SEATTLE, WA – Luxurious downtown condominiums offering shared hotel amenities were once the preferred accommodations of jet-setters, celebrities and movie stars. Now a rare and, for Seattle, a unique opportunity to live this coveted lifestyle beckons as 34 luxury view condos at Olive 8 are about to cross the auction block. On Sunday, September 19, 2010, international real estate investment and services company Kennedy Wilson (NYSE: KW) will conduct a first-of-its-kind auction that will allow winning bidders to experience five-star “Grand Hotel” living while enjoying the coveted sense of prestige and pride only ownership can bring.

The 34 condominiums located atop the posh downtown Hyatt at Olive 8 were previously priced from $395,000 to $1,235,000 with five of the 34 condominiums previously listed at over one million dollars each. Starting bids at the September 19th auction will range from just $160,000 to $440,000 with all five million-dollar-plus condos included in the bidding. With starting bids set so low, homebuyers have a unique opportunity to realize unheard-of savings on some of Seattle’s most desirable downtown digs!

Beverly Hills CA-based Kennedy Wilson is a recognized leader in the auction industry, conducting hundreds of real estate auctions across the U.S. and Canada each year. “Interest in Olive 8 has been high and is getting higher as we count down to auction day,” said Rhett Winchell, president of KW Auction Group. “Olive 8 is Seattle’s first sustainable condominium/hotel and has much to offer residents in terms of luxury living and an environmentally-friendly lifestyle,” continued Winchell. “What makes the upcoming auction extra-special is that bidders can gain entry to this desirable lifestyle while realizing huge savings on the purchase price.”

The one- and two-bedroom condos at Olive 8 provide up to 1,586 sq ft of living space atop one of Seattle’s most impressive hotels, the Hyatt at Olive 8. Residents enjoy a host of shared five-star amenities including room service and housekeeping, fine dining at  Urbane Restaurant & Bar, health and relaxation at Elaia Spa, and the Hyatt’s saline pool, jacuzzi, fitness center and yoga studio. Exclusive residents-only amenities include a 24-hour concierge, access to the Club Lounge and its beautiful outdoor terrace, billiards and entertainment rooms, and a dog run.

Interiors reflect the sumptuous lifestyle residents of this premier address expect and demand. Rich hardwood flooring, towering ceilings and expansive glass walls frame spacious rooms enhanced by natural stone, marble and granite accents. State-of-the-art kitchens are a gourmand’s paradise featuring Italian-designed Pedini kitchen systems and cabinetry, Liebherr stainless steel or integrated refrigerators, and top of the line fixtures. Luxury detailing extends to elegant and inviting bathrooms offering deep soaking tubs, stone floors, shower and tub surrounds, and high-quality Kohler faucets.

Olive 8’s premier location in the thriving heart of downtown Seattle offers residents a host of appealing dining, shopping and entertainment options just steps from their front doorway. The 34 condominiums up for auction are situated between the 18th and 26th floors (inclusive) of the Hyatt Hotel at Olive 8 hotel, and provide unmatched views of Seattle’s exciting city skyline, the area’s plentiful waterways, and nearby snow-capped mountains. The building itself bears the distinction of being Seattle’s first “green” condominium/hotel with a LEED Silver Certification. Designed for both today’s realities and tomorrow’s possibilities, Olive 8 represents the ultimate refinement in sustainable luxury. Five-star living at an extraordinarily affordable price: bidders can make it their own on September 19th!

Successful bidders at the auction at Olive 8 can choose from a range of excellent financing programs offered by Bank of America Home Loans and Wells Fargo Home Mortgage. Auction day purchasers are also eligible for a SPECIAL INCENTIVE. Under the terms of this incentive, buyers who obtain financing through Bank of America Home Loans and Wells Fargo Home Mortgage and who close escrow within 45 calendar days of the auction will be credited $5,000 towards non-recurring closing costs (based on lender guidelines) by the Seller at the close of escrow.

Kennedy Wilson’s first-of-its-kind auction for 34 luxury view condominiums at Olive 8 will begin at 1 p.m. on Sunday, September 19th at the Hyatt at Olive 8, 1635 8th Avenue, Seattle, WA 98101. Registered participants are advised to arrive no later than 12 p.m. (NOON) for the auction which will last approximately 1 hour. It should be noted that auction-day registrants will be limited to the purchase of one home only.

Kennedy Wilson invites registered bidders to a “How to Buy” informational seminar taking place at the Hyatt at Olive 8 on Sunday, September 12th beginning at 1 p.m. The seminar gives new potential bidders a chance to familiarize themselves with the auction process, while those who have previously attended auctions can enjoy a relaxed and informal refresher course. As always with Kennedy Wilson’s popular “How To Buy” seminars, the highlight will be an exciting live practice auction hosted by an actual Kennedy Wilson auctioneer.

To learn more about the September 19th auction at Olive 8 and to learn about bidding from the comfort of your home or workplace, please visit the Olive 8 Auction Information Office at 737 Olive Way, Unit 2702, Seattle, WA 98101. The office is open daily from 11AM to 6PM and further information is available via the auction website at www.Olive8Seattle.com

ABOUT KENNEDY WILSON

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com

What’s the Sales Difference at Cosmopolitan by View?

Stroupe Group Exclusive Building Websites

We wanted to take a moment to share a beneficial service we provide for both buyers and sellers looking at downtown Seattle real estate.  Over the last couple of years, we have built a collection of websites for buildings downtown, and have many more in the hopper.  Our intention with these websites is to allow each unique address to convey it’s own personality online.

Every site we build for a condo building allows a visitor to:

• View active units for sale,
• View the past three years of sold history,
• Sign up for instant email notifications of new listings,
• Inquire about a particular unit’s value,
• See a neighborhood map and WalkScore,
• Look at a photo gallery of amenities,
• Get building management/concierge contact information.

In addition, whenever we have a seller that lists with the Stroupe Group, we integrate a customized page with professional photography.  All of our building websites also place at the top of all major search engines for maximum exposure, and we also use linking strategies to further secure placement.

Visit our current project: EscalaTower.com

Below is a list of other websites that are constantly being improved, and we would love to hear any suggestions on how we can make them better.

• 81 Vine Lofts
• 2200 Westlake
• Arbor Place Tower
• Avenue One
• Bay Vista Tower
• Bellora Building
• Cristalla
• Fifteen Twenty-One
• Gallery
• Meridian Tower
• Newmark Tower
• Pomeroy
• Seattle Heights
• Tavona Condos
• The Cosmopolitan
• The Parc
• The Vine
• Toscano
• Watermark Tower

Sample Gallery

BelltownParc.com	FifteenTwenty-One.com
LiveAtTheVine.com	AvenueOneCondos.com
GalleryInBelltown.com	CristallaBuilding.com

One of Belltown’s Finest Looks to Relocate to SLU

If you’re a downtown resident, then you may have already heard about plans the Flying Fish restaurant has made in regards to moving to South Lake Union.  If you’re not from the area, The Flying Fish is probably one of Belltown’s last remaining fine dining restaurants.  In a recent article in the Seattle Times, chef Chris Keff explains her motivation to seek a new lease elsewhere.

That’s a far cry from what’s been happening in Belltown, Keff insists, where the bar scene has overtaken the dining scene and movement and closures continue unabated. (Recent deaths include Belltown Bistro and Cucina De-Ra, and several high-profile restaurant spaces remain on the market.) In Belltown, Keff says, “You’ve got a lot of small landlords who never get together to have any say in what happens around them. And before you know it, things have gone to hell.

With Enso doing as well as it has, and with every visit to SLU seeming to always have a new discovery, the Flying Fish is expected to thrive at the modern built location.

Although South Lake Union has yet to fully develop, the neighborhood is certainly more than it used to be just a couple of years ago.  Although it’s still very quite at night, it shouldn’t be more than a couple more years before SLU opens the first plant/lamp shop.  In the meantime, the Butabi brothers are planning on meeting with Mr. Zadir about opening only the coolest club in Belltown once the Flying Fish relocates to the Westlake/Terry building sometime around May.

Stroupe Scoop: October 2009 Sales Stats, Featured Building, & Featured Listing

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This month we have featured Cosmopolitan as the building of the Month.  We also have a new featured 2 bedroom1.75 bath in Belltown at Arbor Place Tower.  $40,000 in quality upgrades!

Be sure to receive the Scoop when it first comes up by subscribing!

Olive 8 Receives More Time to Establish Value

With a recent announcement regarding a $90 million load by US Bank to Olive 8, the condominium project is being allowed two years to adjust while the market recovers by renewing thier construction loan.

Full press release:

U.S. Bank Leads Syndication of $90 million Loan to Olive 8, Providing Financing for Green Downtown Seattle Condominiums

Two year extension of construction loan is a ray of hope in today’s market

(Seattle) December 14, 2009 ― Long-time Seattle developer R.C. Hedreen Company has received a crucial renewal of its construction loan for up to two years for Olive 8 through a $90 million loan syndication led by U.S. Bank.  At a time when many regional projects are at a standstill and unable to secure financing, this loan renewal helps Olive 8 earn its distinction as an urban and sustainable condominium project that has been able to move forward as planned while continuing to be a desirable option for buyers.

Olive 8 is Seattle’s first Leadership in Energy and Environmental Design (LEED) Certified (Silver) hotel/condominium building.  Hyatt at Olive 8 occupies the first 17 floors with another 22 floors of luxury condominiums above.  Of the 229 condominium homes, 51 have closed.  A wealth of new research indicates green building is forward-thinking, offers many long-term financial benefits and is an investment that pays off in terms of lower energy and water bills, as well as healthier indoor air.

R.C. Hedreen President David Thyer says, “As the developer, it’s not unexpected for us to think Olive 8 is unique and will hold its value in the long-term.  But the extension of this loan syndication led by our long-time partner, U.S. Bank, reinforces our belief that this hotel/condominium combination in the heart of Seattle is a project with a strong future.  We see it as a very positive sign in what has been a slow and challenging market.”  Olive 8 was designed by the internationally acclaimed New York City firm Gluckman Mayner Architects in partnership with local architect, MulvannyG2.

Minneapolis-based U.S. Bank’s history of doing business with R.C. Hedreen dates back 15 years, with a variety of projects being financed over the years.

“We are proud to be involved with the construction of Olive 8, which shares our commitment to quality and environmentally-sound business practices that help sustain our resources and the environment,” says John Swanson, senior vice president in commercial real estate at U.S. Bank. “Also, this a shining example of the fact that U.S. Bank is a strong leader within the banking industry, and that we continue to make loans and provide financing to projects like Olive 8, even in this difficult economy.”

Due to its sustainable design and construction, which includes one of the largest green roofs in Seattle, Olive 8 is expected to use 23-percent less energy and 36-percent less water than a comparable non-green building.  It is the first building in Seattle to participate in King County’s Transfer of Development Rights program; in exchange for higher building rights, R.C. Hedreen paid nearly one million dollars toward the preservation of 284 acres on Sugarloaf Mountain in rural King County, as well as vital salmon habitat. The carbon footprint of the Olive 8 building will soon be reduced by 21-percent when Seattle Steam Company, which provides heating for the hotel, will begin using mostly biomass as fuel instead of natural gas. Olive 8 also features preferred parking spaces for highly fuel-efficient vehicles and outlets for electric cars in the underground parking lot.

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