Updated: 11/16/20 - auction nets $6.6 millilon in sales (see below).
Kennedy Wilson has announced the auction of 22 condo units at The Fairview Condominium in Mukilteo, WA on Sunday, November 14, 2010 at the Lynnwood Convention Center.
The Fairview is a 48-unit luxury Built Green condominium development adjacent to the 1st Fairway at Harbour Pointe Golf Club at 11801 Harbour Pointe Boulevard. Homes feature open floor plans, 10-feet ceilings and expansive windows. Amenities include a community room, fitness center and a wonderful outdoor courtyard lanai with BBQ.
Of the 22 units available for auction, 3 are one-bedrooms with a minimum starting bid of $145,000, 18 are two-bedrooms with minimum starting bid of $180,000 and 1 three-bedroom with a minimum starting bid of $325,000. The homes were previously priced between $380,000 and $990,000.
Like other Kenney Wilson auctions there will be a “how-to” seminar prior to the auction as well as an unpublished reserve price. This means the highest bidder may not necessarily have the winning bid. In this case, it’s likely there may be post-auction negotiations on price. For example, at the last Kennedy Wilson auction, the Olive 8 Condominium, four of the bids were below the reserve price and were not accepted.
The Puget Sound Business Journal reports 20 units were sold at auction netting $6.6 million in sales for the developer and attracting 225 people to the auction. Read more.