KOUW on Seatte Condo Glut

Everyone ready for Sunday’s auctions?

Today KOUW has a story on Seattle’s Condo Glut and talks to Schnitzer founder Dan Ivanoff:

Ivanoff: “I mean, it’s a very speculative product type, and when people catch the market right they can really do very, very well, and when you catch the market wrong, you can have to sell stuff at certain discounts, and have to move through your inventory.”

Despite slashing prices and offering financing assistance, Ivanoff says the market is still frozen. So the company has decided to offer more than 80 units in two buildings at its huge auction in Seattle this weekend. Ivanoff says it’s meant to get the market moving and give buyers a sense of how much the condos are worth. Also, after more than 50 percent of the units in a new building are sold, FHA financing becomes available, and Ivanoff says that could bring in more potential buyers.

Ivanoff: “I guess the way I would say it is, it’s like selling seats on an airplane, and you have some that are great seats and some seats that are not so great seats, but you got to fill up the whole airplane, and so that’s the same way we look at moving condo.”