Olive 8 Condo Auction: 34 Units Sept 19th

As rumored earlier this month, it’s now official! Olive 8 developer, RC Hedreen, has retained Kennedy Wilson to auction off 34 units on Sunday September 19th. Kennedy Wilson was also the auctioneer for the 5th and Madison auction. Get the full details at Olive8CondoAuction.com or go here if you don’t want to give them a fake email address to see all the units being auctioned. Guess even though they had their $90 million construction loan renewed for an additional two years they’re getting nervous as they get to the one year mark.

The units being auctioned are on floors 18 through 26. They’re holding back the sky suites on floors 27 to 39 and will continue to sell those traditionally. Starting bigs start at $160k but as with the 5th and Madison auction be sure to pay attention to the fine print on this auction:

All homes have an unpublished reserve price (Unpublished Reserve Price), which means that the seller has established an unpublished minimum selling price. The Starting Bid is not the reserve price. In order to become the winning bidder of a home, a bidder must have the highest bid and meet or exceed the unpublished reserve price. The highest bid is subject to acceptance by the seller. With respect to a high bid less than the seller’s reserve, the high bid, resulting purchase documents/offer are subject to the seller’s acceptance, counter-offer or rejection during the auction, in the contract room and/or within five (5) days following the auction.

I’m sorry I missed the first official announcement on the Olive 8 blog, Olive 8 Auction, because I’m puzzled by their language,

The Olive 8 Sales Team is proud to announce that we will have 34 homes auctioned in September. The auctioned homes will be on our lower floors 18 through 26.

The sales office will remain open onsite and continue to sell floors 27 through 39 our “Sky Suites.” Now is a great time to buy a view home in Seattle’s tallest and most luxurious tower. The sales office is open daily from noon to 5 p.m.

Proud? They failed to sell the units conventionally so now they’re resorting to an auction to try and move units. This building was initially almost completely pre-sold but when it time to close only a fraction of the units closed and sales have struggled ever since.

Great time to buy? Prices are up slightly while sales volume dropped 30%. Prices are more likely to go down than up at this point.

About Matt Goyer

I'm the publisher of Urbnlivn and a real estate agent. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.
Get in touch to:
• Understand the market
• See homes for sale
• Sell your home

Contact Matt matt@urbnlivn.com / 206-618-1600

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  • Dash

    How the mighty have fallen. This is no surprise given how few units they have sold in three years.

    Technically the 'Sky Suites' with nicer finishes etc are on floors 35 and above. Floors 26-34 are the same as the lower floors, just higher in the building, so I'm not sure why they would command much more of a premium.

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  • uwp

    What's the point of low starting bids if there is a higher reserve price.
    If it's only to generate interest and headlines then go ahead and start them at a penny. Think of all the press you'd get then!

  • Mark W

    The Saturday Times housing supplement had an ad/article about this. In addition to reporting the low starting bids, it also noted how the homes in Olive 8 retain their value. It’ll be interesting to see how auction closing prices actually compare to earlier sales/closing.

    Any word on the threatened suits from folks who didn’t want to close there following the bubble burst?

  • Cgustafson

    Bwahahahahahaha, what a disaster!

    Olive8 is almost as successful as that abandoned condo-tel at 2nd & Pine.

  • vandm

    does anyone know how crazy expensive their HOA dues are for all those amenities they come with? that one bedroom looks hella nice but i bet the reserve is super high and the HOA has gotta be the size of another mortgage.

  • Brew

    55 cents per square foot per month, so 500 to 900 a month.

    Does not include the hotel facilities, spa, pool, gym etc.

  • Are there any restrictions on renting after closing? I’d consider renting either the *09 or *10 interior 1 bedrooms by the mandatory closing date (Nov 3rd). There are 7 of those up for auction.

  • Danny

    no rental restrictions. olive 8 comes up on craigslist now and then.