Gallery condominium will be having another auction on March 5, 2011 at the Grand Hyatt in downtown Seattle. Accelerated Marketing Partners will launch the final close out of their 25 remaining homes. The auction homes are mostly open one bedroom or one bedroom floor plans with sizes ranging from 571 to 672 square feet. Minimum bid will start from $175,000.
Here are a couple of important points for the auction:
All Bidders are required to be pre-qualified with a Seller's Preferred Lender(s)
A minimum bid has been set for each property. Each property will be sold to the highest Bidder above the minimum bid price. There is no hidden reserve price so someone could conceivably pick up a unit for close to the min bid.
All sales must close on or before April 5, 2011 (approximately 30 days after the auction).
During the last auction held on September 27, 2009, 42 of of the 44 homes closed within 4 months after the auction event. Assuming all were closed successfully by bidders, the average price per square foot sold was ~$432.