Gallery Auction Results: Belltown Real Estate Unveiled

By
Real Estate Agent with All Seattle Homes for Sale: CooperJacobs.com

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.

Posted by

 

 

Courtney Cooper

Seattle Realtor, Owner/Designated Broker/EcoBroker

Cooper Jacobs Real Estate

courtney@cooperjacobs.com

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 huge 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 EstateBallard Real EstateGreen Lake Real EstateLaurelhurst Real EstateMagnolia Real Estate,andSeattle Waterfront Real Estate.

seattle luxury homesSeattle Luxury Homes......

In addition to being a Seattle residential broker and founder of Cooper Jacobs & Seattle Afloat, I am also the Director of the Cooper Jacobs Real Estate Platinum Properties Luxury Home Division.  This is our exclusive product for high end and distinctive homes catering to high net worth buyers and sellers across the Puget Sound.  For an example of what we have done, just look to our exclusive listing of The Admiral's House in Magnolia.  With our detailed and tech savvy brokers we take care of every detail imaginable and advertise in ways other luxury brokers can't. We have a book of high end clientele and a large International presence to gain maximum exposure while still being discreet. Please let me know if you would like to set up a private Platinum Properties consultation:  platinum@cooperjacobs.com

©Cooper Jacobs Real Estate Platinum Properties

Commercial Real Estate..........

We have brokers at Cooper Jacobs Real Estate that are long time members of CBA (Commercial Brokers Association) and I am the current head of the Cooper Jacobs Commercial Division in an effort to promote our commercial brokers 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

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Washington King County Seattle Belltown
Tags:
gallery auction results
gallery auction
belltown condos
belltown real estate
seattle condos
seattle real estate

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
393,617
NW Real Estate |Colleen Fischesser & CO Serving Seattle-Tacoma area Since 1990!
RE/MAX Select R.E | Designated Broker/Owner - Renton, WA
Serving Seattle-Tacoma Home Sellers & Buyers since

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!

Sep 28, 2009 10:37 AM #1
Ambassador
536,155
JO SOSS
HOMEFRONT Realty - Bremerton, WA
Kitsap County WA Real Estate - HOMEFRONT Realty

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.

Sep 28, 2009 10:43 AM #2
Rainer
165,651
Sharon Senger
The British Virtual Assistant - Seattle, WA
Licensed Transaction Coordinator

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

Sep 28, 2009 10:56 AM #3
Ambassador
641,210
Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

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.

Sep 28, 2009 12:32 PM #4
Ambassador
641,210
Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

Jo - you are right - a lot of people thought it was going to be an absolute firesale.

Sep 28, 2009 12:33 PM #5
Anonymous
Anonymous
Axe
The closed auction process seemed fishy to me. Some of the people bidding up the prices looked like insiders. Of course, since they escorted people out, it was cleverly done.
Sep 28, 2009 08:05 PM #6
Ambassador
641,210
Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

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:)

Sep 29, 2009 01:26 AM #7
Rainmaker
11,949
Arnold Camps
Asset Accel ® Real Estate’s Catalyst ™ - Seattle, WA

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!

Sep 30, 2009 05:13 PM #8
Ambassador
641,210
Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

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!

Sep 30, 2009 05:40 PM #9
Show All Comments
Ambassador
641,210

Courtney Cooper

206-850-8841
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cat to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: