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More Olive 8 Units Hit the MLS

October 17, 2010 By 5 Comments

Yesterday Olive 8 added ten units to the MLS. Four on the 28th floor, one of the 30th, one of the 36th and four on the 37th. (At the auction, they didn’t sell any units above the 26th floor.)

In terms of pricing, the 1 beds, 1 baths they added range from $659/sq. ft. to $943/sq. ft, the 1 beds, 1.5 baths range from $544/sq. ft. to $893/sq. ft., the 2 beds, 2 baths are $796/sq. ft. and $911/sq. ft., the one 3 bed, $863/sq. ft.

This pricing is a far cry from the auction pricing of 1 beds, 1 baths at $474/sq. ft., the 1 beds, 1.5 baths at $563/sq. ft. and the 2 beds, 2 baths at $440/sq. ft, even though the new units are higher in the building and are a part of the “luxury collection”. (I tried to look up what the difference between the luxury collection homes and the other homes are but their website doesn’t say.)

Looking at the difference between a few of the units it doesn’t look like they’ve taken the auction pricing to heart. For instance #3000 (1,534 square feet) is listed at $1,325,000, #2200 sold at auction for $695,000. Does a $79,000/floor premium make sense?

Or, #2810 (650 square feet) is listed at $445,000, #2610 sold at auction for $319,000. $126k difference to move up two floors?

On their blog today they’re proclaiming 35 sales in September and October so perhaps they have reason to be so optimistic.

Filed Under: Olive 8 Views: 993
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  • Brad

    They are stretching the truth. Originally the ‘Sky Collection’ was floors 35-38 only – units on 28 and 30 don’t count. It’s clearly marked as 35-38 on the auction brochure. They had some additional upgrades in floor and window coverings.

    I guess since the auction, floor 26 and below are the ‘Peon Collection’ and anything else is now pure luxury?

  • http://twitter.com/ChadDierickx Chad Dierickx

    I was showing some units there this weekend and they were verbally offering 20% off list prices on all units with a purchase and sale by the end of the day Sunday. I suspect this offer will not have ended at 6pm yesterday, so hopefully we’ll seem them adjust.

  • http://twitter.com/ChadDierickx Chad Dierickx

    I was showing some units there this weekend and they were verbally offering 20% off list prices on all units with a purchase and sale by the end of the day Sunday. I suspect this offer will not have ended at 6pm yesterday, so hopefully we’ll seem them adjust.

  • Alvin

    It’s easy – after the auction, they either have satisfied the fanny mae/freddie mac loan requirements for the building (certain % occupancy), or the builder have sold enough units to pawn off HOA. Or they have enough $ to pay off the next set of construction loans to last them a while.

    That’s probably why the prices are again back to what it was before.

    Peon collection? haha that’s funny :)

  • Abby

    Wrong on all counts. Olive 8 is not even halfway to the 70% occupancy required for FHA. Tenants are not currently paying HOA fees yet, and even if they did pay HOA for the entire building, it wouldn’t make a dent in the nine figure development loan outstanding.

    Olive 8 got a two year extension on the loan one year ago…it looks to me like they are crossing their fingers and hoping that the market recovers in 2011, enough for them to limp to the 70% mark by end of 2011. It’s more likely that we will see additional auctions in 2011.