Riverwalk at Redmond condos mass default?

[TheMightyQuinn]

[The Tim]

Yeah I got an email on the 14th from the same guy Mish sites. He pointed me toward . Sounds real to me. Probably going to post it tomorrow.

[perfectfire]

Are we going to need a "Housing Bubble Structural Flops" thread now?

[mukoh]

Wonder if these home owners would vote for a mass short sale of $150k per Unit each. Would be a good deal,

The people need a good attorney, builder/developer had an insurance policy covering defects, and WA laws are 6 yers.

[perfectfire]

[mukoh]

Perfect fire actually you are right on. $50k per U then looking at the current listings and state of that POS.

[Dave0]

The land there is pretty valuable: 3 acres on Sammammish River with the bike trail there, on top of being walking distance to Downtown Redmond. I think $100,000 per 2,500 sq ft lot (for building townhomes) seems cheap to me, but reasonable after you factor in demolition costs. Let's say you can fit 40 2,500 sq ft lots on that 3 acres. That's $4 Million in land value. Split it among the current 82 units and that's $48,780 per unit.

I agree with mukoh, short sell them all at $50k per unit. I bet people would buy them up.