Olive 8: Auction Results and Stats

Success!  Over 200 bidders filled a room at the Hyatt at Olive 8 on September 19 to try and snag a deal on 32 units from Floors 18 – 26 that were on the block. By day’s end, very happy new owners walked away with homes averaging 30% off the original price. Here’s a list of the sale action, sorted by square footage.

Sales are subject to seller acceptance and escrow closing.

We are fairly certain this information is accurate… if it changes, we will repost.  We continue to pride ourselves on accurate information.  During the auction, six units were removed from the auction (four 1-bedroom units, two 2-bedroom units).  As the auction progressed, the four 1-bedroom units returned for bidding. By the end of Sunday, all but four units had acceptable bids and the celebration began for those lucky buyers.  The remaining four units were short of the reserve bid.  The seller has a few days to decide what to do with those units.

Although it took an auction to do a significant move of inventory for Olive 8 management, the number of bidders that registered and appeared may be a sign that the Seattle real estate market is entering a more positive phase. In addition, over 1,500 potential buyers viewed the properties prior to auction, which could serve as a great base for future Olive 8 sales down the road.

The number of participating bidders also says something else about Olive 8. They confirm that Olive 8 is a special property, with a wonderful downtown location and a dizzying list of amenities including services through its downstairs neighbor, the Hyatt at Olive 8.  A little over 100 units remain for sale. Check out our website, olive8seattle.com for more details, then fill out our Contact link.

Olive 8: Anatomy of an Auction

We’ve been telling you in previous posts how special the upcoming Olive 8 auction will be. Located in the heart of downtown Seattle, Olive 8 has amazing views and numerous amenities, all at once-in-a-lifetime prices. However, the clock is ticking… the auction is on Sunday, September 19^th, at 1:00 p.m. sharp but more importantly, you must be pre-registered by Thursday, September 16^th at 6:00 p.m. If you still have questions or even qualms about the auction process, so maybe our handy-dandy guide below will help:

Review the Properties – Check out our link at olive8seattle.com, where you’ll find details of the 34 homes from Floors 18 through 26 that are on the block. Under “The Auction”, there’s a .pdf with unit floorplans. Then, hit our big green contact button and tell us which ones you’d like to see. When we meet, we’ll first discuss what you’re looking for in a home, then physically tour the properties to see which best fit your lifestyle needs and financial means.

Financing – You must be pre-approved through one of two lenders, Bank of America Home Loans or Wells Fargo Home Mortgage. Even if you’re a cash buyer, assets must be verified through either of these two lenders. By doing this, you will know that everyone at the auction will have the ability to bid.  Have a pre-approved credit line ready and bring the letter with you.  If you choose to use either one of the lenders, then the seller is offering a $5,000 credit towards non-recurring closing costs (subject to lender guidelines, please check for details). Don’t forget that financing is subject to credit approval, loan document completion and property appraisal. Finally, you will need to bring a cashier’s check for $5,000 plus a personal check for the remaining balance of your earnest money.

Pre-Register – All buyers must be registered in order to attend and bid. The form is simple, and on our website under “The Auction” tab. On auction day, check in for your bidder package. The doors open around 11:00 a.m., but you should arrive no later than 12 noon. Your window to register is a now a short one…  forms must be submitted to the Auction Office prior to 6:00 pm on Thursday, September 16th.  You will not be allowed to register at the door.

The Auction Team – The auction will be conducted by Kennedy Wilson, an international real estate investment and services company based in Beverly Hills, CA. Assisting the auctioneer will be professional floormen to make sure that all bidders are recognized and all bids are reported. Floormen can also answer questions before and during the auction, including asking the auctioneer to pause if needed.  

Before Bidding Begins – The auction will start promptly at 1:00 p.m. with opening remarks summarizing terms of sale, bidding method, and any last-minute changes or disclosures. This only takes a few minutes, ending with the auctioneer conducting a practice auction session.

Be Ready To Bid – You wouldn’t think auctioning 34 homes would go by quickly, but it’s estimated that the entire event should only run an hour. Our meetings with you will also include your bidding strategy, and we’ll be at your side when your condo number is called.

Start the Bidding – Get ready to chime in with your price! If you make a mistake, just correct it with either the floorman or the auctioneer. The auctioneer will say “sold” or “high bidder” as soon as it’s determined the final bid has been made.  When you hear, “Going once, going twice…third and final call”, that’s the cue the auctioneer is prepared to announce a winner. He’ll most likely say something to the effect of, “Sold subject to seller acceptance”.  At that time the buyer will go to another room and sign a contract based on the winning price. Within the next few days, the buyer will know whether or not they’ve made the reserve price.  Seller has the option to counteroffer to meet its minimum reserve if needed. If this does occur, buyer does not have to accept the counteroffer.

The auction will take place at the Hyatt at Olive 8, 1635 8^th Avenue in downtown Seattle. Coincidentally, this is the base of the Olive 8 building and part of its great amenities package. Give our website a spin and call us right away!

Okay, so you’ve decided to participate in the Olive 8 Auction. What’s Next?

You’ve checked out our Olive 8 website. You’ve reviewed the amenities of both the condominium and its link with the Hyatt at Olive 8. You’ve read all about Olive 8’s Silver LEED certification and their dedication to green living.  You’ve even looked over the floorplans for the 34 units up for sale AND, you’ve decided to take the plunge and put in a bid on Sunday, September 19^th.

What’s next?

A  Realtor® with proven auction experience is the best source to guide you through the bidding and closing process. That’s what you’ll get when you sign up with us. We at the Stroupe Group have specialized in the downtown Seattle condominium market since 1994, and have represented bidders on a number of successfully closed auction transactions.

We don’t start our work when the auction doors open, either.

We’ll do a thorough discussion with you upfront as to what you want and don’t want in a home. We’ll then review the Olive 8 units up for auction, and place values on those specific to your wants and needs. We’ll then take a physical inspection tour with you on the unit(s) you’re interested in to make sure the investment you’re about to make is one you are thoroughly happy with.

Now, suppose we go back to the bidding list and you like Numbers 9 and 14. You may prefer Number 9 but 14 may come up first… we will help you outline a “pecking order” and advise you on a bidding strategy come auction time.

We’ll help you wade through financial aspects of an auction. As you review the Terms and Conditions, you’ll discover it can seem a little daunting.  Plus, you’ve just picked up the part about the unpublished reserve selling price.  How can you get the Olive 8 unit you want at the right cost for you?  Moreover, how do you get in the winning bid and close the deal?

From peruse through purchase, we will start you on the auction process and be with you at every step. We’ll answer all your questions, put you at ease with the auction process and most importantly, help you get what you want at one of the premier condominium properties in Seattle.

The auction is just around the corner.  Fill out the Contact Us tab at www.olive8seattle.com and we’ll be in touch with you right away.

Your dream home at Olive 8 is waiting. Let us help you make that dream come true.

Olive 8 Auction Details? Find them on our website!

Olive 8’s auction of 34 condominiums on Sunday, September 19^th promises to be the real estate event of the year.  Condominiums previously priced from $395,000 to $1.23 Million will be on the block, with some bids starting as low as $160,000.

What’s your first step in getting into the auction process? Visit our special Olive 8 website, where we’ve accumulated all the auction details. www.olive8seattle.com contains detailed information about:

• The Auction – Details on the upcoming event, including a pdf downloadable brochure, including a registration form. If you would like to be represented by the Stroupe Group, download this form.
• Auction Listings – The 34 units for sale plus floor plan design, views, number of bedrooms/baths, square feet, plus the previous and starting bid price.
• Living Green — Olive 8 is the first condominium/hotel combination building in Seattle to receive a LEED certification (Silver). If you have a desire to live a more green lifestyle, what Olive 8 offers is a must-read.
• Neighborhood – At the corner of 8^th Avenue and Olive Streets in downtown Seattle, this section details Olive 8’s easy access to transit and freeways, plus many attractions within walking distance including restaurants, shopping, even jogging/biking trails. All this can be found within walking distance.
• Amenities – A staggering list of Olive 8 amenities, including those shared with the Hyatt at Olive 8 Hotel.   The interstate is also just a few blocks away, and the Sound Transit station is just a couple block.
• Floorplans – Detailed floorplans of the Olive 8 units for sale.

So take a tour of our Olive 8 website and fill in your contact information at the Contact Us tab.  Specializing in the downtown Seattle condominium market since 1994, we at the Stroupe Group have participated in a number of condominium auctions and have helped our clients successfully close on their dream of a lifetime. Let us help you with your dream, too.

Olive 8 – 737 Olive Way, Seattle, WA 98101

Address: 737 Olive Way, Seattle, WA 98101
Neighborhood: Downtown

CONDOS FOR SALE

Here you can find all active listings atOlive 8. If your dream condo is not listed, sign-up to be instantly notified by email.

Sign-Up to receive an instant email notification of new Olive 8 condos for sale as soon as they hit the market. Membership also includes a monthly review of all activity for this building.

DESCRIPTION

Located in a central downtown location near Seattle’s retail core, Olive 8 is a 39-story, 231 unit, clear, translucent and blue glass tower designed by Gluckman Mayner Architects and MulvannyG2. The mixed-use tower built by R.C. Hedreen will include a full-service luxury Hyatt hotel within the lower 17 floors. Residents will be able to take advantage of 24-hour room service, 20,000 square foot full-service luxury spa, maid service, dry cleaning and valet. Homes range from 665 square feet to 1,586 square feet. Penthouses range from 1,833 square feet to 2,552 square feet. Originally pricing was around $400,000 to $2.5 million. Interiors are designed in rich colors with Italian Pedini Kitchen systems, Bosch appliances, Kohler sinks and Italian fixtures.

PICTURES

VIDEO

BUILDING DATA

• Year Built: 2009
• Number of Units: 231
• Number of Stories: 39
• Exterior: Cement/Concrete
• Parking: Common Garage
• Pets: Subj to Restrictions
• H/O Dues Included: Cable TV, Central Hot Water, Earthquake Ins., Garbage, Water/Sewer
• Common Property Features & Amenities: Elevator, Exercise Room, Fire Sprinklers, Game/Rec Room, Hot Tub, Lobby Entrance, Sauna

NEIGHBORHOOD BUSINESS

• Advantage Rent A Car
• Barney’s New York
• Casimir Cleaners
• Dragonfish Asian Cafe
• Gene Juarez Salon Pine St
• Greyhound Concourse
• Kelley-Ross Pharmacy
• Kindercare
• Pacific Place
• Pamela’s Fine Foods
• Paramount Hotel
• Ramuta’s Shoe Repair
• Red Balloon Co.
• Ruth’s Chris Steakhouse
• The Oceanaire Seafood Room
• The See Center
• Wells Fargo Bank
• Westin Hotel

VIEW NEIGHBORHOOD MAP

ADDITIONAL OPINIONS & REVIEWS

*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.