Thursday, May 6, 2010

Luxury Queen Anne Condos in Trouble - An Opportunity for Buyers?

The 18 unsold units at 200 West Highland Drive, across from Kerry Park on the south slope of Queen Anne, are due to be sold at auction on August 6th unless Lorig Associates, the developer, pays over $25 million according to the Seattle Times. The building has a total of 25 units. As of today, May 6, 2010, we have 9 listed courtesy of Windermere R.E.N.W. Eastlake on Ewing & Clark website for sale between $2,050,000 and $895,000. Unit 302, which is listed for $2,050,000, is over 2,400 square feet and has unobstructed views from the Space Needle to the Sound. The sales price on unit 302 has been reduced over 40% from it original sales price.

UPDATED May 10th: According to the the Seattle Daily Journal of Commerce on May 7th, the filing of foreclosure took the developer by surprise. The developer was working with the bank to sell the remaining units and said he will continue to do so. The Daily Journal quoted Lorig Associates CEO Bruce Lorig, "I am not a developer who walks away. In the 38 years we've been in business this is the first foreclosure we have faced. But we will get through this and do our utmost to protect the investments and the interests of those who have already purchased units at 200 West Highland Drive."


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