{"id":19971,"date":"2012-04-30T18:33:03","date_gmt":"2012-05-01T01:33:03","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=19971"},"modified":"2012-05-02T13:10:40","modified_gmt":"2012-05-02T20:10:40","slug":"top-floor-unit-at-1521-sells-for-27-off-2009-price","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/04\/30\/top-floor-unit-at-1521-sells-for-27-off-2009-price\/","title":{"rendered":"Top Floor Unit at 1521 Sells for 27% Off 2009 Price"},"content":{"rendered":"<p><a href=\"http:\/\/www.flickr.com\/photos\/the-tim\/6984192408\/\" title=\"A foggy portrait of 1521 2nd Ave by The Tim\"><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/04\/1521-2nd-Ave-in-fog.jpg\" title=\"A foggy portrait of 1521 2nd Ave by The Tim\" alt=\"A foggy portrait of 1521 2nd Ave by The Tim\" style=\"float:right; margin:0 0 0 10px; border:0;\" \/><\/a>The crazy-luxury condo building at 1521 2nd Avenue&mdash;where the <em>starting price<\/em> is $1 million&mdash;is described <a href=\"http:\/\/1521second.com\/\" title=\"1521 Second Avenue\">on their website<\/a> as follows:<\/p>\n<blockquote><p>It is the West Coast&#8217;s most successful condominium high-rise community with established market values.<\/p><\/blockquote>\n<p>In light of the &#8220;established market values&#8221; comment, I find it interesting to note (<a href=\"http:\/\/seattlebubble.com\/blog\/2012\/04\/30\/monday-open-thread-2012-04-30\/#comment-165207\" title=\"Comment by WestSideBilly\">hat tip to WestSideBilly<\/a>) that <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/1521-2nd-Ave-98101\/unit-3802\/home\/21617036\" title=\"1521 2nd Ave #3802 Seattle, WA 98101\">Unit 3802<\/a>, the second-largest unit on the 38th floor (the tower&#8217;s top level), <a href=\"http:\/\/www.redfin.com\/WA\/Seattle\/1521-2nd-Ave-98101\/unit-3802\/home\/21617036\" title=\"1521 2nd Ave #3802 Seattle, WA 98101\">sold on Friday for $3.6 million<\/a>.<\/p>\n<p>That would be an &#8220;established market value&#8221; <strong>27% below<\/strong> where it sold <strong>just three years ago<\/strong> in May 2009, for just shy of a cool $5.0 million.<\/p>\n<p>The previous buyer only financed $2.5 million at purchase, followed by another $500k loan a few months later, so that entire $1.4 million loss is on them.<\/p>\n<ul>\n<li>$1,362,820 loss on the sale<\/li>\n<li>$386,778 in interest payments<\/li>\n<li>$180,000 agent fees <em>(assuming 2.5% commission)<\/em><\/li>\n<li>$92,831 in property taxes<\/li>\n<li>$60,660 in HOA dues<\/li>\n<li><strong>Total Cost for 3 years: $2,083,089<\/strong><\/li>\n<\/ul>\n<p>$57,864 a month has got to be the most expensive rental in town, hands down.<\/p>\n<p><em>[Update: Oops, I originally forgot to include the interest payments on the $3 million in loans.  We&#8217;ll assume that they were short term ARMs with rates 1.1 points below the 30-year average.  I have now added the total interest payments to the above accounting.]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crazy-luxury condo building at 1521 2nd Avenue&mdash;where the starting price is $1 million&mdash;is described on their website as follows: It is the West Coast&#8217;s most successful condominium high-rise community with established market values. In light of the &#8220;established market values&#8221; comment, I find it interesting to note (hat tip to WestSideBilly) that Unit 3802,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,198],"tags":[870,4,871],"coauthors":[],"class_list":["post-19971","post","type-post","status-publish","format-standard","hentry","category-local","category-news","tag-870","tag-condos","tag-fifteentwentyone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top Floor Unit at 1521 Sells for 27% Off 2009 Price \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2012\/04\/30\/top-floor-unit-at-1521-sells-for-27-off-2009-price\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Top Floor Unit at 1521 Sells for 27% Off 2009 Price \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"The crazy-luxury condo building at 1521 2nd Avenue&mdash;where the starting price is $1 million&mdash;is described on their website as follows: It is the West Coast&#8217;s most successful condominium high-rise community with established market values. 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