Olive 8, located above the Hyatt in downtown Seattle, is the latest of Seattle’s condo developments to hold an auction. Thirty four residences will be auctioned off on Sunday, Sept. 19th at 1pm, at the Hyatt at 1635 8th Ave., Seattle, 98101. There will also be a practice auction and “How to Buy at Auction” seminar, held by the auctioneer, this Sunday, Sept. 12th at 1pm, also at the Hyatt.
Here are the details on Olive 8:
- 737 Olive Way
- 34 residences up for auction (8 two bedrooms)
- Minimum bids starting at $160,000 for a 650 square foot 1bed, 1 bath up to $440,000 for a 1,586 square foot 2 bed, 2 bath with den
Buy at Auction with Redfin’s Help
Interested in buying but unsure about the auction process? Need someone to help you from start to finish?
Redfin’s downtown Seattle agent, Bryon Ziegler has extensive experience with the development of the Olive 8 project and can help you navigate the auction process.
- Set up a tour of Olive 8
- Give advice during the bidding process and be there for the signing of the purchase and sale agreement (if you win)
- Guide you through the closing process
Bryon will be at the auction, but please contact him ahead of time if you’re interested.
How to Get Started
You’ll also still be eligible for Redfin’s refund since Redfin will receive a 2% broker referral fee, of which we will refund 50% to you. Keep in mind that we do have a $5,500 minimum fee so if the final purchase price is below $275,000 you won’t receive a refund but will still receive great representation.
To be eligible for the Redfin refund, you do need to indicate you are represented by Redfin on your Auction Registration Form. If you want Redfin to represent you, the deadline for this registration is Sept. 16th if you want Redfin to represent you.
To participate in the auction, each buyer must:
- Prequalify with either Wells Fargo or Bank of America
- Register in advance of the auction by 6 p.m. September 16th (make sure to note that Redfin is your broker)
- Have a personal check on hand in case of a winning bid to pay the 3% minimum down payment (less a $5,000 earnest money check)
Other Auction Information
- Olive 8 auction site: www.olive8condoauction.com
- Results from previous Seattle area condo auctions:
o Lumen auction results
o Queen Anne High auction results
o Brix and Gallery auction results