Lumen Condos Sell Out at Auction
findwell was in attendance today at the Lumen Condo Auction at the Hyatt in downtown Seattle. The condo developer was auctioning off the remaining 16 unsold homes for this development located in Lower Queen Anne in Seattle. After selling an initial allotment of condos, the developer struggled to sell-out the building and resorted to an auction format to drive buyer interest. It appears that the auction was a success, as all remaining homes were sold, except for the penthouse. Apparently they are auctioning the penthouse later this month after prospective buyers have had a chance to view it.
Michael Willson, one of our findwell agents, was in attendance representing our clients who were bidding. They placed bids on three separate condos, but were outbid on each occasion, so today was a bit of a disappointment for them. However, they had their bid strategy and price limits set ahead of the auction and stuck to them, not letting themselves get wrapped up in the excitement of the event.
The room at the Hyatt was standing-room only, with ~200 people in attendance. While the auctioneer did his best to try to coax bidders, it did lack some of the frenzy that we saw back at the DR Horton auction in December. It appeared that there were ~3-5 active bidders participating for each condo.
Results from the auction are listed in the table below. On average, condos were bid up 39% over their Minimum Bid, with an average price of $345/sq ft. This is certainly a far cry from their “Previous Offering Prices” which averaged $560/sq ft. Winning bids were an average of 38% below the “Previous Offering Prices.”
| Unit # | Bedrooms/Baths | Sq Ft | Previous Price | Minimum Bid | Winning Bid | % over min | $/Sq Ft |
| T109 | 1 Bed / 1 Bath | 629 | $ 352,240 | $ 155,000 | $ 275,000 | 77% | $437 |
| F235 | 1 Bed / 1 Bath | 743 | $ 416,080 | $ 175,000 | $ 290,000 | 66% | $390 |
| C220 | 1 Bed + Den/1.5 Bath | 1,034 | $ 579,040 | $ 260,000 | $ 350,000 | 35% | $338 |
| T303 | 2 Bed/1 Bath | 1,075 | $ 602,000 | $ 275,000 | $ 415,000 | 51% | $386 |
| T305 | 1 Bed/1 Bath | 812 | $ 454,720 | $ 175,000 | $ 320,000 | 83% | $394 |
| C218 | 1 Bed + Den/1.5 Bath | 1,010 | $ 565,600 | $ 260,000 | $ 380,000 | 46% | $376 |
| F329 | 1 Bed + Loft/2 Bath | 1,631 | $ 913,360 | $ 395,000 | $ 560,000 | 42% | $343 |
| T103 | 2 Bed/1 Bath | 1,075 | $ 602,000 | $ 275,000 | $ 410,000 | 49% | $381 |
| M215 | 2 Bed/1.5 Baths | 1,266 | $ 708,960 | $ 325,000 | $ 370,000 | 14% | $292 |
| C223 | 1 Bed + Den/1.5 Bath | 1,034 | $ 579,040 | $ 260,000 | $ 345,000 | 33% | $334 |
| R328 | 1 Bed + Loft/1 Bath | 1,003 | $ 561,680 | $ 260,000 | $ 305,000 | 17% | $304 |
| C219 | 1 Bed + Den/1.5 Bath | 1,034 | $ 579,040 | $ 260,000 | $ 330,000 | 27% | $319 |
| M214 | 2 Bed/1.5 Baths | 1,272 | $ 712,320 | $ 325,000 | $ 355,000 | 9% | $279 |
| C222 | 1 Bed + Den/1.5 Bath | 1,034 | $ 579,040 | $ 260,000 | $ 330,000 | 27% | $319 |
| M216 | 2 Bed/1.5 Baths | 1,286 | $ 720,160 | $ 325,000 | $ 395,000 | 22% | $307 |
| C221 | 1 Bed + Den/1.5 Bath | 1,014 | $ 567,840 | $ 260,000 | $ 330,000 | 27% | $325 |
| Average | 39% | $345 |
Ben Huh provided a video of today’s auction on YouTube:
Comments
Choc Donut said on 7.13.2009 at 12:11 PM
these losers OVERPAID - although it is right next door to the bill gates institute and the sea center. You'll get to breathe lots of CO from the standing traffic on mercer day after day though...even if you're on the other side, that place is grit central...
Julie Powers said on 7.13.2009 at 8:05 PM
I've been to these auctions and the auctioneer says, "Sold! (pending seller approval)" after which the seller may or may not approve it. Are your sale prices before or after?
Kevin Lisota said on 7.13.2009 at 9:36 PM
@Julie Powers - This auction was hosted by the developer of the condo. They set the minimum reserve price, and would accept anything at or above that reserve price. There was no separate "seller approval" of the price.