September 30, 2010 -– International real estate investment and services firm Kennedy Wilson’s Auction Group recently offered and sold 32 units at Olive 8, Seattle’s first green condo/hotel. Total sales were $13.3 million, and the average bid price was $416,000.
Olive 8 comprises 227 condo hotel units within the upscale Hyatt at Olive 8 hotel, located at the corner of 8th Street and Olive in downtown Seattle.
Prior to the auction, Olive 8 had closed deals for 74 of its 227 units, mostly on the building’s lower portion between floors 18 and 26. The 32 units auctioned off on Sept. 19 represent most of the remaining unsold inventory on that lower portion. The remaining 100 or so unsold units are on the top floors, with price tags from $500,000 to $6.9 million.
Starting bids from $160,000 were listed on the Olive 8 website for units previously priced from $395,000 to $1.23 Million. According to The Seattle Condo Blog, the winning bids averaged 67% of the last listed prices and 73% over the starting bid prices. The blog also estimates that if all the auctioned units close, it will bring the sold percentage to approximately 50% and that the auction will reset market values downward within Olive 8 and other downtown buildings.
Rhett Winchell, president of Kennedy Wilson Auction Group, commented that the developer of Olive 8 was pleased with the results and considered the auction successful. He continued, “The results also reflect further expansion of Kennedy Wilson’s marketing capabilities with the auction of these ultra luxury condominiums atop a world class hotel.”
Over 600 people attended the auction, held on Sunday, September 19th at the Hyatt in Seattle, WA. Kennedy Wilson’s advertising campaign attracted over 4000 homebuyers from all over the western U.S. and Canada, as well as buyers from as far as Chicago and Alaska.
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com
To view the Olive 8, go to http://www.olive8.com/
-Compiled by Inside the Gate staff