Cristalla Condo Auction – Unit #1807
Update: 4/19/11
The high bid was $435,000. With the buyer premium, the effective price was approximately $457,000.
Received an email today about an upcoming single property auction at the Cristalla Condo in Seattle.
Unit #1807, which is bank-owned, is scheduled for auction on Tuesday, April 19th at 3:15 pm by Williams & Williams, a professional auctioneer. The opening bid is $100,000 for the 18th floor, 2-bedroom, 2-bath, 1,174 square foot southeast corner unit. Expect that it will go for much more.
The unit was most recently listed for sale as a bank-owned/foreclosed property at $554,300 a couple of weeks ago, which was quite a bit less than the $939,200 it fetched back in 2006.
According to the auction website, the auction will occur on-site and on-line with two public preview/inspection dates on April 10th and April 17th from 1 pm to 4 pm. The Cristalla is located at 2033 2nd Avenue.
Escala is selling many of their 1BR’s for the price of this auction. Hopefully this gives people a good indication of the real value of the market. The stagnation in real estate sales in Belltown is due to people overpricing homes.