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Seattle Bubble Forum Archive • View topic - Riverwalk at Redmond condos mass default?

Riverwalk at Redmond condos mass default?

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Riverwalk at Redmond condos mass default?

Postby TheMightyQuinn » Thu Apr 29, 2010 11:58 am

TheMightyQuinn
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Re: Riverwalk at Redmond condos mass default?

Postby The Tim » Thu Apr 29, 2010 12:32 pm

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.
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Re: Riverwalk at Redmond condos mass default?

Postby perfectfire » Thu Apr 29, 2010 7:43 pm

Are we going to need a "Housing Bubble Structural Flops" thread now?
Remember, if you rent it's not a home, it's a hovel.
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Re: Riverwalk at Redmond condos mass default?

Postby mukoh » Tue May 04, 2010 8:58 am

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.
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Re: Riverwalk at Redmond condos mass default?

Postby perfectfire » Tue May 04, 2010 2:12 pm

Remember, if you rent it's not a home, it's a hovel.
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Re: Riverwalk at Redmond condos mass default?

Postby mukoh » Tue May 04, 2010 4:15 pm

Perfect fire actually you are right on. $50k per U then looking at the current listings and state of that POS.
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Re: Riverwalk at Redmond condos mass default?

Postby Dave0 » Wed May 05, 2010 1:07 pm

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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