Schnitzer West Auctioning Off Seattle Condos

SEATTLE-Schnitzer West LLC is auctioning off units in its two newest condominium developments, Gallery in the Belltown neighborhood and Brix on Capitol Hill. Accelerated Marketing Partners will handle the event, which is scheduled for the end of the month.

Schnizter West managing partner Dan Ivanoff describes the auction process at this point in the economic cycle as “the best method to efficiently sell a large number of homes in a short amount of time.” He did not detail why the units need to be sold in a short amount of time and could not immediately be reached Tuesday afternoon for comment.

“Schnitzer West is trusting the market to deliver a fair value for its ready-to-move-in inventory,” AMP executive Ken Stevens says in a prepared statement. The Auctions for both communities will be held on September 27 at the Grand Hyatt.

Gallery is a high-rise condominium tower located a short ways north of the Downtown core. The minimum bids for Gallery units are $195,000 for one-bed, one-bath units totaling 603 square feet and $325,000 for two-bed, two-bath units. The two unit types were initially priced as high as $499,000 and $900,000, respectively.

Brix is comprised of two-story lofts and flats just off Broadway, the main north-south commercial drag running through the Capitol Hill neighborhood. Units range from 600-square-foot, one-bedroom units to 1,200-square-foot, two-plus-bedroom units. The respective minimum bids are $165,000 and $295,000. Initial list prices for the two unit types were $435,000 and $640,000, respectively.