Looking for Belltown Gallery Auction Results? The Gallery Auction has long been one of Belltown's most anticipated events. It was astounding to witness the sheer volume of dollars that were spent on these places!
Gallery Auction results surprising for many! It was extremely interesting to see the mass exodus of hopeful would be Gallery Auction bidders who thought they might get a steal. There were some good deals last night, but nothing I couldn't have negotiated up front in a normal purchase and sale without the pressure of the auction itself. It just goes back to my earlier statement: "Do not be afraid to put in an offer that may not be socially acceptable." In the case of the Gallery before the auction, they may have taken it based on auction result numbers I saw last night.
So here are the Gallery Auction results as I recorded them personally, so I should put in a disclaimer that I am human and may have made a mistake. By the way, these are in auction bid order:
Unit SQFT Previous Price Min Bid Winning Bid Amt
1020 1438 $995,200 $449,000 $735,000
1103 1226 $895,990 $499,000 $650,000
920 1438 $995,200 $449,000 $607,000
820 1438 $990,200 $449,000 $592,000
720 1438 $923,400 $449,000 $588,000
903 1226 $895,990 $499,000 $621,000
703 1226 $795,900 $449,000 $548,000
1102 1301 $924,600 $449,000 $566,000
1002 1301 $887,500 $449,000 $564,000
702 1301 $810,700 $375,000 $547,000
1006 1066 $736,990 $325,000 $450,000
906 1066 $731,990 $325,000 $440,000
706 1066 $649,990 $325,000 $419,000
402 961 $573,400 $245,000 $412,000
1107 883 $636,500 $295,000 $462,000
1104 880 $619,990 $295,000 $455,000
1004 880 $573,200 $295,000 $413,000
1117 672 $504,500 $225,000 $380,000
1118 771 $509,990 $225,000 $344,000
1017 672 $467,600 $195,000 $338,000
1018 771 $499,990 $225,000 $337,000
618 845 $484,000 $215,000 $347,000
507 883 $466,300 $195,000 $282,000
407 883 $440,700 $195,000 $277,000
1111 603 $448,800 $225,000 $326,000
1011 603 $427,800 $215,000 $330,000
1115 586 $428,000 $225,000 $321,000
1015 586 $400,100 $215,000 $318,000
715 603 $365,100 $215,000 $310,000
620 843 $481,300 $225,000 $331,000
420 843 $467,800 $225,000 $289,000
1112 603 $426,400 $195,000 $301,000
1114 603 $425,000 $195,000 $300,000
1012 603 $413,800 $195,000 $297,000
612 603 $368,100 $195,000 $280,000
721 605 $388,700 $195,000 $243,000*
403 1160 $694,990 $399,000 $434,000
201 1116 $658,000 $335,000 $384,000
624 699 $410,700 $195,000 $300,000
424 699 $400,000 $195,000 $284,000
521 836 $423,800 $195,000 ***
421 836 $420,800 $195,000 ***
623 791 $424,500 $195,000 ***
423 791 $397,500 $195,000 ***
*In my opinion, the winning bidder for unit 721 probably got one of the best deals of the day. Although the unit is right next to the owner's lounge and I have heard that there is quite a bit of horizontal sound traveling in Gallery, this was a phenomenal price to get into that location!
*** At this point, I had to accompany my bidder out of the room, but I will update later with results from the last four auction results.
Gallery Auction Results Wrap Up -
Overall, I would say Gallery raked in far more dollar per square foot than I would expect them to have. I would say this proves that Seattle real estate is alive and well and that Belltown real estate is still moving! The condo market has definitely changed and we will be seeing more of these types of sales in my opinion based on the backlog of inventory.
Courtney Cooper
Seattle Realtor, Owner/Designated Broker/EcoBroker
Cooper Jacobs Real Estate
206-850-8841
(Seattle real estate - search all MLS listings from all companies for FREE), SeattleAfloat.com (Seattle Houseboats), GreenLakeLoop.com (Green Lake Blog), QueenAnneBoulevard.com (Queen Anne Blog), MagnoliaView.com (Magnolia Neighborhood Blog)
About Me:
Seattle real estate has been a big part of my life for well over a decade since I began my career in real estate,but also before that time when I was in the process of purchasing my own first home. Buying your first home can be quite overwhelming,but I have managed to help many first time home buyers along the way.
Move up Seattle buyers and other types of specialized purchasing is a great passion of mine! I love Seattle houseboats and you can find me down on the docks of Lake Union and Portage Bay several times a week. Other aspects of Seattle real estate that I adore include Queen Anne Real Estate,Wallingford Real Estate, Ballard Real Estate, Green Lake Real Estate, Laurelhurst Real Estate, Magnolia Real Estate,andSeattle Waterfront Real Estate.
In addition to being a Seattle residential broker and founder of Cooper Jacobs & Seattle Afloat, I am also a member of CBA (Commercial Brokers Association) and head of the Cooper Jacobs Commercial Division in an effort to provide excellent commercial real estate services to the Seattle commercial real estate industry. With a background in accounting and management, it is my great pleasure to coordinate our Seattle commercial brokers.
About Cooper Jacobs Real Estate's Seattle Branch:
My office at Cooper Jacobs Real Estate LLC is located centrally near all my favorite Puget Sound neighborhoods just a few blocks up from Lake Union in Seattle’s Wallingford. Cooper Jacobs Real Estate is a wonderful place filled with talented Seattle real estate brokers and I count myself extremely lucky that I get to spend so much time with these wonderful people. We specialize in different Seattle neighborhoods and suburbs in both residential and commercial real estate and are all very passionate and excited about each of our favorite Seattle neighborhoods and industries!
©Courtney Cooper ©Cooper Jacobs Real Estate LLC
Great wrap up Courtney! I think your take on "socially acceptable" lower offers is a good one and without the hype of the auction atmosphere, it's possible you could have negotiated a better deal for your client. But it IS great to see that the event was successful and there's good demand out there if the price is right!
Courtney, Nice wrap up. Auction if not anything else are exciting. Of course there are those that don't realize it is not a fire sale.
Courtney,
Thanks for posting the results of the auction and I have to agree based on these results I am sure we are going to see a lot more of these events.
Sharon
Are they interestign numbers? I think there were a lot of people there who thought that the $195,000 price might be good for some of those units. I mean there was one unit that literally looked at a brick wall and had a giant column gogin through the middle of the kitchen (building support column). It was weird and still went for way over minimum. Might get people thinking more realistically about prices that these places are selling for.
Jo - you are right - a lot of people thought it was going to be an absolute firesale.
I don't know Axe - I know a lot of the agents who worked the auction as independent contractors to get the documents done after a winning bid occurred and no one noticed anything that seemed off. I didn't like how they quickly bonked the price up in $25k increments at the beginning of each unit, but pretty standard buyers seems to be present. I am unsure as to how much homework some of the winners did though, because there really were only a couple super deals in my opinion. It was interesting at the very least:)
Hi Courtney!
I'm new to ActiveRain. I also posted the results of the Gallery. I was actually one of the auction coordinators contracted by Accelerated Marketing Partners and Schnitzer. http://activerain.com/blogsview/1260543/seattle-s-belltown-gallery-condo-auction-results-winning-bid-prices I also think Unit #1117 was a sure emotional buy. The woman that was the competing bidder dropped from bidding more and actually won #1118 and paid 40k less.
Cheers!
Hi Arnold! - Welcome to Active Rain! I look forward to reading more form you - I did see your post come on after I had put mine on and wanted to take a closer look - especially at those last four units. I was there as welll with clients, but one of my associates Laura Lee was there as an auction coordinator as well. It was pretty nuts, wasn't it? Again, looking forward to seeing more from you!