What Happened to the Olive 8 Auction Winners?

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 Curious if anyone didn’t meet the unpublished minimum price and needed to pay more?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.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • Duke

    Judging from the condo sales numbers in the last 90 days, I think every one of these buyers caught a falling knife.

    I’m confident they will auction off another six floors before the spring.

  • Terence

    Why BoA?
    Are they are preferred lender for Olive 8 or do they have lower rates?

  • Pingback: Olive 8 Condo Auction Update | The Seattle Condo Blog

  • Mojo112580

    Thanks for compiling this information!

    Perhaps the buyers that paid more than the auction price received a buyer’s appraisal higher than the auction price and decided to borrow some money for move in costs?…is that your take on the higher sale cost?

  • Chris

    What’s the consensus on the two that didn’t close? Prop bidders or financing that fell through?

    Also, what’s with the closing at higher than the winning bid? They winner isn’t obligated, right?