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Bellevue towers for limo drivers and hair stylists

BenBen
edited February 2009 in Seattle Real Estate
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.

Comments

  • tomtomtomtom
    edited February 2009
    :shock:
  • UbersaladUbersalad
    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.
  • mukohmukoh
    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.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.
  • perfectfireperfectfire
    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 Riverstone 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-coolaidrose-colored-coolaid
    perfectfire wrote:
    Actually I seriously can't believe that this is starting to sound like Miami. How many empty condo towers will Bellevue have?

    Um, did you drive past Bellevue at any time in the last 2 years? How many cranes were towering over the city? With as small of an area as the Bellevue downtown actually is, the new building done there was just breath-stealing.
  • perfectfireperfectfire
    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 4047 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 this post was 14.
  • UbersaladUbersalad
    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 PRhonda 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.
  • HectorHector
    Ubersalad wrote:
    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.

    I'd hate to be the reporter of this story...
  • mukohmukoh
    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.
  • UbersaladUbersalad
    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.
  • fasterfaster
    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_TimThe_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."
  • AlanAlan
    Maybe he only paid taxes on $20k of income.

    Doesn't the IRS give a bounty for reporting tax fraud?
  • UbersaladUbersalad
    Poor guy, I am sure he's regretting about all this publicity now.

    Tim, you should also interview the representative from Bellevue Tower. He actually made a comment in the Seattle Times' comment section in response to the accusation. Actually, with the setup that Seattle Times and KOMO had already done, you can spin this for a lot of readership.

    I would go the extra mile.

    Oh ya, funny thought just popped in my head. This guy wanted to be the victim, now he got his wish to be one.

    Victim of humiliation!
  • EconEEconE
    OK. I'm feeling a little NON-politically correct after reading that story.

    Why?

    Because they are playing the "stupid" card.

    First, there is this quote from the Times article
    Standard loan underwriting criteria require a debt-to-adjusted-gross-income ratio of less than 45 percent, which means that the women would have had to have "an adjusted gross income of $16,000 a month," the lawsuit says. Since they clearly did not, and say they were never given a copy of the contract — which was written in English, a language they didn't understand — they allege that the broker put down false numbers making it possible for them to prequalify.

    Kasimov and the other plaintiffs, Yuri and Dora Aleksandrov and Davud Kasparov, none of whom are fluent in English, make the same allegations in the suit.

    (bolding and coloring mine)
    Other plaintiffs are Kasimov's wife, Diana Shakhnazaryan, who was not married to him at the time, and her mother, Svetlana Kocharyan, both of whom fled Azerbaijan and gained political asylum here about 10 years ago.


    So they've been here for 10 years and don't speak English? A language that they "can't understand"?

    I'm not against immigrants, however, if you have been in this country for 10 years, you should know how to speak the language.

    Especially if you are buying near $Million condos.

    I don't buy it.

    When I was in the insurance claims industry, there was a woman who would say "NO ENGLISH, NO MONEY" and would suggest getting a translator when insureds/claimants would play the "I don't speak English card".

    100% of the time, they became fluent immediately.
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