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Riverwalk at Redmond condos mass default?

TheMightyQuinnTheMightyQuinn
edited May 2010 in Seattle Real Estate
Has anyone heard about this?

http://globaleconomicanalysis.blogspot.com/2010/04/redmond-wa-condo-association-votes-to.html
Redmond, WA Condo Association Votes to Mass Default

80+ proud owners in the Riverwalk at Redmond Washington condo complex have had enough and are ready to bail, en masse.

Comments

  • The_TimThe_Tim
    Yeah I got an email on the 14th from the same guy Mish sites. He pointed me toward their Facebook page. Sounds real to me. Probably going to post it tomorrow.
  • perfectfireperfectfire
    Are we going to need a "Housing Bubble Structural Flops" thread now?
  • mukohmukoh
    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.
  • perfectfireperfectfire
    mukoh wrote:
    Wonder if these home owners would vote for a mass short sale of $150k per Unit each. Would be a good deal,
    Who would want to buy in a building that's falling apart after just a few years. In what crazy world would that constitute a good deal?
  • mukohmukoh
    Perfect fire actually you are right on. $50k per U then looking at the current listings and state of that POS.
  • Dave0Dave0
    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.
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