Capitol Hill’s church-turned-townhomes The Sanctuary has, finally, sold out

How’d we find out? Deep investigative journalism from CHS (Image: CHS)

An emergency room physician. A music producer. An actuary. A Boeing engineer. And probably a princess, brain, jock and a basket case in the mix. There’s an exclusive club now formed at 16th and Denny — The Sanctuary has sold out some three years after its initial sales efforts.

“My knowledge of the home buyers was that they were smitten with the product,” a representative from Realogics Sotheby’s told CHS confirming that the unique church turned townhomes project had, indeed, reached “mutual acceptance” on its final unit.

That firm was brought in to market the Sanctuary project after a tumultuous birth that ended in a foreclosure process for the building’s original developers.

The Sanctuary’s first attempt in 2009 at selling Seattle townhome buyers on living in an “oh my god expensive” overhauled 1906 church was a failure. Last summer, CHS reported on new developers taking over the project with a plan to bring the 12 units back to the market — this time with steep price reductions and with solutions to some of the stubborn but amazing preservation choices the original developers had planned.

The sales representative said The Sanctuary homes sold out about twice as quickly as expected following January’s price re-boot.

Sotheby’s had said units would be “available for reservation up to 40% below previous list values.” The units first listed between $799,000 and $1,575,000 in 2009.

Not all of the sales records for the units are yet available from the county but prices of those that are recorded range from $759,000 for a 1,900 square-foot unit to $515,000 for a 1,300 square-foot unit to just over $1 million for the 2,400 square-foot biggie.

“Re-sells could be surprise,” the sales rep said about the potential investment value of the properties. In the meantime, the rep said the sales were further indication of what he says is a “sellers market” on Capitol Hill.

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4 thoughts on “Capitol Hill’s church-turned-townhomes The Sanctuary has, finally, sold out

  1. Foreclosures are an unfortunate, but necessary part of a real estate market correction. When people have to move on, but owe more than they can get out of the home to the bank and can’t sell it, the home goes back to the bank. When the bank gets it, and if the bank doesn’t want to take the loss on in, then the mortgage insurer gets it to sell, which further allows the reduction in price.

    Saavy investors are taking advantage of this right now and getting in on the turn in the market. Right now, people are able to start buying because of the reductions allowed by this process.

    It really is time to invest wisely in the hill. Stay tuned. It’s been a hard lesson to learn, but if you’re smart, you can be wise

  2. “sellers market” on Capitol Hill
    “available for reservation up to 40% below previous list values.”

    A dyslexic seller’s market?