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Brix & Gallery Condo Auction Wrap Up

By September 27, 2009

Brix, Gallery

Wow, 80 units sold in one day. It was a busy day at the Grand Hyatt!

Brix had all 36 condos sell:

  • Spreadsheet of the results [xlsx]*
  • 68 minutes
  • ~200 bidders
  • $344 to $500/sq. ft. Average $409
  • 63% to 81% of “previous list”. Average 70%
  • $235k to $471k
  • Redfin stats for Capitol Hill:
    • Aug median list: $405k
    • Aug median list $/sq. ft.: $418
    • Jun sold: 46
    • Jun median sold: $336k
    • Jun median sold $/sq. ft.: $390

Gallery had all 44 condos sell:

  • Spreadsheet of the results [xlsx]*
  • 90 minutes
  • ~250 bidders
  • $309 to $565/sq. ft. Average $439
  • 58% to 81% of “previous list”. Average 68%
  • $243k to $735k
  • Redfin stats for Belltown:
    • Aug median list: $397k
    • Aug median list $/sq. ft.: $491
    • Jun sold: 24
    • Jun median sold: $358k
    • Jun median sold $/sq. ft.: $450

It was surprisingly exhausting watching the two auctions hosted by Accelerated Marketing but it certainly was entertaining. They started both auctions off with an introduction, a drawing for a 42″ TV, and a sample auction.

While the auctioneer was certainly fast talking (I’ll post a video tomorrow), the auction process went pretty smoothly. However, there were a few “glitches”, that they handled well; someone got confused about which unit they were bidding one, a few people got confused about the price, etc.

…By the end of each auction attendance had really dwindled as folks took off after their unit(s) of interest sold for more than they wanted.

The highlight for me was when part way through the Brix auction when some guy won they jumped up and cheered. Sadly, every other winner was much more reserved.

Overall everyone I talked to thought the units sold for a lot more than they expected. Though looking at the results some folks did get a good deal. I suspect Schnizter will be very happy with how things turned out.

Alrighty, who’s going to auction next?

*Big thanks to Corey, Chelsea, Earnest and Dave at Redfin Seattle who were a big help in assembling the spreadsheet.

Update: More coverage at: