This Bellingham waterfront condo hits the market with a record-breaking list price
Many would agree that Bellingham’s waterfront offers amazing views, but how about one worth $2.685 million?
That’s the listing price for a luxury condominium unit that just went on the market, and it could sell for more than that, given the current red-hot real estate market. It’s at 506 S. State St., overlooking Boulevard Park.
If the unit does sell for $2.685 million, it would smash the current record for a condo sale. That record sale was for a nearby unit at 472 S. State St., which sold for $1.85 million in March 2021. That sale went for about $350,000 above the original list price.
There have only been 11 single-family home sales in Bellingham that have sold for more than $2.68 million, said Braden Gustafson, a local appraiser.
Michelle Harrington, a real estate broker for Compass, is handling the sale of the 506 S. State St. unit. She said the views are “breathtaking,” but it also has quite a few other features that command the price for the concrete-and-steel building. Those features include 18-foot, floor-to-ceiling windows, a remodeled kitchen with two islands, a heated two-car garage and a Tesla charging station. The building was designed by local architect John Stewart.
It’s quite a turnaround for the building, which was taken over by Whidbey Island Bank in 2009 during the global financial meltdown. The building was complete, but the bank finished details before selling it, Harrington said. It sold in 2011 for $1.1 million, according to the Whatcom County Assessor and Treasurer website.
The sale of this condo unit continues a trend of high-end home sales that have taken place in the past year in Bellingham. A property in the Edgemoor neighborhood sold last fall for $7.31 million, more than double the previous record of $3.3 million that was set in the same neighborhood 13 years ago.
According to Whatcom County property data provided by the treasurer’s office, 265 residential properties have sold for more than $1 million between October 2020 through September 2021. That’s a 145% increase compared to the same period in 2019-2020.
For the 506 S. State St. condominium, Harrington is expecting to have multiple interesting parties and thinks it will be sold to a local or Seattle-area buyer.
“This is an irreplaceable home and a true once-in-a-lifetime treasure,” Harrington said in an email.
By the way, for those wondering what a monthly mortgage payment might be for a $2.685 million condo, it’s more than $13,000 without a down payment.
This story was originally published March 4, 2022 at 5:00 AM.
