As expected by auctioneers, the sale of 12 units at the Queen Anne High School Condominiums, units that had been unsold for more than a year, sold within an hour last month and several buyers got unheard of deals.
If you have money, this is certainly the time to buy as a gaggle of qualified buyers attested at the March 22 auction that showcased the units at opening bids well below their original asking prices.
Of the 12 units, the penthouse, which affords breathtaking views of downtown, has vaulted ceilings and was originally offered at $1 million, had an asking bid of $650,000 and minutes sold for $685,000.
That 32-percent drop was about average for all the sales. The original selling price of all the properties totaled $6,595,000 and fetched at auction $4.5 million.
Sam Konswa, principal at Queen Anne Real Estate had been following the condo auction and is not surprised by the deals bidders won.
"That was an amazing buy," the veteran real estate agent said of the penthouse purchase.
"But those prices were where they should have been. We have a lot of activity here in Queen Anne and when things are priced well, they'll sell."
The buyer of the penthouse may have bought at the perfect time, too, because the February signing of the economic stimulus package by President Barack Obama has meant the government would insure more mortgages on more expensive properties, the idea being that this would entice banks to let potential home buyers borrow more and ultimately spark activity in an otherwise slow real estate market.
The American Recovery and Reinvestment Act of 2009 allows U.S. Department of Housing and Urban Development's Federal Housing Administration to temporarily increase its loan limits and insure larger mortgages at more affordable prices. Obama's signature meant loans will be limited as much as $1,091,350 on four-unit homes.
The auction was hosted Kennedy Wilson Auction Group of Beverly Hills, Calif. on behalf of property owners Legacy Partners of Foster City, Calif.. Legacy bought the 139-unit building in 2005 for $25.3 million. The building, which closed as a high school in 1981, is on the National Register of Historic Places.
Queen Anne High School condominium sale breakdown:
Unit 1: 1,154 s.f., 2 bedroom, original price - $480,000, closing price $336,000
Unit 2: 1,154 s.f., 2 bedroom, original price - $500,000, closing price $324,000
Unit 3: 1,127 s.f., 2 bedroom, original price - $520,000, closing price $390,000
Unit 4: 1,000 s.f., 2 bedroom, original price - $485,000, closing price $326,000
Unit 5: 1,181 s.f., 1 bd/twnhm, original price - $580,000, closing price $426,000
Unit 6: 526 s.f., 1 bedroom, original price - $255,000, closing price $201,000
Unit 7: 1,164 s.f., 2 bedroom, original price - $600,000, closing price $360,000
Unit 8: 1,164 s.f., 2 bedroom, original price - $600,000, closing price $392,000
Unit 9: 1,164 s.f., 2 bedroom, original price - $600,000, closing price $395,000
Unit 10: 1,000 s.f., 2 bedroom, original price - $475,000, closing price $325,000
Unit 11: 1,000 s.f., 2 bedroom, original price - $500,000, closing price $350,000
Unit 12: 1,432 s.f., 1 bed/den, original price - $1 million, closing price $685,000[[In-content Ad]]
