The Crossroads is a weird place. You got the giant chessboard and other chess games going on. Right next to that you have Magic/Pokemon CG/D&D games going on. Then you have the AARP folk music stage in front of Joann's. One time I saw a group of women spinning yarn in front of Half-Price Books.
They've already lost a couple lessees. The Chili's has been gone for months and that huge shoe store is gone too. The Circuit City will be gone soon.
I'm thinking we could buy some property and do this as well, but instead of themed by champagne, themed by cheap light beers...
It would read like this:
Experience the monotony of combining fire-code compliant exterior design elements with sloppy interior detailing. Enjoy impressively low-rent kitchens, tiny master bedrooms with the appearance of space thanks to ceiling mirrors, and expansive yards with which to let your dogs and cats relieve themselves. Agonize over life in the heart of Bellevue, just steps from the Mexican food court at Crossroads Mall, car dealerships of cars you can't afford to stand next to, and high rises that block the view of those pesky Cascades. Live meagerly. Delight in Light Brew!
Has Riverstone finally gone repartment? A google search turns up several links for Riverstone Bellevue Apartments, but I don't see anything about apartments on their sign or website, plus they still have some units for sale on the MLS. I guess this is a stealth repartmenting.
I don't see anything about apartments on their sign or website, plus they still have some units for sale on the MLS. I guess this is a stealth repartmenting.
That's entirely possible. Where I live (not Riverstone, just to be clear), the owner converted to condos, but only sold about a quarter of them. The remainder are still available for sale, but they are also available for rent. The sale listings are on the MLS. The rental listings are on Craigslist. Officially, different units are listed in each source, but the truth is that the owner would take an offer of either type on any available unit.
The "stealth" part breaks down a bit when it comes to physical signage. At one entrance is a "For Sale" sign. At the other entrance is a "For Rent" sign. I guess the owner can only hope that prospective buyers won't go past the other entrance and realize that they could be renting for substantially lower monthly payments than it would cost to buy.
I wonder how many (or few) people would have bought if they'd known half the complex would return to rentals. As we all know, nothing makes your home value suffer like the proximity of dirty renters.
The "stealth" part breaks down a bit when it comes to physical signage. At one entrance is a "For Sale" sign. At the other entrance is a "For Rent" sign. I guess the owner can only hope that prospective buyers won't go past the other entrance and realize that they could be renting for substantially lower monthly payments than it would cost to buy.
This gives me a great image of guys sitting around asking themselves how they're going to pull this thing off.
A - Ok, we've got units for rent and for sale, but people will expect signs.
B - Are you worried that buyers might change their mind if they see a "For Rent" sign?
A - Heck yeah.
B - OK, you know how MSFT is just north of here. People with good jobs will be driving down 140th. We put the for sale sign on the south end of the complex. Anyone going to work in the morning will see the sign, buy a condo, and not even get to the for rent sign until it's too late.
A - Hmmm, I like it, but what about in the evening when those with jobs are going home?
B - I guess we switch the signs...
A - You're right, that is the best plan possible. Way better than this plan I had a few years ago to not build a bunch of condos.
Yes, they have slashed the prices dramatically. And I am under contract now for one of those units (made an offer 6/28).
I wonder if there are any other current Riverstone buyers here and how is your experience with the preferred lender. I was surprised to see mortgage insurance in my GFE. I am paying 25% down, and my research shows that according to Homeowners Protection Act of 1998 the lender can't charge mortgage insurance in this case. My lender says they have to charge it, because there is less then 50% of units currently sold, so it's considered a high risk loan. He keeps saying that they are currently reviewing this requirement, but they have not backed out yet. Please share your experience.
Yes, they have slashed the prices dramatically. And I am under contract now for one of those units (made an offer 6/28).
I wonder if there are any other current Riverstone buyers here and how is your experience with the preferred lender. I was surprised to see mortgage insurance in my GFE. I am paying 25% down, and my research shows that according to Homeowners Protection Act of 1998 the lender can't charge mortgage insurance in this case. My lender says they have to charge it, because there is less then 50% of units currently sold, so it's considered a high risk loan. He keeps saying that they are currently reviewing this requirement, but they have not backed out yet. Please share your experience.
Hopefully you got it for 50% off their new listed prices. A friend bought a place there and I don't think they did much with the units besides new appliances, fresh paint, and granite countertops. When more than 2 appliances are on at the same time the electricity short circuits. Also I think there is a lien on the complex, not sure if it was ever resolved yet.
Hopefully you got it for 50% off their new listed prices. A friend bought a place there and I don't think they did much with the units besides new appliances, fresh paint, and granite countertops. When more than 2 appliances are on at the same time the electricity short circuits. Also I think there is a lien on the complex, not sure if it was ever resolved yet.
No, I got it for the full new asking price which was about 21% less then the price they wanted in May (before the complex got reposessed). Also an appraisal came in 9% above of what I am paying. I think it's a good deal.
Can you describe the electricity problem in more details? I will have a chance to try it during a walkthrough. What kind of appliances? And what exactly happens: a breaker flips or one of the appliances shuts down?
Also, what kind of "a lien on the complex"? I am aware of the lawsuits and judgements against RIverstone LLC, I don't think these become the liability of the HOA though.
So they managed to sell 51 condos out of 98 so far. That's more than 50% after almost 3 years on the market! Yay!
But hold on, how many of those are flips or "investments"? Well, we already know of several that were bought as flips near the peak and then just today I saw one listed for rent on some internal company listing page. Also, one unit is owned by ASPI ENTERPRISES INC.
perfectfire: Well I know my unit is my primary residence. My neighbors are also owners. Living happily since August 2009. By the way, got a free ride not paying HOA dues until January 2010 (that's when the HOA was formed). So what's wrong with "ASPI ENTERPRISES INC" anyway?
Actually yes, I still think I got a great deal. What's with all the negativism? Trying to keep the prices low to get in yourself?
You do bring up a good point about HOA dues, I haven't thought of that. That would be a good question to ask at the first HOA meeting. I would expect the banks (who still own almost half of all units) to contribute their share into the HOA fund. Also, there is less garbage, less water use and less maintenance with people not living in those units, so all not so bad.
@perfectfire: Actually, my 30 year fixed mortgage payment is just $610 per month. HOA dues $270. For comparison, renting a newly renovated 1 or 2-bedroom apartment in Bellevue is no less then $1100.
Low-end? No. Granted, not as good as brand new places, but better then most Bellevue apartments.
Crappy area? What's wrong with the area?
They must've had an auction or something because redfin claims 30+ sales in the last 3 months and the King County records show only 28 are still owned by RIVERSTONE DEV LLC.
According to their email ad as of June 18th only 5 condos remain. I don't think there was an auction, they are just reasonably priced and people need a place to live.
Comments
They've already lost a couple lessees. The Chili's has been gone for months and that huge shoe store is gone too. The Circuit City will be gone soon.
Hmm, didn't know that. Their pastrami sandwiches are really good.
I think she might be on to something!
The "stealth" part breaks down a bit when it comes to physical signage. At one entrance is a "For Sale" sign. At the other entrance is a "For Rent" sign. I guess the owner can only hope that prospective buyers won't go past the other entrance and realize that they could be renting for substantially lower monthly payments than it would cost to buy.
This gives me a great image of guys sitting around asking themselves how they're going to pull this thing off.
A - Ok, we've got units for rent and for sale, but people will expect signs.
B - Are you worried that buyers might change their mind if they see a "For Rent" sign?
A - Heck yeah.
B - OK, you know how MSFT is just north of here. People with good jobs will be driving down 140th. We put the for sale sign on the south end of the complex. Anyone going to work in the morning will see the sign, buy a condo, and not even get to the for rent sign until it's too late.
A - Hmmm, I like it, but what about in the evening when those with jobs are going home?
B - I guess we switch the signs...
A - You're right, that is the best plan possible. Way better than this plan I had a few years ago to not build a bunch of condos.
I wonder if there are any other current Riverstone buyers here and how is your experience with the preferred lender. I was surprised to see mortgage insurance in my GFE. I am paying 25% down, and my research shows that according to Homeowners Protection Act of 1998 the lender can't charge mortgage insurance in this case. My lender says they have to charge it, because there is less then 50% of units currently sold, so it's considered a high risk loan. He keeps saying that they are currently reviewing this requirement, but they have not backed out yet. Please share your experience.
Hopefully you got it for 50% off their new listed prices. A friend bought a place there and I don't think they did much with the units besides new appliances, fresh paint, and granite countertops. When more than 2 appliances are on at the same time the electricity short circuits. Also I think there is a lien on the complex, not sure if it was ever resolved yet.
No, I got it for the full new asking price which was about 21% less then the price they wanted in May (before the complex got reposessed). Also an appraisal came in 9% above of what I am paying. I think it's a good deal.
Can you describe the electricity problem in more details? I will have a chance to try it during a walkthrough. What kind of appliances? And what exactly happens: a breaker flips or one of the appliances shuts down?
Also, what kind of "a lien on the complex"? I am aware of the lawsuits and judgements against RIverstone LLC, I don't think these become the liability of the HOA though.
But hold on, how many of those are flips or "investments"? Well, we already know of several that were bought as flips near the peak and then just today I saw one listed for rent on some internal company listing page. Also, one unit is owned by ASPI ENTERPRISES INC.
You do bring up a good point about HOA dues, I haven't thought of that. That would be a good question to ask at the first HOA meeting. I would expect the banks (who still own almost half of all units) to contribute their share into the HOA fund. Also, there is less garbage, less water use and less maintenance with people not living in those units, so all not so bad.
Low-end? No. Granted, not as good as brand new places, but better then most Bellevue apartments.
Crappy area? What's wrong with the area?