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What Happened to the Olive 8 Auction Winners?

By December 15, 2010

Olive 8

Curious about what happened to the people who won at the Olive 8 auction? Curious about whether all the units closed? Curious if anyone didn’t meet the unpublished minimum price and needed to pay more?

I was and spent some time digging through county records to see how things settled out. Since Olive 8 auction winners were required to close by November 3rd, but were allowed a 15 day extension, I think we’ve let enough time pass to dig in.

  • 30 of the 32 units closed: the two units that didn’t close were 1802 or 2202. Other x02 floor plans closed.
  • 4 units closed above their winning bids: #2200 paid the most with a $80k premium over their winning bid a large 1,534 square foot unit. #1904 paid the least with a $5k premium over their winning bid.
  • 2 units closed below their winning bids: #2609 paid $10k less than the winning bid. #2303 paid $1k less.
  • 11 units financed with Bank of America: B of A led the financing of the most units. 9 were financed by Wells and 8 buyers paid cash. 1 used Sterlings Savings Bank
  • Half the units closed on time: The first unit closed on 9/30, the last on 11/30.

I’ve already spent way too long pulling this data together. So here’s the spreadsheet of results [xlsx] if you want to dig further. Just please post interesting observations in the comments.