Property Q&A in Seattle>Question Details

Scholze, Both Buyer and Seller in Seattle, WA

What do you know about condos at "Sunrise on Bitter Lake" value? overpriced? good buy? Sure look nice.

Asked by Scholze, Seattle, WA Thu Feb 12, 2009

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Sunrise on Bitter Lake is truly a beautiful place, a very serene setting. I agree with the other answers that this community is in line with current market prices, but want to point out everything is negotiable! I have a college education in the art of negotiations and would love to help get you the best price possible for one of these condos. The builder has been selling the community for quite some time and with high seller motivation, you can negotiate a great deal! Waterfront properties are limited and along with a beautiful place to call home, when the market turns around and there are not anymore homes for the builder to sell, this will be quite a desirable home to sell!
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0 votes Thank Flag Link Fri Feb 13, 2009
We had a listing at Park Plaza, which is basically just off Bitter Lake (right side of the road, but no community waterfront. That's an estabilished condominium that at the time at least was seemingly very well run. That's a huge consideration when buying a condo at any time, but especially in this economy.

As I recall, the unit we sold had an attached two car garage and an entrance it shared with only one other neighbor. Good solid 1970s construction, with 2x8s on 16" centers if for the roof trusses, if I recall correctly.
0 votes Thank Flag Link Fri Feb 13, 2009
There are 5 condos available in Sunrise ranging in price from a studio at $239,990 to a contingent
purchase at $389,990. Market times range from 13 days to 232 days. Bitter Lake Development,
LLC purchased the complex and has remodeled the units. The location is good and waterfront
properties are rare in the City. Prices are in line with this. As to whether these are a good value for you depends on your criteria. I am happy to discuss this with you in more detail.
0 votes Thank Flag Link Fri Feb 13, 2009
A quick review of tax records suggests that 24 of the 40 units at Sunrise remain available. There are several nearby developments that are also conversions with languishing sales. Determining what a good price would include developing a price per sq ft for condo conversions in the area. Then you'll have a reasonable guideline. I would suggest driving around the streets that frame the lake. You'll quickly identify several competing developments like Veridian Cove that provide reasonable comps. Knowing what you get for your dollar in each situation (size, finishes, view, noise) is going to provide a better sense of value for Sunrise and the surrounding condo communities. I would also advise researching the financial stability of the developer and interviewing current owner occupants. If it matters any, I live in the area.
0 votes Thank Flag Link Fri Feb 13, 2009
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