The builder of Seattle-based 5th and Madison condos - a 24-story, 126 unit project located in the city's Financial District - will be auctioning off 18 remaining units on March 28. The minimum bid starts at $195,000 for an 808 sq ft one-bedroom unit, previously priced at $399,000 or more. The highest starting bid is $995,000 for a 1,957 sq ft penthouse that was previously listed for $1,995,000.
Given the "fine print" detailing the builder's assignment of an unpublished reserve price (i.e. minimum selling price) to each available unit, the auction has prompted mix reactions: Is the auction simply an advertising gimmick, or is it a true reflection of plummeting home prices, continuing foreclosures and unemployment in a downturn economy?
Other Seattle condo projects face similar news:
Gallery & Brix Condo Auction - August 2009 Seattle Condo Blog
Queen Anne High School Condo Auction - March 2009 Seattle Condo Blog
