5th & Madison

Kennedy Wilson will be holding an auction of 18 condominium homes in the 5th and Madison tower located at 909 5th Avenue in downtown Seattle. The available floor plans are 1 bedroom 1 bath homes that range from 807 to 1,241 square feet some of which include a den and additional half bath. There is also one stunning view penthouse unit available with 1,957 square feet, 2 bedrooms, and 2.5 baths. You can check out the brochure online with details and pictures of the available floor plans. The original prices for these units ranged from $399K to $899K for the 1 bedroom homes and 1,995K for the penthouse. The auction will have starting bids that range from $225K to $385K for the one bedroom units and $995K for the penthouse.

Homes are open for preview from 10am to 5pm daily. The previewing process is simple and well worth the time if you are considering purchasing one of these homes. Parking is available on Madison and will be validated for up to 2 hours. You will be greeted at the front entrance where you will be given directions to the Auction Information Office (which is actually one of the units up for auction). They will ask you for identification and to sign in as a guest, so remember to bring your ID. It’s important to note that even though these homes will be sold at auction, you still have the right to agent representation as a buyer. I strongly suggest taking advantage of this as the auction process can be a bit confusing and you want to make sure to protect your interests as a buyer. It’s a good idea to have your agent with you when you preview, as you will be asked to fill out a registration form when you arrive at the Auction Information Office and you will have to register your agent at this time.

All auction buyers will be required to register in order to participate and bid on auction day. Buyers who will be financing their purchase are required to obtain preapproval through Wells Fargo Home Mortgage (which is the seller’s preferred lender) but are not required to use Wells Fargo for their home loan. It’s worth noting that the seller is offering a $5000 credit to buyers that use their preferred lender. This building is also approved for FHA financing which is good news for those buyers with lower down payment options. Cash buyers will be required to submit proof of liquid funds before the auction. All bidders are required to bring a cashier’s check for $5000 to the auction along with a personal check for the remaining balance of the required 3% deposit. Bidders who purchase more than one unit will be required to submit a deposit of 5%. Buyers should also keep in mind that a pre-inspection is suggested as there will be no further negotiation or repairs made once the purchase is finalized. For complete instructions regarding the auction, you may obtain a brochure online or in person at the Auction Information Office.

Kennedy Wilson will be holding a “How to Buy at Auction” seminar on Sunday, March 21st with three available sessions. Each session is half hour long with start times of 1pm, 1:30pm, and 2pm.

Both Matt and I have been through the preview process and have toured all the available units. We are happy to help anyone interested in potentially purchasing one of these homes, and are available to accompany you in previewing the condos. Please feel free to contact the Urban Abode Group for additional information at team@urbanabodegroup.com