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Twenty-eight brand new condominiums on the Bremerton waterfront will go on the auction block this month — with the starting bid for the cheapest unit reduced in price by a whopping 58 percent.
The 400, a four-story condominium on the waterfront side of Washington Avenue between Fourth and Fifth streets, is a victim of a slowing condo market not just locally, but nationwide. However, the 28 units up for auction aren’t the prized water view units, which have sold, but for the most part are ones without any view.
Up the street, sales at the luxury Harborside condos owned by the Kitsap County Consolidated Housing Authority, are slow as well, with a reported 48 units still left to sell. However, all of remaining Harborside units have water views. Also, a new firm, Prudential Northwest Real Estate, which has several offices in the county, recently took over marketing at the Harborside, and has plans for a much more aggressive campaign that was previously used.
On Bainbridge Island, the 180-unit Harbor Square condo development recently advertised a unit marked down almost $100,000 — from $545,000 to $449,000.
Bidding for the smallest condos at The 400 — one bedroom, one-bath units with approximately 577 square feet, will start at $109,000 — down from $259,000. On the high end, a 1,729-square-foot, two-bedroom two-bath unit originally priced at $919,000 will start at $500,000 less, according to Real Estate Disposition Corporation, the private firm conducting the auction.
The auction will take place April 20 at the Kitsap Conference Center. Viewing of the 28 brand new units is underway now.
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