As promised, here's a neat chart I whipped up showing the original listing prices and their ultimate auction winning price. As you can see, some people picked up 2BR units for just over $300K which I suspect, at the risk of putting chum in the water for the pessimists, will turn out to be a really good price.
Overall, a few things struck me about yesterday's auction:
- It was a real auction where the seller was willing to move property, even at a substantial discount off of their original price. E.g., Townhomes sold for 40% off (this is considered a good deal even if you're buying shoes).
- Everything sold. Granted, the minimal bids were set very low to bring in the interest but all of the units sold and for more than the minimal bid. If we found that no one showed up or only a handful of people bought a handful of units, it would have been a very ominous sign for the Seattle condo market.
- The developer probably got a bit greedy last year and could have sold off the units earlier and perhaps 10-20% more than they sold for today. To be fair, hindsight is 20-20 and kudos for them for wrapping up the project this afternoon.
