Downtown Seattle Condo Foreclosures, Headed to Auction

There are 2 great condos that are going to auction tomorrow (9/23/11) and I would buy both of them in a heartbeat.  The first and the most attractive in my mind is W1204 at 2200 Westlake.  It has North facing views that overlook the courtyard, Lake Union and extend all the way to Gas Works Park.  It was originally purchased in April of 2007 for $628,000.  At one point in 2008 it was listed for as much as $650,000.  Now just 3 years later, this 1 bedroom, 1 bath has a minimum bid of $265,500!

The other unit is located on the 5th floor of the coveted Concord in Belltown.  I love this building.  In my opinion, it ranks in the top 15 condo buildings in Seattle. The unit is not a home run, but it is a great value and an opportunity to buy low in a class “A” project. Unit #508 was last purchased for $500,000 in 2007.  It is 754 sf with big views of the Sound.  It was last listed in March of this year for $439,950.  The minimum bid at tomorrows foreclosure auction is just $236,072.08.

It is not very often that 2 great units go to auction on the same day.  I try to keep my eye on the auctions each week.  These 2 condos combined with the Cristalla unit from last week have to make the last 2 weeks the best I have seen in well over 6 months.  I think they make excellent buys for investors looking to buy and flip and even better buys for someone looking to do a long term buy, hold and rent strategy.  If any of you want to discuss options like these in greater detail, contact me through our contact us.

Unit #1204 at 2200 Westlake:

 

Unit #508 at The Concord:

If your interested in learning how to buy a foreclosure these, feel free to contact us.