Received a message from Bruce Lorig of Lorig Associates regarding the status of the 200 West Highland condominium development. The Seattle Time reported in May that Bank of America was foreclosing on the property with plans to auction off the unsold units. Presently, that is not the case according to Lorig. Fortunately, Bank of America is working with Lorig Associates in their efforts to market and sell the remaining homes.
Here’s the full email message from Bruce Lorig.
Over the last 38 years, Lorig Associates has had a strong presence in the Seattle real estate community, building market rate housing, renovating historic structures, and consulting with nonprofits and universities on their housing and service facility needs.
We are proud of our work, and of the condominiums we have developed – Market Place North, Market Court, The Willis, The Victoria and, most recently, 200 West Highland.
In many respects, 200 West Highland is the culmination of all of our knowledge and resulted in the best building, in the best location – brought on line, unfortunately, at the worst possible time.
As you may know, on May 5, 2010, Bank of America served us with a foreclosure notice on the remaining unsold homes at 200 West Highland. Rumors abound. Here are the facts, as we know them.
• The building is complete.
• Since the first of this year, we have closed 7 condominium homes, all owner occupied, and will be closing our 8th on June 25. We are 32% sold.
• Bank of America intends to take title to the unsold units on August 6.
• We have been told by Bank of America that they will NOT be auctioning units, but rather will continue to sell them one by one.
• We also have been told by Bank of America that they will be holding the current pricing. There will be no major price reductions.
• We have been instructed to continue our sales activity.
We believe that this remarkable building will survive the current turmoil and will, over time, be a smart investment and an exceptionally desirable place to live. We are encouraged that our existing homeowners share this sentiment.
If you would like more information about 200 West Highland or would like to schedule a showing, please contact our marketing agents for an appointment.