Fifth and Madison Auction Results

I swung by the Fifth and Madison auction this afternoon hoping to sneak in. Unfortunately security was tighter than at past auctions and I wasn’t able to talk my way in. Fortunately they left the auction room doors open and so I sat with the few other interested parties who didn’t bring $5,000 cashier checks and listened in on the auction.

The format was very similar to the Brix and Gallery auction. Something that was pointed out to me by an Urbnlivn reader there is that Kennedy Wilson also owns Fifth and Madison. They bought it in 2007 for $41 million. Surprisingly this isn’t disclosed in the auction brochure. As both the owner and auctioneer they would definitely be motivated to follow the advice of condtion m) in the additional terms and conditions:

the Auctioneer may, on behalf of seller, bid at any time up to the amount of the unpublished reserve price for each home.

All in all, 16 units sold ranging from $357 to $579 a square foot. Not surprisingly the first unit sold for the most $/sq. ft. Apparently the women who won was quite determined to get it. The Penthouse and #2105 weren’t auctioned. Keep in mind that a few of the units below included furnishings…

Unit Sq Ft Desc. Prev. Price Auc.Price $/Sq Ft
1 2301 1241 1bd,1.5ba, den $899,000 $719,000 $579.37
2 1200 913 1bd,1ba $580,000 $392,000 $429.35
3 1805 808 1bd,1ba $415,000 $331,000 $409.65
4 1803 978 1bd,1.5ba, den $600,000 $370,000 $378.32
5 2203 978 1bd,1.5ba, den $746,000 $476,000 $486.71
6 2305 807 1bd,1ba $625,000 $390,000 $483.27
7 1703 978 1bd,1.5ba, den $600,000 $391,000 $399.80
8 1705 808 1bd,1ba $399,000 $348,000 $430.69
9 2200 913 1bd,1ba $760,000 $445,000 $487.40
10 2202 978 1bd,1.5ba $700,000 $405,000 $414.11
11 2005 807 1bd,1ba $570,000 $355,000 $439.90
12 1702 978 1bd,1.5ba $615,000 $358,000 $366.05
13 2103 978 1bd,1.5ba, den $720,000 $415,000 $424.34
14 2003 978 1bd,1.5ba, den $700,000 $391,000 $399.80
15 1402 978 1bd,1.5ba $499,000 $353,000 $360.94
16 1102 978 1bd,1.5ba $550,000 $350,000 $357.87
Pullled Penthouse 2 1957 2bd,2.5ba $1,995,000
Pulled 2105 807 1bd,1ba $430,000

It’ll be interesting to see how many of these actually close. We estimated that half of the auction sales at Brix and Gallery didn’t close.

It’ll also be interesting to hear from the winning bidders if their bids met the unpublished reserve price. The auctioneer was very careful to say “subject to seller acceptance” after each sale. We wonder how many people will get a call in a day or two asking the winning bidders to come up in price?

Looking at county records Fifth and Madison LLC owns 23 units (127 units total). We’ll have to wait and see how they re-price the remaining units that weren’t auctioned. And to the person who bought unit 303 two days ago, any regrets?

Spreadsheet of results [xlsx]

About Matt

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.

  • Guest

    Kennedy Wilson did not participate in the auctions for Brix and Gallery. Please check your facts.

  • http://twitter.com/mattgoyer mattgoyer

    You're correct, I've updated the article. Remarkable how similar the two auctions were though.

  • Anonymous

    I was the high bidder for a property in this auction…still working through negotiations. Any other winners out there?

  • cynthiagirl

    Yes! My buyer had the form presented immediately following his winning bid that said his offer had not met the seller's unpublished reserve price. But when we went into the contract room (sounds like we're going to meet John Gotti or some other Guido in there, right?), the seller had signed his offer after all. What an odd experience, the real estate auction.

  • dante

    Anyone paying close to $500 sf for this building did not do their homework!

    At least they removed the bogus LEED claims from the auction advertising, since that is never happening. But did buyers know about the unit ventilation problems, or the fact that the parking area is open to the public?

  • Guest

    Your information on the closing results of Brix and Gallery are inaccurate. at Brix, there were 37 units offered on auction day without any hidden reserve (Minimum Bid Sale). All were sold and closed. there were an additional 16 units sold and closed after the auction. Gallery also was sold without any hidden reserve (Minimum Bid Sale). 43 were offered on auction day, all closed on time and an additional 11 were sold and closed after the sale. You can check the public records to verify this information or contact Schnitzer West.
    The unpublished Reserve Auction program and bait and switch tactics you outlined that was offered at 5th and Madison are completely different than the minimum bid program at Brix and Galley

  • Alty007

    Some of the 5th and Madison auction condos have apparently fallen through. I got a call yesterday about condos (plural) being available. No details if they were for reserve, or other issues such as financing. Don't know which units.

  • http://recordsresources.com public records

    I swung by the Fifth and Madison auction this afternoon hoping to sneak in. Unfortunately security was tighter than at past auctions and I .

  • http://recordsresources.com public records

    well, I swung by the Fifth and Madison auction this afternoon hoping to sneak in. Unfortunately security

  • KCR

    I just checked King County records and in the two months since this auction only four of the sixteen condos listed have closed (plus 2105 which was pulled before the auction). All except for one condo closed for the auction price listed.

    Fairly dismal result. It will be interesting to see what they will do with the remaining dozen units.

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