Received an email today about an upcoming single property auction at the Cristalla Condo in Seattle.

Unit #1807, which is bank-owned, is scheduled for auction on Tuesday, April 19th at 3:15 pm by Williams & Williams, a professional auctioneer. The opening bid is $100,000 for the 18th floor, 2-bedroom, 2-bath, 1,174 square foot southeast corner unit. Expect that it will go for much more.

The unit was most recently listed for sale as a bank-owned/foreclosed property at $554,300 a couple of weeks ago, which was quite a bit less than the $939,200 it fetched back in 2006.

According to the auction website, the auction will occur on-site and on-line with two public preview/inspection dates on April 10th and April 17th from 1 pm to 4 pm. The Cristalla is located at 2033 2nd Avenue.

View the auction website

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One of the items on my “to do” list was to follow-up on the closings from the Olive 8 Condo Auction in September.

Well, Matt at Urbnlivn.com beat me to it…30 of the 32 units auctions closed, most for the actual bid price. Read the rest of Matt’s findings on his blog.

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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Like other Kenney Wilson auctions there will be a “how-to” seminar prior to the auction as well as an unpublished reserve price.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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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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4. 5th and Madison Condo 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

____________________
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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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.

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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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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):

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