The Seattle Condo Blog | Seattle Condos and Lofts

This past weekend’s auction of 20 units at the Fairview Condo in Mulkiteo generated $6.6 million in sales per a news release by auctioneer Kennedy Wilson.

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.,

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.

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.

Olive 8 Condominium concluded the auction of 32 units on September 19, 2010. Originally, 34 units were scheduled for auction, though only 28 were listed on the auction day list. After the 28 were auctioned, an additional 4 one-bedrooms were added (part of the original 34). The two units that were not available at the auction were #1901 and #2102, both two-bedroom + den units that were listed over $1 million.

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

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.

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

Update 3/23/09: KOMO TV news story on the auction.

Following on the success of The Press condo auction in December, the Queen Anne High School condo project will be auctioning the developer’s remaining 12 units. Bids start at $145,000.

The auction is scheduled for 1:00 PM on Sunday, March 22, 2009 at Grand Hyatt in downtown Seattle. The auction is being conducted by Kennedy Wilson, www.QueenAnneHighAuction.com.

Like the Press’ auction, a “how-to” seminar with a mock auction is being held in advance. The seminar is scheduled for Sunday, March 15 at 1 PM at the auction information office at Queen Anne High School (201 Galer – enter from 3rd Avenue). Attendance at the seminar isn’t required but if you’re new to auctions, it’s well worth going to.

Of the 12 homes available, 11 are located in the West Wing and the Industrial Arts Building. The only unit available in the original high school building is a penthouse. The homes are available for preview from 10 AM to 5 PM daily. Floor plates of the complex.

• One studio is available with a minimum bid of $145,000 that had been listed at $254,950.
• Six two-bedrooms that begin from $245,000, they were previously listed between $474,950 and $519,950.
• Four townhomes starting at $325,000, they were previously listed from $579,950 to $599,950.
• The penthouse, a 1,432 square foot one-bedroom + den starts at $650,000 and was previously listed at $999,950.

Things to know about the auction:

• Registration is required in order to attend and bid on auction day. Bidders can register in-person at the auction office or they can mail or fax the form. Registration is due by 5:00 PM on Thursday, March 19, 2009.
• The minimum selling price (bid) is the published reserve price; there are no hidden reserves or buyer premiums.
• Buyers must be pre-qualified through Wells Fargo prior to the auction. However, buyers may use any lender of their choice and will need to provide a pre-qualification letter from their lender.
• A $2,500 cashiers check deposit is required for each home a buyer has been approved to purchase. The deposit is required to bid, and for winning bidders, it’ll be applied towards the down payment.
• Immediately following the auction, the remainder of the down payment is due (3% for one home, 5% for more than one). The down payment can be made by personal check.
• Purchasers using the preferred lender, Wells Fargo, are eligible for a $2,500 credit that can be applied towards closing costs.
• All sales are slated to close on or before Wednesday, April 22nd (30 days from the auction). In some cases, the Seller may grant an extension though there’s additional fee assessed.
• Buyers may have their own buyer agent representation. There is no additional cost incurred for buyer representation.

Detailed information, list of homes available, registration form and auction terms & conditions are available for download at www.QueenAnneHighAuction.com (note: you’ll need to complete the sign-in form).