Bellevue towers for limo drivers and hair stylists

[Ben]

http://seattletimes.nwsource.com/html/l ... cation=rss

All you need to do is read this article to see what was driving sales around here.

I bet that there is not a single arrest made here, despite the obvious enormous fraud involved.

Everybody who pays taxes - you are paying to keep all of these people in bonuses. Congratulations. And both parties did it, so no stupid political debates please.

[tomtom]

[Ubersalad]

They closed the thread, so I can't post there anymore.

But come on, it is clearly a case of betting condo appreciation and flipping for profit. With his income, he can't even afford HOA dues, let alone paying for the mortgage. Unless the Chase broker told him that both mortgage and property tax is $0, there's no way in hell anyone would think they can afford the place.

Unless of course, you're a complete idiot.

[mukoh]

Stop looking for ENORMOUS fraud. The enormity of the fraud is not in the towers in bellevue with 6 sheep who were talked into the purchase most likely by site agent. Their site agent was pretty good, I met her a few times.

Chasing these few fraud issues is a waste of your time. Sleep safe, and know that your bank will keep your money safe. As long as they want to at least.

[Notorious A.R.T.]

...The idiot gambled and lost. Now he's playing dumb because he's filing a lawsuit. So let me get this straight. He wasn't smart enough to hire a real estate attornery to help him understand the terms of the contract... But, now since he lost, he's smart enough to hire an attorney to file a lawsuit.

[perfectfire]

Twelve closed sales out of 539 units? 2.2% sold, just 97.8% to go! I can't believe we've found a worse condominium than the in Bellevue. Even if we assume that every single sale closes they're still only at 33% sold.

Actually I seriously can't believe that this is starting to sound like Miami. How many empty condo towers will Bellevue have?

[rose-colored-coolaid]

[perfectfire]

I just remembered that I asked the question somewhere (it might have been here or RCG or UrbnLivn) a long time ago if Miami has more cranes per capita than Bellevue during Miami's peak. Miami has 3.38 times the population as Bellevue so unless miami more than 47 cranes erected at the same time during their peak one could claim from the cranes per capita metric that Bellevue's overbuilding was worse than Miami's. So I guess I shouldn't be so suprised.

Edit: The most I ever saw according to .

[Ubersalad]

Truth came out, this guy is nothing but a real estate scam artists/flipper.

The man signed 8 deeds of trusts in the last 4 years and failed to mention that he "owns" the limo company he is making $20,000 a year from.

Great job idiot, way to put yourself in the spotlight for the exposure of your scam.

[Rhonda P]

what pisses me off is that the mortgage banker is being referred to as a broker. The "chase broker"....the word broker is misused by media.

Done with my rant.

[Hector]

[mukoh]

LOL. So I guess the scam is the other way huh? I wonder why. How can a $20k/yr chap put such a big deposit on a condo? Khmmm.

[Ubersalad]

All these so called "victims" have all had multiple mortgages under their belt. One of them who can't speak English apparently just graduated from UW.

[faster]

This story was just on KOMO - no mention of the fact that he has multiple mortgages. I don't think traditional media cares, they just wanted a sensational story.

....and newspapers wonder why people are turning to the web for their "news".

[The Tim]

I've got a post written for Monday morning on this, laying out all the public records stuff. The main guy the article was written about purchased 3 different homes in the Redmond/Bellevue area for a total of $1.6 million between 2004 and 2007.

Sounds like quite the "victim."