urbnlivn, a seattle condo & real estate blog

← →

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

September 19th, 2010 by Matt · 13 Comments · Olive 8

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?

Tags:

  • 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? ;)

  • Pingback: Sale at Trace Lofts

  • Pingback: Friday Flashback: “Seattle isn’t like other cities.” • Seattle Bubble

  • Pingback: More Olive 8 Units Hit the MLS

  • Pingback: What Happened to the Olive 8 Auction Winners?