The Cleveland Condo Resale

Here is the listing from someone who is trying to resell his/her Cleveland condo on MLS.  Unit #413 was sold for $351,000 on 8/29/2007, sales history for this specific condo can be found at this parcel number 1624000000 (be sure to scroll down and click on #413), there should say sale history of this condo.

As of today, if you are buying this condo for $450K without bargaining down to..oh...I don't know, perhaps, something more reasonable like $375K instead of just taking it for $450K, you would be making the seller $98K in profit in 4 moths.  I personally think $375K is a fair price for this condo.  For the seller, making $25K - (4*monthlyPayment)  in four months isn't bad, for a buyer, it's not ripping too large of a hole in your pocket.

The Cleveland Condo in Redmond

The Cleveland

I have not visited the Cleveland in person, however, I have noticed that people and/or investors bought these condos like crazy and are now selling them like crazy!  They currently have many for sale and you can view them at www.condocompare.com and search for the Cleveland. 

From looking at their sale history, I spot a few resales that have happened and some that are currently being re-sold by owners.  Below is a list of resale and already resold condos.  In matter of months, having done no work at all, they want to make at least $37K profit!  This is blood sucking!  I refuse to buy condos from these bastards!  Take unit #413 for instance, it was sold to whoever for $351K in 8/29/2007 and now he/she is reselling it for $499,900, wanting to make $98K profit in 5 months!!!  This is called !@# f**king.  If I do end up wanting to buy one, my offer will be $351K sharp, it's going to be the hard way of take it or leave it negotiation.

Unit	Date Purchased	Purchased Price	New Sale Price	Profit
217	8/6/2007	$292,403	$329,990	$37,587
303	10/9/2007	$316,875	$379,900	$63,025
315	8/7/2007	$456,000	$499,900	$43,900
413	8/29/2007	$351,000	$449,900	$98,900
513	7/27/2007	$394,900	$467,000	$72,100
517	7/27/2007	$337,000	$385,900	$48,900
606	7/19/2007	$403,900	$489,000	$85,100

Cleveland condos history is available for public viewing at King County

The Boulders condo in Redmond

The Boulders

The Boulders come with a few floor plans, I'm not going to point them all out because their web site is above.  I am interested in their 2x1 and their typical floor plan for a 2x1 looks somewhat breathable, it's not the best designed, but it passes for my requirements.

I think their pricing is a little off for a conversion.  There was a condo that was sold for $334K in Kirkland and was built in 2007 for 1000 square feet.  I think that the Boulders 2x1 floor plan should be worth $315K on the 2nd floor.

Price

• For a typical 2x1 that is from the 2nd floor or the third floor that I am interested in is priced from $330K to $360K.  Some floors cost more but again, that is listed on their web site.
• HOA is about $275 for a 2x1. I believe it covers W/S/G.
• For a 2x1, it comes with two uncovered parking spaces. Each covered parking space is an extra $2500 fee to your housing price.

Pros

• Perfect for bus to downtown and to Microsoft.  Not an issue, these buses run on weekdays and weekends.  I can take either the 266 or the 545 to Seattle downtown for shopping and walking around.  Transportation is not an issue at all because there is no need for driving to work.
• The condo has a good color scheme and hard wood flooring in kitchen, dining room, and living room.
• A modern look and feel when you walk in the condos.
• Comes with two parking spaces.
• Guest parking spaces are available

Cons

• Buyer is responsible for their own blinds or drapes.  This is bad because all condos will have inconsistent window treatment.  This could make the complex property value go down.
• The kitchen has only one sink, it is optional to have another sink, but buyer must request before the unit is renovated.  (The floor plan draws two sinks, this is wrong)
• The ceiling is pretty low, but there is nothing that they can do about this because it is a conversion.
• Price is too much for a 2x1 that is approximately 810 square feet. I think this should be priced at $315K instead of $360K
• Each covered parking space is an extra $2500
• Washer/Dryer is not included in unit
• No gas stove or gas at all available
• Small kitchen in all floor plans, it's not a U or L shape kitchen so it's not too attractive to me. There are not a lot of cabinet space for kitchen storage