It is Monday and yet again I have a great example of a foreclosure from last Fridays auction. Unit #2101 at Newmark Tower sold for $297,000. The minimum bid was $263,500. In January of 2010 it was listed as high as $450,000. So when I saw that it was headed to auction, I had a gut feeling that it would appeal to the masses. Although small at 610 sq ft, it had gone through a modern renovation that gave the unit character. The western waterview alone was enough to attract a number of investors. Apparently it did exactly that.
If you don’t recall, Newmark Tower is located at 1415 2nd Ave. It is one block from Pike Place Market, a short walk to the waterfront and will be home to one of Target’s first “Urban Concept” department stores. Target acquired the retail space for estimated 15.5 million dollars.