Olive 8 Seller Looking for 10% Appreciation in 9 months

It will be interesting to see how Unit #3502 at Olive 8 fares on the market. The agent is wrapping up an open house today after listing the two-bedroom, two bathroom unit yesterday for $1.25 million.

737 Olive Wy #3502

If the seller get the list price, it will be a roughly 11% hike from last November when he/she bought the condo for $1,125,000. That would be a pretty healthy gain in 9 months, but not unreasonable as Seattle home prices have jumped by low double digits in the past year. The final sale price may be more indicative of the market reaction to Olive 8 now that the 43-story hotel – from developer R.C. Hedreen – across the street is more clearly defined. Here’s our write-up of how the new development might affect some views at Olive 8 and nearby Olivian.

The 43-story 9th & Stewart hotel, as viewed from the south. The 39-story Olive 8 is on the left. The 27-story Olivian is on the right.

Judging from the pictures, it looks like the new hotel would block some of #3502’s “sweeping views”. Just how much and how that factors into a buyer’s purchasing decision will be interesting to see. With or without a building across the street, you would still get the luxury finishes and the many amenities, including 24-hour concierge, at Olive 8.