Recent Auction Sells Only 18 of 37 Units

Just got the press release on the results of the Avaview, Sunrise on the Lake and the Summit auction. They sold 18 units yielding $3 million in sales. “The condominiums offered on auction day sold for 136% over the recommended minimum bid pricing to the full satisfaction of the Seller.” Click through below for the full release.

However, a comment left by Mike on an earlier post is much more telling:

I attended the auction and took detailed notes. 13 condos out of 37 received bids above the Minimum Bid prices. 5 additional condos received offers at below Minimum Bid prices, and are subject to confirmation. This occured after the auction company reduced opening bids by 20% of the stated Minimum Bid Prices. The auction began with the Summit and the moved to Sunrise on the Lake. None of the condos at Avaview received bids at all.

For Summit: final price/sq ft for those receiving bids/offers was $292.26. Final prices were approx. 1% above minimum bid prices.

For Sunrise: final price/sq ft for those receiving bids/offers was $218.71. Final prices were approx. 1.5% above minimum bid prices.

Seattle Property Auction yields $3 million in sales in one day

Auction results on track with projections

Seattle – 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.