Condos at Foreclosed Home Building Sold Like Pancakes

April 04, 2011 / Russell Legato, Residential Property Analyst

After being repossessed by bank, luxury condos in a home building at Queen Anne Hill are now attracting the public and selling fast. The home building, 200 West Highland, which was foreclosed last fall by Bank of America — the lender, is now attracting more buyers for its unsold luxury condo units over the last few months.

Condos at Foreclosed Home Building Sold Like Pancakes

A new luxury condominium in Hollywood Beach Florida is also more buyers after being acquired by a new owner. Trump Hollywood, the ocean front home building has sold a total of 19 units totaling $25 million for the last three months, with prices starting at $700,000 to over $6 million.

The five-storey home building in Queen Anne Hill, Seattle, have three pending sale for the remaining condominium units. For the last four months, 12 of the 17 luxury homes in the building were already sold to various home buyers.

According to the broker who is marketing home building for the Bank of America, Kendra Todd, literally there are only two remaining units left to sell.

In 2008, the residential building’s developer, Lorig Associates, a local real estate firm, was selling the still-unfinished condos for $1.23 million and $4 million.

Last September, the Bank of America foreclosed the remaining 17 unsold units out of the 25, and re-launched it while cutting the starting prices that starts at $700,000 and $1.7 million.

Todd also said the home building’s location is the major reason why the home buyers bought the luxury units.

Located across the Kerry Park, a 1.26-acre park on the south slope of Queen Anne Hill, plus the city skyline and Mount Rainier, the home building has picturesque view point in the area.

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One Response to “Condos at Foreclosed Home Building Sold Like Pancakes”

  1. Doc Holiday says:

    I would hardly call selling 19 units in a 200 ish unit building sold out. This place is practically empty. It also sucks to live here.

    - women’s sauna still broken after months of complaining
    -parking garage door broken (you had to honk -classy! NOT!)
    - parking garage a chintzy dirty mess with construction materials all over (our car gets filthy every day from it!)
    -alarm has gone off numerous times (sometimes in middle of the night with voice FIRE FIRE (ALL false alarms!)
    -lots of stuff unfinished (hallways etc) Some say they ran out of money- it’s awful!
    -WATER pressure (or lack thereof) in the units is awful! We can barely take a shower!!
    -management not very helpful and still things not fixed
    - TELEVISION SOUND (stereo system) was left on for FOUR MONTHS at night even though TV was off. It’s surround sound and we (and other patrons at buildings next door) could not figure out where sound was coming from. Front desk would say it’s another building. FINALLY I figured it out late one night. It was awful and kept us up for months!
    -None of the floors are done in units (ALL CONCRETE) so as units slooowwwwwly sell you have CONSTANT CONSTRUCTION with no end in sight! Good luck with that! It’s awful!
    -cheap doors don’t even appear to be real wood and are broken in our unit. One of our DOOR Frames fell apart already! Just awful and no excuse for poor construction!
    -Forget laying out by the pool because you hear construction from one of 200 units at all times because they leave doors wide open and have to put in loud huge tiles on all balconies. It’s like laying out in the middle of a construction zone (because it really IS!!!)
    - chairs provided at the beach are a complete JOKE! You cannot recline in them or turn over on your stomach. The ugly cheap buildings on either side at least have decent chairs (and honestly one of the cheap buildings really is nicer than the dump!
    - I recommend another building not in “Holly Hood” (da hood) and certainly not the Dump Trump (Ocean palms or residences better!)

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