It appears that all of our previous statements about the Olive 8 condo auction have been validated.  It will occur on September 19th, and they will auction off 34 units.  These will be a combination of 1 and 2 bedroom floor plans (18-26th floor).

Before you get too excited, read my post in the next week that will touch on a very important issue that they don’t make the public aware of; “price minimums”.  I will explain in more detail soon.

For now, I have added the official press release below:

FOR IMMEDIATE RELEASE

AUGUST, 2010

34 LUXURY VIEW CONDOMINIUMS ATOP SEATTLE’S  HYATT AT OLIVE 8 CROSS THE AUCTION BLOCK IN UNIQUE FIRST-OF-ITS-KIND AUCTION.

SEATTLE, WA – Luxurious downtown condominiums offering shared hotel amenities were once the preferred accommodations of jet-setters, celebrities and movie stars. Now a rare and, for Seattle, a unique opportunity to live this coveted lifestyle beckons as 34 luxury view condos at Olive 8 are about to cross the auction block. On Sunday, September 19, 2010, international real estate investment and services company Kennedy Wilson (NYSE: KW) will conduct a first-of-its-kind auction that will allow winning bidders to experience five-star “Grand Hotel” living while enjoying the coveted sense of prestige and pride only ownership can bring.

The 34 condominiums located atop the posh downtown Hyatt at Olive 8 were previously priced from $395,000 to $1,235,000 with five of the 34 condominiums previously listed at over one million dollars each. Starting bids at the September 19th auction will range from just $160,000 to $440,000 with all five million-dollar-plus condos included in the bidding. With starting bids set so low, homebuyers have a unique opportunity to realize unheard-of savings on some of Seattle’s most desirable downtown digs!

Beverly Hills CA-based Kennedy Wilson is a recognized leader in the auction industry, conducting hundreds of real estate auctions across the U.S. and Canada each year. “Interest in Olive 8 has been high and is getting higher as we count down to auction day,” said Rhett Winchell, president of KW Auction Group. “Olive 8 is Seattle’s first sustainable condominium/hotel and has much to offer residents in terms of luxury living and an environmentally-friendly lifestyle,” continued Winchell. “What makes the upcoming auction extra-special is that bidders can gain entry to this desirable lifestyle while realizing huge savings on the purchase price.”

The one- and two-bedroom condos at Olive 8 provide up to 1,586 sq ft of living space atop one of Seattle’s most impressive hotels, the Hyatt at Olive 8. Residents enjoy a host of shared five-star amenities including room service and housekeeping, fine dining at  Urbane Restaurant & Bar, health and relaxation at Elaia Spa, and the Hyatt’s saline pool, jacuzzi, fitness center and yoga studio. Exclusive residents-only amenities include a 24-hour concierge, access to the Club Lounge and its beautiful outdoor terrace, billiards and entertainment rooms, and a dog run.

Interiors reflect the sumptuous lifestyle residents of this premier address expect and demand. Rich hardwood flooring, towering ceilings and expansive glass walls frame spacious rooms enhanced by natural stone, marble and granite accents. State-of-the-art kitchens are a gourmand’s paradise featuring Italian-designed Pedini kitchen systems and cabinetry, Liebherr stainless steel or integrated refrigerators, and top of the line fixtures. Luxury detailing extends to elegant and inviting bathrooms offering deep soaking tubs, stone floors, shower and tub surrounds, and high-quality Kohler faucets.

Olive 8′s premier location in the thriving heart of downtown Seattle offers residents a host of appealing dining, shopping and entertainment options just steps from their front doorway. The 34 condominiums up for auction are situated between the 18th and 26th floors (inclusive) of the Hyatt Hotel at Olive 8 hotel, and provide unmatched views of Seattle’s exciting city skyline, the area’s plentiful waterways, and nearby snow-capped mountains. The building itself bears the distinction of being Seattle’s first “green” condominium/hotel with a LEED Silver Certification. Designed for both today’s realities and tomorrow’s possibilities, Olive 8 represents the ultimate refinement in sustainable luxury. Five-star living at an extraordinarily affordable price: bidders can make it their own on September 19th!

Successful bidders at the auction at Olive 8 can choose from a range of excellent financing programs offered by Bank of America Home Loans and Wells Fargo Home Mortgage. Auction day purchasers are also eligible for a SPECIAL INCENTIVE. Under the terms of this incentive, buyers who obtain financing through Bank of America Home Loans and Wells Fargo Home Mortgage and who close escrow within 45 calendar days of the auction will be credited $5,000 towards non-recurring closing costs (based on lender guidelines) by the Seller at the close of escrow.

Kennedy Wilson’s first-of-its-kind auction for 34 luxury view condominiums at Olive 8 will begin at 1 p.m. on Sunday, September 19th at the Hyatt at Olive 8, 1635 8th Avenue, Seattle, WA 98101. Registered participants are advised to arrive no later than 12 p.m. (NOON) for the auction which will last approximately 1 hour. It should be noted that auction-day registrants will be limited to the purchase of one home only.

Kennedy Wilson invites registered bidders to a “How to Buy” informational seminar taking place at the Hyatt at Olive 8 on Sunday, September 12th beginning at 1 p.m. The seminar gives new potential bidders a chance to familiarize themselves with the auction process, while those who have previously attended auctions can enjoy a relaxed and informal refresher course. As always with Kennedy Wilson’s popular “How To Buy” seminars, the highlight will be an exciting live practice auction hosted by an actual Kennedy Wilson auctioneer.

To learn more about the September 19th auction at Olive 8 and to learn about bidding from the comfort of your home or workplace, please visit the Olive 8 Auction Information Office at 737 Olive Way, Unit 2702, Seattle, WA 98101. The office is open daily from 11AM to 6PM and further information is available via the auction website at www.Olive8CondoAuction.com