Smith Tower Foreclosed

In case you missed it Friday, the Smith Tower was sold (back to the bank) at foreclosure auction. Here’s KING 5’s report: Historic Smith Tower sold for $36.9 million That’s what happens when you make a big public announcement about intentions to convert to condos, scaring away all your good tenants, then fail to follow […]

Reader Question: Buying Foreclosures at Auction?

I received this email from a reader wondering about foreclosures: I have an idea for a series of articles. I’m interested in non MLS ways of purchasing homes. I’d like to know how to find and properly research homes for sale by the lenders or auction companies directly. My focus is Snohomish County, however I’m […]

Rapid Price Discovery via Resellers’ Auctions

As a coworker and I were pondering the housing market yesterday, I wondered whether it would be possible to build a computer simulation that would provide a relatively accurate model of a perfectly efficient housing market. Unfortunately we didn’t come up with a good way to do that, but he did suggest a real-world experiment […]

Friday Flashback: Olive 8: “We’re going to wait this out.”

Today’s flashback comes from… just over a year ago. July 2009: Photo by Flickr user paperjam At Olive 8 in downtown Seattle, county records indicate only 28 of 229 units have closed. But David Thyer, president of developer R.C. Hedreen, said his firm has no plans to cut prices. “We’re not inclined to discount the […]

Lumen Condo Results Roundup

The Lumen Condos auction was held today. 19 units were being advertised, but only 16 were auctioned off. Coverage of the event is plentiful, so rather than rehashing, I’m just going to provide a few links: Findwell: Lumen Condos Sell Out at Auction BizTalk (PSBJ): Lumen condos sell at auction Urbnlivn: Lumen Auction Results + […]

Potential Pitfalls to Watch for at Real Estate Auctions

A reader emailed me to inquire about the Lumen Condos auction that is currently being advertised on our sidebar, asking whether there are any “catches” or “gotchas” that aren’t easy to spot. Auctions like this usually have a few things that might be described as “gotchas.” Here are a few things to look out for: […]

Banks Undercutting Themselves at Courthouse Foreclosure Auctions

This weekend’s open thread touched on one example of a bank bidding nearly 25% less than what it was owed for a foreclosed home at the courthouse auction. Well, our good friend Jillayne Schlicke over at Rain City Guide actually attended a foreclosure auction a week ago, and wrote up an interesting post on this […]