The Seattle Condo Blog

Kennedy Wilson has been tapped to conduct the auction for the remaining 18 units at 5th & Madison.

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.

Matt @ Urbnlivn got a copy of the letter I was looking for. As hinted on TSCB’s Facebook page a couple of weeks ago, 5th & Madison’s 18 remaining units will be auctioned off. The auction has been scheduled for March 28, 2010.

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.

The three-property condo auction held by TeamBuilderJLS this past weekend yielded over $3 million in sales.

According to the press release 18 very fortunate homebuyers took advantage of great prices at the auctions of the Sunrise on the Lake, The Summit, and Avaview condominium projects last Saturday. The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.

“A $3 million sales day is significant in the middle of the holiday season,” says Jeff Powell of JL Powell Auction Company, the auctioneer for the event. “This auction was a success and we’re looking forward to conducting more auctions in the New Year,” says Powell.

Koket Fowler of TeamBuilder Auction Group applauds the bidders that participated in the auction. “These buyers received some fantastic deals and we’re very happy for them. To get in on prices like these for an in-city condo is unheard of.”

The Seller of the three communities elected to sell some units subject to their final confirmation and opted to offer some units post-auction.

The condo auction that was to have taken place on December 5th has been rescheduled for this coming Saturday – December 12th at the Sheraton Hotel in downtown Seattle. The auction begins promptly at 1:00 pm.

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

NOTE: The auction has been rescheduled for Saturday, December 12, 2009.

TeamBuilder JLS has just announced the auction of 36 Seattle area condo properties, located in North Seattle and Capitol Hill, on December 5, 2009. The auction includes studio, one-bedroom and two-bedroom units at Avaview Condominium, Sunrise on the Lake and The Summit. All three properties are conversions.

Avaview Condominium – 9056 Mary Avenue NW
Six of the 11 homes at Avaview will be sold at the auction. Located in Seattle’s Crown Hill neighborhood, Avaview offers one and two-bedroom homes ranging in size from 646 to 738 square feet. Interiors feature stainless steel appliances, granite countertops and breakfast bars, frieze carpeting, private decks or patios and engineered hardwood flooring in kitchens and entries. Minimum bids for Avaview will begin at $150,000. View auction property info.

Sunrise on the Lake – 13426 Greenwood Avenue N
Sixteen of the 39 homes at Sunrise on the Lake will be sold at the auction. Located in Seattle’s Broadview neighborhood, Sunrise on the Lake is set on the shores of Bitter Lake. Sunrise features studio, one and two-bedroom homes ranging in size from 502 to 895 square feet. Interiors feature stainless steel appliances, hardwood flooring in kitchens and entries, natural hardwood cabinetry, slab granite countertops, and private decks with lake views. Minimum bids for Sunrise on the Lake will begin at $125,000. View auction property info.

The Summit – 900 Summit Ave E
Everything is new at this down-to-the-studs remodel. All 14 homes at this Capitol Hill boutique building will be available at auction. The one and two-bedroom homes range in size from 531 to 795 square feet and feature stainless steel appliances, hardwood flooring in kitchens and entries, solid wood cabinetry, granite countertops, private decks and controlled access entry. Minimum bids for The Summit begin at $140,000. View auction property info.

Auction Infomation
The auction will be held at 1:00 PM on Saturday, December 5, 2009 at the Sheraton Hotel in downtown Seattle, which is located at 1400 6th Avenue.

Auction buyers must pre-register no later than Thursday, December 3rd and will need to be pre-qualified through the Seller’s designated lender. Buyers may elect to use their own lender, however.

Auction website: www.SeattlePropertyAuction.com

For more information, please download the auction brochure (click on image):

The take away from the Brix and Gallery Condo auctions, held on September 27, 2009, is that there is a strong demand for condo ownership and condo deals. Between the two auctions there were at least 500+ people in attendance, though not all were bidders. The bidding was very active and virtually every auction lot was competitive.

I think it’s fair to say the results exceeded people’s expectations (selling prices were higher than anticipated). The winning bids at Brix averaged $410 per square foot and sold for approximately 70% of the last offer prices (30% discount). The results at Gallery were equally strong, averaging $439 per square foot and selling for about 68% of the last offer prices (32% discount). In comparison, the last auction at Lumen averaged $347 per square foot and sold for only 62% of the last offer prices (38% discount).

Upper-level one-bedroom view units at Gallery were going for as much as $550 per square foot, while lower-level alley facing units averaged about $350 per square foot. At Brix, the one-bedroom flats commanded higher per square foot prices, generally above $400, while the multi-level lofts and townhomes were in the high-$300’s.

Per Schnitzer West, the auctions generated nearly $30 million in sales. In all, there were over 420 bidders who attended the two auction events, with more than 3,300 total site tours in the weeks leading up to the auction.

Click below for PDF:

Brix Auction Results

Gallery Auction Results

From other blogs:
Urbnlivn.com: Brix & Gallery Auction Wrap Up
CHS Capitol Hill Seattle: Did The Brix and Gallery Auction Buyers Get a Good Deal?
Courtney Cooper: Gallery Auction Results: Belltown Real Estate Unveiled
Urban|IMG: The Auction Results

Developer Schnitzer West, who earlier this month converted their Equinox condo development in Eastlake to apartments have just announced they are auctioning the remaining units in their two other Seattle properties – The Gallery Condominium in Belltown and Brix Condominium on Capitol Hill.

The auctions for both properties will be held on Sunday, September 27th at the Grand Hyatt Seattle (721 Pine Street). Brix goes first starting at 1:00 PM with Gallery starting later at 6:00 PM. The auctions will be conducted by Accelerated Marketing Partners, who previously handled the auction for the 1707 Boylston condo on Capitol Hill.

There are 40 units available at Brix with the minimum bid starting at $165,000 for an open one bedroom. The Gallery has 43 units available with the minimum starting bid beginning from $195,000. Schnitzer clarified that there are more units available but are only offering 83 through the auction process. Presently, their focus is on the 83 auction units so no home will be available for purchase through normal channels until after the auction concludes.

According to their press release:

The auctions will be conducted mid stream of the properties’ sales campaigns, and are not intended to “liquidate” the remaining inventory, but rather will establish market pricing for the projects.

For more information including the full list of homes available, registration and deposit requirements, please click on the following:

Gallery Condo Auction

Brix Condo Auction

Both auctions have a buyer/agent registration policy. Therefore, if you want to be represented by your own buyer’s agent, then your agent must accompany you on your initial visit to the auction center at both Brix and Gallery. If a buyer visits the auction office without their agent, they may be denied their own representation.

The developer’s other condominium project is The Bravern in Bellevue.

Based on the results of this past weekend’s auction at Lumen Condo, auction buyers did well with their purchases. On average, buyers snapped up units at 61% of the last offered list price. The best deal was had by the buyer of M214 who paid $355,000 for a $712,320 unit, about 50%. The average price per square foot comes to approximately $347, quite good for a concrete and steel constructed building close to downtown.

Click image for larger printable version (PDF)

Lumen officially announced it will auction the remaining 19 condominium homes on Saturday, July 11, 2009 at the Seattle Grand Hyatt Hotel.

The one-bedroom, one-bath homes previously priced over $460,000 will carry minimum selling prices at auction from only $175,000, or 40% of original pricing. Two-bedroom homes carry minimum bids starting at only $275,000. Auction pricing averages nearly 50% below original pricing. One 1,631 square-foot loft-style home will open with a minimum bid of only $395,000, more than $500,000 below original price.

Buyers will need to be be pre-registered and pre-qualified with the seller’s designated lender, Wells Fargo Home Mortgage, prior to bidding. They also should inspect the specific property they wish to bid on prior to the auction.

To help those new to auction buying, the auctioneer, TeamBuilder Auction Group, will host a pre-auction seminar for interested buyers on Wednesday, July 1st at 7 p.m. At that time potential buyers can pre-register, learn about the auction process, review the terms and conditions of sale, and participate in a mock-auction to experience first-hand how this type of real estate transaction works.

To learn more about LUMEN and tour the homes available for sale at this event, please visit the on-site information office located at 501 Roy Street, Seattle, 98109. The onsite office is open seven days a week from 10 a.m. to 6 p.m

More information about the auction along with the units available with the minimum starting bid and last offered price are available at www.LumenCondoAuction.com.

All twelve of the Queen Anne High School condo homes at auction were successfully bid upon and are under contract. On average, the units went for 31% below the last list/known prices and 43% below their original list price (the original list price may date back a few years).

Click image for larger version (pdf), courtesy of O’Brien/Savage.