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All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

Olive 8: Auction Results and Stats

Success!  Over 200 bidders filled a room at the Hyatt at Olive 8 on September 19 to try and snag a deal on 32 units from Floors 18 – 26 that were on the block. By day’s end, very happy new owners walked away with homes averaging 30% off the original price. Here’s a list of the sale action, sorted by square footage.

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Sales are subject to seller acceptance and escrow closing.

We are fairly certain this information is accurate… if it changes, we will repost.  We continue to pride ourselves on accurate information.  During the auction, six units were removed from the auction (four 1-bedroom units, two 2-bedroom units).  As the auction progressed, the four 1-bedroom units returned for bidding. By the end of Sunday, all but four units had acceptable bids and the celebration began for those lucky buyers.  The remaining four units were short of the reserve bid.  The seller has a few days to decide what to do with those units.

Although it took an auction to do a significant move of inventory for Olive 8 management, the number of bidders that registered and appeared may be a sign that the Seattle real estate market is entering a more positive phase. In addition, over 1,500 potential buyers viewed the properties prior to auction, which could serve as a great base for future Olive 8 sales down the road.

The number of participating bidders also says something else about Olive 8. They confirm that Olive 8 is a special property, with a wonderful downtown location and a dizzying list of amenities including services through its downstairs neighbor, the Hyatt at Olive 8.  A little over 100 units remain for sale. Check out our website, olive8seattle.com for more details, then fill out our Contact link.

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