Comments on: Lakeview Residences – Capitol Hill

By: John M

John M — Mon, 18 May 2009 22:42:51 +0000

Hmiller: It looks like they haven’t been able to sell a single unit after being listed for almost a year. That sounds like a busted condo project to me. Similar to Lumen, there were mechanics liens all over this project. My guess is that it is tough to get the first buyer to take the plunge with all the uncertainty on this project and the condo market generally. I doubt they can/want to convert to apartments because it would be tough to charge enough rent to make that project work as apartments unless they wanted to pay through their nose to make up any shortfall.

By: hmiller

hmiller — Tue, 21 Apr 2009 04:00:53 +0000

I see Lakeview is off market? no signage, most recent listings cancelled, anybody know whats up?

By: Fannie Mae revises condo guidelines | The Seattle Condo Blog

Fannie Mae revises condo guidelines | The Seattle Condo Blog — Thu, 12 Feb 2009 20:30:44 +0000

[...] soon to be completed projects including Enso, Veer Lofts, Equinox, Alex, Duncan Place, Leona, Lakeview Residences, Brix, Eleven Eleven, The Danielle, The Dakota and Marselle — that is unless they’ve [...]

By: NY Loft

NY Loft — Sat, 07 Feb 2009 00:23:48 +0000

HOA are extremely complex and in most situations, going to arbitration is the only way out, if at all resolvable.

By: John M

John M — Sat, 07 Feb 2009 00:17:36 +0000

Does anyone know what happens with the HOA dues if the other units don’t sell and the developer becomes bankrupt? Can you even sell a unit if there are mechanic liens on a property.

By: Ben Kakimoto

Ben Kakimoto — Wed, 04 Feb 2009 01:42:49 +0000

Unfortunately, mechanic liens are becoming more common place with new developments and there were a few that were filed last year. I don’t know if that necessarily equates to sub-standard quality, though. As far as the HOA, generally, the association isn’t turned over to the owners until a specified number of units have been sold. Perhaps, the recent pricing reduction will help to spur interest in Lakeview.

By: John M

John M — Wed, 04 Feb 2009 00:41:30 +0000

UPDATE: I spoke with several agents and they said that there are a bunch of liens against the property. One agent said that in her experience these mechanical (sp?) liens reflect issues with the quality of work because unpaid contractors often cut corners because they are not sure if they are going to ultimately get paid. That is scary. Also, with no other units sold you could find yourself as the only member of the condo association having to pay not only HOD for way more than you thought but also responsible for construction issues/defects/litigation.

Anyone else heard anything?

By: John M

John M — Wed, 26 Nov 2008 16:44:52 +0000

They are overpriced and have not sold a single unit to date…plus you have to walk up a giant hill or over I-5 to get a cup of coffee.

By: GW

GW — Mon, 21 Jul 2008 01:46:57 +0000

If you actually tour the units, you’ll find that not only are they quiet, but the view angles have been configured so that you get the maximum impact from the lake and city views, with minimized road views.

Also, every unit has a private elevator lobby of its own.

By: jcricket

jcricket — Thu, 10 Jul 2008 21:21:46 +0000

You also get a nice view of I-5 and the associated traffic noise along with that $1m