Don’t miss the story in today’s PI on the Press Condos Auction that will take place on 12/13 at the Grand Hyatt. For those neighbors who have been skeptical of teardowns and luxury condo developments, this story may provide some Schadenfreude. Take the case of Garit Reuble who bought his 1 BR at the Press for $300k in 2006. At the auction, a 1 BR (720 sq ft) will have a minimum bid of $185k. Reuble may take comfort from the fact, though, that Redfin shows that a large 1 BR at the Press (720 sq ft) sold two weeks ago for $314k. 17 units remain available and the presentation center is open daily from 10 am to 5 pm, if you care to try to pick up a unit.
Update (12/3): KOMO News has a story up about the auction
Unit 322 has been for sale since the spring: http://www.estately.com/listings/info/847946
Wonder if that price will hold…
Estately and Redfin both state that 322 is a 1 BR, but Zillow (looks like a Windermere agent has claimed the listing) says that it’s a studio . . .
Parcel Viewer lists it as a 510 sq ft studio.
I’d like to check out the auction just to see the process. You’ll need to get an agent to show you the actual sale price on that other unit. The list doesn’t tell the whole story. I’ve also heard there are considerable auction house fees associated with the sale of a property. Anyone know details on this?
Oh yeah, any unit which has been on the market for over 200 days obviously doesn’t have a very motivated seller. Probably a demo unit of some sorts….
My best friend lives in the building. The units for sale are normal units, not the show units, and they haven’t been able to sell the last 17/18 units for 3 years. The places aren’t bad, but for the price there are better places out there.
So, did anybody go..?