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.

34 Luxury View Condos at Olive 8 going to Auction

34 LUXURY VIEW CONDOMINIUMS ATOP SEATTLE’S  HYATT AT OLIVE 8 CROSS THE AUCTION BLOCK IN UNIQUE FIRST-OF-ITS-KIND AUCTION.

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