Olive 8 auction

Olive 8's auction event was this afternoon.  Thirty two homes were auctioned off by Kennedy Wilson.  They initially had thirty-four homes for auction but two of them, #1902 and #2102 were removed from the list.  The homes were sold for an average of 66% of the previous listing price, which is very close to the average of the last few auctions (Queen Anne High School, Lumen, Brix, Gallery, and 5th and Madison) since 2009 at 67%.  The average price per square sold for the auction was $450.78.  This is by far the highest average price per square foot sold for all auction events. 

Olive 8 Auction Results

Here are some highlights of the event:

1.) One bedroom's were sold for an average $462.69/sq.ft. and the average winning bids were at 68% of the previous listing price.  Two bedroom's were sold for an average of $415.06/sq.ft and the average winning bids were at 60% of the previous listing price. 

 2.) One of the largest two bedroom homes sold for $625,000, 54% of the previous listing price.

3.) The lowest price one bedroom was sold for $297,000 (650 sq.ft.).  One couple won the bid for a two bedrooms, two bathrooms for $702,000 (1,586 sq.ft.).  It was the highest bid for the two bedroom homes but they were very pleased with the price.  It's going to be their 2nd home.  

Each home has an unpublished reserve price, which means that the seller has set a minimum selling price.  In the event the winning bid was lower than the reserve price, the winning bid is subject to acceptance by the seller.  It would be interesting to see how many of these homes will make it to closing.  

Related posts:

Seattle Condo Auction Roundup
Seattle Condo Auctions: Equivalent of the Nordstrom Anniversary Sales?
5th and Madison and Trace Lofts Update 
Queen Anne Auction- By the numbers
Lumen Auction Results
Brix and Gallery Auction Results
Press Auction: Going once, Going twice, Gone!