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Olive 8 Condo Auction Results – 32 units for $13.3m

September 19, 2010 By 13 Comments

This afternoon auctioneer Kennedy Wilson auctioned off 32 units for Olive 8 developer RC Hedreen.

We were on location to capture the results in realtime on Twitter and post them all online before anyone else. Had it not been raining I’m sure I would have been biking :).

1014145527 MTKQX S Olive 8 Condo Auction Results 32 units for $13.3m

Here are the Olive 8 condo auction results [xlsx]. Enjoy!

Highlights:

  • 32 solds. They originally announced they were auctioning 34 units, 28 units were on the auction day sequence. They added 2303, 2004, 2304 and 2404 at the end. They didn’t auction #1902 or #2102 (pricey 2 bedrooms).
  • Cheapest unit: $297,000 for #2110 a 650 square foot west facing one bedroom. Last priced at $395,000.
  • Most expensive unit: $702,000 for #2502 a 1,586 square foot north-east facing two bed, two bath + den. Lasr priced at $1,145,000.
  • Average price: $415,656
  • Total dollar value of units sold: $13.3 million
  • Seattle Times was there taking lots of photos, bloggers weren’t allowed in.

Which building will go to auction next?

Filed Under: Olive 8 Views: 2,418
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.

  • Me

    Wow – some people really like overpaying for their condos?

  • John

    I’m a bit surprised with the results too, think they’re much higher than I’d have been willing to go. I toured the condos but didn’t end up attending the auction. Insights, anyone?

  • JBowers

    olive 8 auction results

  • JBowers

    They specifically said “bloggers” weren’t allowed? that’s retarded.

  • Kate

    based on that spreadsheet, the average sale was 65% of the previous price. this proves olive 8 was overpriced by a third, which is obvious to anyone who had followed the pricing since 2007.

    $13m will probably help the developer keep the bank happy for a few months. i assume we will see 30% price corrections on the remaining 150 units in the next few months?

  • Eric Kennedy

    If you bought one of the “open 1 bedrooms” (09 or 10) in the auction, I’d be interested in renting it.

  • JBowers

    i’m not sure that would be the case. now, olive 8 is more desirable, and they can also apply for fha financing…but that’s just an educated guess. would certainly watch and see, but if you were really hot on olive 8 they might go down a little, they might not. what’s gallery now doing with their “now is a great time to buy?”

  • Chris

    How is it more desirable? These units haven’t closed yet, and history (Gallery, Brix, 5th and Madison) dictates that a good chunk won’t close.

  • JBowers

    Personally I’m not on the side of the fence that would say, Olive 8 is more desirable than _______. I have intentionally lingered around in that part of town because I wanted to write about what the lifestyle would be like. But, it’s all just a matter of opinion. At the same time, being that more units have been sold, desirability can be claimed by it’s developer. I don’t think it’s a bad joint at all for the prices that people paid. I feel they were fair. How long will that building be there and how awesome is the location? Is that vague enough? ;)

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