Home / Seattle Condos / Capitol Hill / Brix / Brix Condo Auction Results: $344-$500/Sq. Ft.

Brix Condo Auction Results: $344-$500/Sq. Ft.

By Matt Goyer September 27, 2009

Brix

Here are the results from the Brix auction: Brix auction results [xlsx]. (Thanks to team Redfin for counting bids!)

It went by FAST. They sold all the units in 68 minutes. So if you can help fill in the gaps please leave a comment.

All condos sold, ranging from $344/square foot to $500/square foot.

There were ~200 registered bidders. About 600 in attendance.

Other condo bloggers. If you steal my spreadsheet please link back to Urban Living :).

Update: Check out additional coverage at:

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16 responses to “Brix Condo Auction Results: $344-$500/Sq. Ft.”

The_Tim says:

September 27, 2009 at 2:48 pm

So it looks like the final auction prices were on average about 30% lower per square foot than the previous list price. Interesting that that's a bit less of a discount than the Lumen Auction, in which by my calculation, units sold at an average of ~38% off the previous list price.
Chris says:

September 27, 2009 at 3:19 pm

I question the “previous list price” thing.

For example, 620 at Gallery has a “previous list price” of 480,000. I was looking at it a few months ago, and they were listing it under 400,000.
Zampy says:

September 27, 2009 at 4:59 pm

240 went for 444 (so my agent told me), just to complete your spreadsheet :)
Congrats on your blog!
seph says:

September 27, 2009 at 5:42 pm

Those prices are still too high. I think the bidders didn't follow the headlines on commercial property failures this month. The actual price of those properties is probably a good 30% less, even in the best case.

Here is an example of where it is heading – http://latimesblogs.latimes.com/laland/2009/09/…

There is a reason all of the developers have suddenly started to discount in the last few weeks, and it's not because they are trying to establish a 'market price'.
Eric K says:

September 27, 2009 at 6:11 pm

Wow, I didn't realize 200+ people would be there. The prices were higher than I was expecting… but it's good that they were able to move them at that price.
cnut says:

September 27, 2009 at 6:14 pm

I was a registered bidder, but when I arrived and saw how many people were there, I decided to leave sensing any chance for a decent price to be nonexistent. Up until this weekend I was continually told that there were hardly any bidders registered, now I think that is just a rumor they put out to encourage people to register, hoping they would find a good deal. I found the construction of the Brix somewhat shoddy, and was really surprised on the HOA dues. I didn't think the units were worth even the minimum asking price. I'm quite surprised that the units sold for as much as they did, perhaps the competition aspect of the auction had a significant affect on bidding.
Name says:

September 27, 2009 at 7:52 pm

i was there. i couldn't believe the prices people were paying. i don't think people got much of a deal at all. the original asking prices seemed way too inflated to really compare the selling prices to.
Name says:

September 27, 2009 at 8:51 pm

Yeah, they're “discounting” prices to get sales before their cash strapped construction lenders call their loans. That's the market we're in, however where's the data backing the statement that 36 buyers just paid 30% more than they should have? And what does an unfinished mixed use project in Los Angeles have to do with residential value in Seattle? I'm not seeing the comparison…
Ken says:

September 27, 2009 at 9:56 pm

Hey Matt thanks for the spreadsheet. It yields a couple high level numbers worth noting: The overall $/square foot came out right about $400 (that's total money paid divided by total square footage, it's $411 if you average the $/sq.ft. on a per unit basis). Per Redfin (http://www.redfin.com/zipcode/98102) that's slightly below list but slightly above sold $/sq. ft. for the zipcode.
Name says:

September 27, 2009 at 11:52 pm

Yeah, I couldn't believe the “asking” prices. I laughed out loud (then looked around a bit embarrassed) when I first saw the price sheet. Even at the peak in 07' those asking prices would have been a joke. On some of those units (the faux 1 beds), I wouldn't have paid the minimum. There were maybe two units in the whole auction that I would have paid the minimum bid price (and not much more). While the exterior architecture looked good, the interiors where a bit shoddy and poorly laid out. I was underwhelmed.
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September 28, 2009 at 1:13 am

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petepilkington says:

September 28, 2009 at 6:56 am

The question now will the 28 Million in sales yesterday, Assuming they all close within 30 days, be enough to save Schnitzer or will we see another auction when the next note comes due?
onehoonose says:

September 28, 2009 at 1:58 pm

Developer notes are very different than your mortgage. typically their banker/lender is a partner in the success or failure of the project & as such is motivated to help them succeed even if it means perpetually postponing their note, readjusting terms or reducing principal. How do you think so many of these projects have been around for years? Lumen had been holding at virtually no sales for 3 years- Last thing a big bank back east wants to do is carry something like that in their pocket & report it on their balace sheet. they might have 5 years after the first closing to pay off the loan- we're back to a traditional market & banks expect it.
Chip says:

September 30, 2009 at 10:49 am

I totally agree with you cnut. I wasn't impressed with the building or the individual units in general and I'm surprised they got as much as they did. It's a great location but the developer could have done a lot better with the design and finishes. It's interesting that in general the two-story units had much steeper discounts than some of the smallest units. But still, I wouldn't pay that much to live in units like that.
dildough says:

October 12, 2009 at 2:09 am

yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.
dildough says:

October 12, 2009 at 9:09 am

yeah, there's no connection between the implosion of the national economy and overpriced closets in Seattle. Those people got snookered, period. If you're a millionaire, then buying real estate over 100k at an auction might make sense. Otherwise, you have no business making that decision in that environment. Its not like you're buying an antique for a thousand bucks.

Brix Condo Auction Results: $344-$500/Sq. Ft.

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