110% Over List, All Cash For Cap Hill Starter Condo

A reader wrote in about a bidding war they were recently involved in at 1125 E Olive St #608. It hit the market September 24 for $215k and was pending September 27th. Last sold in 2006 for $271,900 when the Onyx went from being apartments to condos.

The under $250k market in the Seattle area is surprisingly hot, one great example I was a part of recently (though sadly I didn’t win) was 1125 E Olive #608 right next to Cal Anderson. It was listed on Monday and they took offers on Thursday, at the time I made my offer we had been told they had at least 10 offers already and my offer of 105% of their asking price was only in the middle of the offers (looking at comparables the condos in that range sell for about 103-104%). That would easily mean this one went for 110% of asking price. After talking to the agent, the winner could have offered cash as it went straight to pending 12 hours after offers. Though the fact that there were 3 or so bids higher then 105% is remarkable. I would love if you blogged it. I know you do sales and open houses but that number of offers just seems amazing.

The 110% is just a guess. We’ll know better when it closes in a week or two.