2) the developer is offering a buyer’s bonus up to 3% of the purchase price. The auction features 25 open and one-bedroom homes and are FHA/VA eligible.

Visit Gallery Auction

If you’d like to learn more or to set up a tour of these wonderful Seattle condo opportunities, we’re here to help. Just call, text or drop us a note.

Disclaimer: Olive 8, 7800 Plaza and Trace North are current advertisers of The Seattle Condo Blog at time of publication.

Update: On March 4th, the developer changed the format of the auction, cancelling the public auction that was scheduled for March 5th at the Grand Hyatt. Instead, the Gallery condo units slated for auction will be sold through a “Buy Now” event, open to those who previously registered for the auction. At the Buy Now event, which is being held at the Gallery Condo building, the sales staff will meet with buyers individually on a first-come, first served basis.

Schnitzer will auction 25 additional open one-bedroom units at their Gallery Condominium building in Belltown on March 5, 2011 at the Grand Hyatt hotel in Seattle. This auction follows a similar format as Schnitzer’s previous auction of 43 Gallery Condo units back in September 2009.

Auction website: www.auctionthegallery.com

Update: adding press release info & table of homes

SEATTLE (January 26, 2011) – Gallery Condominium, LLC has saved the best inventory for last of its new Belltown condominium homes. Accelerated Marketing Partners (AMP) will launch the final close-out of the new home inventory. The auction will be held on March 5, 2011 at the Grand Hyatt in downtown Seattle, providing a rare opportunity for prospective homebuyers to purchase a new condominium at steeply discounted prices. Gallery is currently more than 80 percent occupied, due in large part to the highly successful auction AMP conducted in September of 2009.

Situated at 2911 Second Avenue, Gallery offers outstanding views of Elliott Bay, the Space Needle and Mount Rainier. Several homes slated for auction at this one-day event are the open, one bedroom/one bath plans with a variety of square footage layouts. These homes are ideal for the professional, empty nester, and as well as the perfect pied a terre for very special “city” living. The innovative designs offer maximum use of space, ranging in size from approximately 571 to 672 square feet. Buyers can choose from a number of configurations to define living areas and bedroom areas. Included in this sale is also a new one bedroom/one bath plus den at approximately 883 square feet with exceptional views of Elliott Bay.

Prior to the auction, prospective buyers will have an opportunity to view all available auction units as well as fully furnished models and examples of the partitioned, open floor plans. The Auction Information Center and models will be open daily from 10 am to 5 pm with extended hours on Thursdays until 7 pm. Additional information is available at www.AuctionTheGallery.com or through Gallery’s auction concierge services at 1-888-982-8988.

“This exciting auction opportunity will be the last chance to allow homebuyers to determine value within this successful new residential Seattle condominium development. Home buyers can feel comfortable and confident they are participating in a transparent bidding process,” said Ken Stevens, west coast CEO of Accelerated Marketing Partners, a national, full-service real estate firm that conducted the previous launch auction events at Gallery and its sister property, Brix.

Ideally located at the north end of Belltown, Gallery is perfectly situated to capture Space Needle views to the east and Elliott Bay panoramas to the west. Gallery features abundant amenities within its concrete and steel frame construction, customized floor plans and upscale finishes. Features of these homes include European-styled kitchens with custom cabinetry, slab granite or microcrystal countertops and premium stainless steel appliances; floor to ceiling windows; hardwood floors; and generous balconies.

Amenities include a full-service concierge staff, a two-story lobby, Owners Lounge, an exclusive Supper Club and Sky Lounge. Whether entertaining a large crowd or hosting an intimate dinner for eight, Gallery is designed to accommodate.

Auction brochure (pdf)

The take away from the Brix and Gallery Condo auctions, held on September 27, 2009, is that there is a strong demand for condo ownership and condo deals. Between the two auctions there were at least 500+ people in attendance, though not all were bidders. The bidding was very active and virtually every auction lot was competitive.

I think it’s fair to say the results exceeded people’s expectations (selling prices were higher than anticipated). The winning bids at Brix averaged $410 per square foot and sold for approximately 70% of the last offer prices (30% discount). The results at Gallery were equally strong, averaging $439 per square foot and selling for about 68% of the last offer prices (32% discount). In comparison, the last auction at Lumen averaged $347 per square foot and sold for only 62% of the last offer prices (38% discount).

Upper-level one-bedroom view units at Gallery were going for as much as $550 per square foot, while lower-level alley facing units averaged about $350 per square foot. At Brix, the one-bedroom flats commanded higher per square foot prices, generally above $400, while the multi-level lofts and townhomes were in the high-$300′s.

Per Schnitzer West, the auctions generated nearly $30 million in sales. In all, there were over 420 bidders who attended the two auction events, with more than 3,300 total site tours in the weeks leading up to the auction.

Click below for PDF:

Brix Auction Results

Gallery Auction Results

View available Brix and Gallery condos for sale.

From other blogs:
Urbnlivn.com: Brix & Gallery Auction Wrap Up
CHS Capitol Hill Seattle: Did The Brix and Gallery Auction Buyers Get a Good Deal?
Courtney Cooper: Gallery Auction Results: Belltown Real Estate Unveiled
Urban|IMG: The Auction Results