At the root of the issue, apparently, is few qualified buyers due to tighter credit and loan qualification requirements. It sounds as though, had they proceeded with the auction, the likelihood was high that they’d have too few bidder and that the winning bidder’s financing could fall through making the auction a bust, so they’re opting for a one-day “Buy Now” event. With the new format they’ll provide home sale opportunities to buyers individually on a first-come, first-served basis, which sounds similar to the what Veer Lofts initially tried. This will also ensure that buyers are financially qualified and will complete the sale.

The Buy Now event is open only to those who had previously registered during the auction campaign; it is not open the public and will take place at the Gallery Condo building in Belltown.

Hat tip to Matt who’s got more details at Urbnlivn.com.

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BEVERLY HILLS, Calif. (November 16, 2010) – International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company offered and sold 20 units, generating $6.6 million of sales, at its Sunday, November 14th auction of luxury condominiums at The Fairview at Harbour Pointe. The auction was held at the Lynnwood Convention Center near downtown Seattle, and approximately 225 people attended the auction.

“We are very pleased to represent such an outstanding resort-style development,” commented Rhett Winchell, president of Kennedy Wilson Auction Group. “The luxury condominium home shopper makes up approximately 50% of our auction buyers, and this auction is Kennedy Wilson’s seventh successful offering within the last 90 days reaching both coasts,” commented Rhett Winchell, president of Kennedy Wilson Auction Group.

The Fairview at Harbour Pointe is a master planned community located in Mukilteo, Washington, which is just 20 minutes from Seattle and recently named among the Top 10 Best Places to Live by CNNMoney.com. Residents at The Fairview enjoy panoramic views of Puget Sound and the Olympic Mountains as well as easy access to Harbour Pointe Golf Course, top rated by Golf Digest magazine. The Built Green™ condominiums feature lodge style architecture, open floor plans, 10-ft. ceilings and a variety of community amenities.

If anyone attended the auction and has per unit bidding information, we’d love to hear from you.,

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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.

Fairview Condo auction website – www.thefairviewauction.com
Fairview Condo auction brochure (PDF)

Update: 11/16/10
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.

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The starting bid is the reserve price so the highest bid will be the winning bid.

A “how-to” information seminar will be held on Thursday, October 21st, which is beneficial for those who have not participated in a real estate auction previously.

Additional information, including the list of available properties, the auction terms and requirements, can be viewed on the auction’s website: edmondsauction.com

About the properties:

Cedar Pointe Condominium:
The Cedar Pointe auction includes 7 studio, one-bedroom and two-bedroom homes with bids starting at $59,000. Cedar Point is located at 750 N 143rd Street in Seattle, just north of Bitter Lake. The 76-unit building was originally built in 1978 and converted in 2007.

Edmonds Townhomes:
The Edmonds Townhomes is located at 233 3rd Ave North in Edmonds, which is close to Edmonds’ downtown and waterfront. The auction features 6 of the building’s 20 units with a starting bid of $179,000. The building was constructed in 1965 and converted in 2008. It’s a single square-shaped structure with an interior courtyard. There is a homeowners association with dues approximately $170/mo.

Legend Estates:
The Legend Estates in Edmonds is a collection of condominium townhomes constructed between 2006 and 2010. The units available in the auction are in one of the newer buildings (7803 218th St SW) and feature 2,400 square foot two- and three-bedroom homes. There is a homeowners assocation with dues around $270/mo. The minimum starting bid is $189,000.

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The results were similar the prior auctions, with the winning bids averaging 67% of the last listed prices and averaging 73% over the starting bid prices. The higher priced two-bedroom + den units got the best deals, with winning bids averaging 42% below list prices.

If all auctioned units eventually close, by my estimate, that will bring the sold percentage to approximately 50%, leaving around 100 units remaining in Olive 8. The auction will reset market values within Olive 8 and other downtown buildings, so if you missed out on the auction, you’ll likely be able to negotiate decent deals post-auction. Given the state of the market and the rate of sales at other new condo buildings, it will take a year or more to sell off the remaining Olive 8 units.

Click image to download PDF:

View available Olive 8 condos for sale.

See also: Seattle Times write up

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Olive 8 Condominium (737 Olive Way) announced that it will auction 34 homes on Sunday, September 19th at 1 pm at the Hyatt at Olive 8 Hotel (within the Olive 8 building).

The auction will be conducted by Kennedy Wilson, who previously handled auctions for the 5th & Madison Condominium, Queen Anne High School Condominium and the Press Condominium.

The 34 one- and two-bedroom homes being auctioned were previously listed between $395,000 and $1,235,000 and their starting bids will range from $160,000 to $440,000. The units are located on floors 18 through 26, and range in size from 650 square feet to 1,586 square feet.

As with the 5th & Madison auction, there is an unpublished reserve price. Therefore, the highest bidder may not necessarily be the winning bidder. Bids are subject to seller’s acceptance.

As with Kennedy Wilson’s other auctions, a “How to Buy” informational seminar will be held prior a week prior on Sunday, September 12th at 1 pm at the Hyatt at Olive 8.

Auction website: www.Olive8CondoAuction.com

Or access the auction website directly (behind the website registration wall) and download the auction brochure (pdf).

Auctions are a different beast so if you’re thinking of participating, be sure to (1) read the auction terms thoroughly (buyers do not have many of protections afforded to them as with a normal purchase transaction), (2) attend the “how to” session and/or (3) utilize the services of a buyer’s agent who can provide guidance, knowledge of auction procedures and buyer representation through the process. Note, if you tour the units on your own, you may not be eligible to your own representation if you decide to bid and purchase a unit.

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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

____________________
The Seattle Condo Blog

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The minimum bid starts at $195,000 for 808 sq ft one-bedroom units on the 17th & 18th floors. Those were previously priced between $399,000 and $415,000. The highest starting bid is $995,000 for a 1,957 sq ft penthouse that was previously listed at $1,995,000.

The auction will be held on March 28, 2010 at the Grand Hyatt Seattle (721 Pine Street) starting at 1:00 PM. Homes can be viewed at 5th & Madison daily from 10:00 AM to 5:00 PM.

As with previous auctions, Kennedy Wilson will be hosting a “How to buy at auction” seminar the week prior on Sunday, March 21st. This is a great way to learn about the auction process and participate in a mock auction. I’ve been to a few of these and they’re sort of fun.

For more information, including units available, floor plans and auction documents, please visit: www.5thandMadisonAuction.com

If you need guidance through the auction process, we’re here to help.

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In order to sell the remaining units, we have decided to retain the services of Kennedy Wilson, Inc. and utilize their dynamic auction marketing process. On Sunday, March 28, 2010, 18 units of the remaining inventory will be offered for sale. The company will begin marketing the units the weekend of February 27th.

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This auction includes three separate properties located on Capitol Hill and North Seattle – The Summit, Avaview and Sunrise on the Lake. Available homes include studios, one-bedroom and two-bedroom units with the minimum bid price beginning at $95,000.

For more information, please visit the auction website at www.SeattlePropertyAuction.com

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