Value of downtown Seattle property climbs $600k in 43 seconds, hits $7.6M
Jan 28, 2015, 12:18pm PST | Updated: Jan 28, 2015, 5:09pm PST
Marc Stiles
Staff Writer- Puget Sound Business Journal
http://www.bizjournals.com/seattle/b...n.html?s=print
After sitting vacant for six years, the old Federal Reserve Bank branch in downtown Seattle is suddenly a hot commodity.
The value of the historic building increased 13 percent in 31 minutes Wednesday morning, jumping to $6.8 million in an online auction. At 9:28 a.m., a bidder offered $6 million for the property. Seconds later, a rival offered $100,000 more.
At 10 a.m., – just as the auction was scheduled to end – the bidding really heated up. Over the course of 43 seconds, four bids were submitted, sending the price soaring from $6.2 million to $6.8 million.
As a result, the winner won't be known until at least 10:01 a.m. Thursday, though the auction could be extended beyond then if people continue to bid.
UPDATE: The bidding war between two parties resumed after this post first went up. Just after 4 p.m. Wednesday, someone offered $7.2 million, and within one minute, this party and a rival submitted a total of three more bids. As of 5 p.m. Wednesday, the high was $7.6 million. More:
http://www.bizjournals.com/seattle/b...n.html?s=print