While the sun and rain battled outside, the auction was brisk amongst the bidders vying for the 16 condo units inside the Grand Hyatt Seattle. Auctioneer Kennedy Wilson conducted another smooth and fast-paced auction.
The 5th and Madison Condo auction differed a little from the prior events in that the starting bid was not the minimum reserve amount. Instead, 5th and Madison had an unpublished reserve for each unit. It’s unclear at this time whether the winning bids exceeded the unpublished reserve price; there was no mention of it during the auction. Winning bids less than the reserve price are subject to seller acceptance, counter offer or rejection. I’m sure bidders were informed once they were whisked away to the separate purchase contract room.
Winning bids ranged from $331,000 for an 808 square foot 1-bedroom to $719,000 for the 1,241 square foot 1-bedroom + den. The average price per square foot was $428. On average, the units sold at 65% of their last offer price and 57% over the starting bids.
Units #1803 and #1805 were model units and the winning bid price included furnishings. Units #2105 and Penthouse #2 were withdrawn from the auction.
The chart below identifies the winning bid amount. Once units begin closing I’ll update the chart with the actual sale prices.
Click image to download (PDF):
View available 5th & Madison condos for sale
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The Seattle Condo Blog
April 8th, 2010 at 4:30 pm
Ben,
Do you have final numbers on accepted bids? If not, when do you think you will?
April 9th, 2010 at 9:40 am
I don’t. I doubt Kennedy Wilson will release that info. I’ll check the records in about a month to see how many of those closed.
June 10th, 2010 at 6:02 pm
Any update on the actual amounts paid? I am frequently in Seattle and have had my eyes on these condos for quite some time. Thanks.
July 5th, 2010 at 10:10 pm
I’ve been surprised recently to see downtown San Diego condos selling for 2007 level prices. For a while it seemed like there was going to be a condo glut and price dive, but the new condo developments are really holding their own.
July 13th, 2010 at 11:51 pm
We’ve been hard hit by the recession and have had a very difficult time even getting bidders to show up at our condo auctions recently. Almost nothing is selling even though the realtors and government are trying to make it look the the end of the recession is in site.
I think it will be another two years at least before things realy start to pick up and it probably will never be as good as it was leading up to the recession for the last ten years or more.
Mike
October 9th, 2010 at 5:36 am
I’m just stunned at the ratio: 65% of the most recent sale. Are auctions happening a lot with Seattle condos? Is the 65% figure somewhat typical? I know this post was written a few months ago so I’m wondering if that trend has continued.