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Seattle PI is reporting that two major condo detpolemenvs are headed for auction in the coming month, both were developed by Schinitzer NW. The Brix is located in the heart of Capital Hill on Broadway, and the Gallery is located in Belltown, both great locations for a condo development. The minimium auction prices seem to be approximately 50% to 55% off the reported previous price , however the previous price seems to be high even for the top of the market. Previous auctions, Press, Lumen, sold for approximately 40% off the top of the market. A third project by this same developer was reportedly flipped from condos to apartments earlier this month. This has got to be brutal for this developer. There is no way you can rent out a project built to condo standards and break even. I am guessing the lender is taking all of the cash flow from the rental, and all of the auction proceds from the two projects to be auctioned off. Rate this comment: 0 0
By: | Mar 12, 2014 | Report Comment
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By: | Apr 27, 2013 | Report Comment
Flower_Patch_by_Brea_Gunther
Sanders1 | Region 4
By: Brea Gunther
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