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Avaview, Sunrise on the Lake, The Summit Auction Results?

December 14, 2009 By 10 Comments

Not much word on the results of the auctions of Avaview, Sunrise on the Lake and The Summit other than they sold the best 19.

I’ve emailed Team Builder JLS for the results but in the meantime if anyone attended, let us know how it went.

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Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Michael

    I attended the auction and took detailed notes. 13 condos out of 37 received bids above the Minimum Bid prices. 5 additional condos received offers at below Minimum Bid prices, and are subject to confirmation. This occured after the auction company reduced opening bids by 20% of the stated Minimum Bid Prices. The auction began with the Summit and the moved to Sunrise on the Lake. None of the condos at Avaview received bids at all.

    For Summit: final price/sq ft for those receiving bids/offers was $292.26. Final prices were approx. 1% above minimum bid prices.

    For Sunrise: final price/sq ft for those receiving bids/offers was $218.71. Final prices were approx. 1.5% above minimum bid prices.

  • FAL

    Only one third sold? that's an incredibly poor result for an auction.

    The next step for Avaview has to be receivership.

  • warren

    Hey Michael, this is Warren Ballard, Williams/Matrix. The news release I saw said they got something like 137% of the minimum bid. Did they really sell at 1% to 1.5% over? Like if the minimum price was $200,000 the price ended up at $202,000 or $203,000. Wow!

  • Michael

    Not a chance. I have an excel spreadsheet showing results as of auction day. Unless my math is wrong, and I pretty confident it is correct…they did not achieve 37% above minimum bids. If you would like, please send me your email and i will send the spreadsheet along.

  • http://SeattleHome.com Sam DeBord, SeattleHome.com

    True, the results aren't good for an auction. However, selling a dozen condos in December isn't bad. This is usually a dead month for real estate sales.

  • Michael

    Surely their were circumstances requiring the auction in December, as the factor of absorption was not figured into offering 37 condos through auction. The auction company had about 30 staff present or so at the event as well and they probably only needed half of that. For a 3% Buyers premium, and offering a 3% Buy side commission…and only selling half or less – the auction company can't possibly feel good about the way it went. I doubt they made much money. Would have been better off not publishing minimum bid prices. I think this stigmatized the property, stating assumed value offering buyers the opportunity to undercut published minimums…which they did, actually going another 20% below minimums offered. I believe more could have been sold.

  • Ken

    do you mind sharing the spreadsheet? my email is “mlkhui at gmail dot com”. Thanks in advance!

  • Larry

    I'd like to get a copy of your spreadsheet if it's not too much trouble. Thanks! My email is: acuhsu@hotmail.com

  • Warren

    Hi Michael. I would love a copy of the spreadsheet. I am at wballard@williamsmarketing.com. Thanks so much. Warren.

  • Warren

    Hi Michael. I would love a copy of the spreadsheet. I am at wballard@williamsmarketing.com. Thanks so much. Warren.