Recent Auction Sells Only 18 of 37 Units

Just got the press release on the results of the Avaview, Sunrise on the Lake and the Summit auction. They sold 18 units yielding $3 million in sales. “The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.” Click through below for the full release.

However, a comment left by Mike on an earlier post is much more telling:

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.


Seattle Property Auction yields $3 million in sales in one day

Auction results on track with projections

Seattle – 18 very fortunate homebuyers took advantage of great prices at the auctions of the Sunrise on the Lake, The Summit, and Avaview condominium projects last Saturday. The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.

“A $3 million sales day is significant in the middle of the holiday season,” says Jeff Powell of JL Powell Auction Company, the auctioneer for the event. “This auction was a success and we’re looking forward to conducting more auctions in the New Year,” says Powell.

Koket Fowler of TeamBuilder Auction Group applauds the bidders that participated in the auction. “These buyers received some fantastic deals and we’re very happy for them. To get in on prices like these for an in-city condo is unheard of.”

The Seller of the three communities elected to sell some units subject to their final confirmation and opted to offer some units post-auction.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

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

    Great info, thanks for the synopsis, Matt. This is a tough time of year to sell homes, as the auction results show. The good news is that the few buyers who are actively looking to buy right now are getting some great deals.

  • Amir

    “Great deals” compared to 2007, definitely … compared to pre-2005, not so much … compared to next year, I doubt that too. It's all relative.

  • http://deflationland.blogspot.com/ christiangustafson

    Anyone buying a home today is absolutely insane. They will be shocked by the RE cliffdive ahead.

    We bubble skeptics were right. We always were.

    We told you so. We told you so. We told you so. We tried to warn anyone who would listen.

    2009 was a Herculean effort by .gov to prop up all bubble asset values. Futile.

    2010 marks their failure, and the beginning of a horrific systemic collapse.

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

    Tell us how you really feel. :)

    There's no guarantee prices will stay flat in the coming year. I think that bubble skeptics have a right to look at the past 2.5 years of price drops and say “I told you so.”

    A horrific system collapse? I wouldn't bet on it. I think we've seen a large part of the correction already happen. We shall see.

  • http://deflationland.blogspot.com/ christiangustafson

    Anyone buying a home today is absolutely insane. They will be shocked by the RE cliffdive ahead.

    We bubble skeptics were right. We always were.

    We told you so. We told you so. We told you so. We tried to warn anyone who would listen.

    2009 was a Herculean effort by .gov to prop up all bubble asset values. Futile.

    2010 marks their failure, and the beginning of a horrific systemic collapse.

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

    Tell us how you really feel. :)

    There's no guarantee prices will stay flat in the coming year. I think that bubble skeptics have a right to look at the past 2.5 years of price drops and say “I told you so.”

    A horrific system collapse? I wouldn't bet on it. I think we've seen a large part of the correction already happen. We shall see.