Comments for The Seattle Condo Blog

Comment on Lumen Condo Auction by WTG

WTG — Fri, 03 Jul 2009 17:37:07 +0000

Disappointed: ‘What if’ - as the highest bidder at auction (if reserve is met), you are responsible for closing. If you lose your job or can’t finance thats your problem and no one elses plain and simple. Don’t bid unless you are prepared and organised to meet a winning bid commitment.

As for the building, wow what a concrete dump. Tiny sq footage, next to Mercer St, high HOA, mixed with commercial space. But the beauty of the auction process is that it will determine the price point at which some people will be happy to call Lumen home.

Comment on Lumen Condo Auction by Carlymom

Carlymom — Thu, 02 Jul 2009 18:48:10 +0000

Interesing fact we learned last night. Three of the townhomes offered were marketed for $579,040 originally, but that price included TWO parking spots. Now, it includes only one. So, the starting bid is really $19K higher than the $260K posted in the brochure, if you want to get the same property as was offered at $579K. Truth in advertising?

Comment on Enso model homes to open by Ben Kakimoto

Ben Kakimoto — Thu, 02 Jul 2009 18:35:54 +0000

Trish, here’s a link to the city’s zone map. Map 101 shows that area is zoned SM-125′.

http://www.seattle.gov/DPD/Research/Zoning_Maps/default.asp

Comment on Enso model homes to open by Trish

Trish — Thu, 02 Jul 2009 18:09:37 +0000

Chris, where did you find this information about the Discovery Center being zoned to 11 stories? Could you provide me with a link? Much appreciated!!

Comment on Lumen Condo Auction by Disappointed

Disappointed — Thu, 02 Jul 2009 04:09:35 +0000

With its modern fixtures and soaring ceilings, Lumen appears to be a welcome oasis, located steps away from QFC (just below), Seattle Center, Highway 99, and the Bill and Melinda Gates location (currently under construction). The residents are friendly; the amenities are bountiful. And with attractive new auction prices, it seems that the American Dream is once again accessible.

HOWEVER, in light of the enduring state of our economic landscape, it is truly disappointing to see the property developers, auction house, and lenders continue to perpetuate cloak and dagger tactics - flagrantly ignoring the very causes of our current, dire state. Nothing made this more clear than the “How to Bid at an Auction” seminar held at the Lumen Lounge the evening of 7/1/2009.

With tougher lending standards, and many employers reducing/stalling headcount to mitigate lingering poor company performance, it is understandable for prospective buyers to express pragmatic concerns: “What happens if approval falls through even after pre-approval?”….”Where does my earnest money or 5% deposit go if I lose my job before closing?”….”What average interest rates is the lender seeing/providing these days?” In this landmark time, the worst case scenario is more and more prevalent, so “what if?” These are reasonable questions, by reasonable people, taking appropriate steps to avoid the mishaps that plagued real estate all-too-recently.

Every one of these valid questions was danced around and/or flippantly evaded. The most direct answer provided by the auction and lending team was that if a buyer was operating “out of the goodness of their heart” (how that is determined is beyond me, as there is no explicit criteria for this) but are unable to complete the purchase (say, to losing a job - a very real possibility looming over many today), the developer has discussed (strictly in conversation), that the earnest money would be refunded. It should be noted that no documentation supports this statement, thus it is a matter of “word.” It should ALSO be noted that the developer, on their “word”, stated that no condos would be sold prior to auction; as of 7/1/2009, TWO units have actually been sold outside of the auction.

So who wins? Buyers, who cannot get straight answers? Current homeowners, eager to see increased occupancy - only to risk new waves of defaults? Or The Triad: developer, auction house, and lender, who tout their commitment to putting clients at ease, yet cannot address genuine client concerns?

Comment on Fannie Mae revises condo guidelines by Katie

Katie — Thu, 02 Jul 2009 03:52:00 +0000

What if the property was sold at auction and being sold for a profit, fha has a 90 day hold what about a conventional? I heard 6 months, is this true for all banks?

Comment on Fannie Mae revises condo guidelines by Ben Kakimoto

Ben Kakimoto — Tue, 30 Jun 2009 21:30:50 +0000

Fran - I believe you can reuse your VA Certificate but I highly recommend you verify it with a lender who’s knowledgeable with VA loans.

Comment on Olive8 Condo - Midtown Seattle by Imants

Imants — Tue, 30 Jun 2009 17:32:50 +0000

Marc (above) makes some very good points about ILSFDA. Our law firm is also representing buyers in earnest money disputes with a number of condominium projects. I have drafted condominium documents for a number of local projects so I have experience with these types of matters. If you are interested in a consultation, feel free to call me at 206-438-3851 or send me an email at imants@lawhg.net.

Imants Holmquist
Holmquist & Gardiner, PLLC
imants@lawhg.net

Comment on Enso model homes to open by Chris

Chris — Mon, 29 Jun 2009 05:43:42 +0000

Yup, the lot where the Discovery Center is now is zoned to 11 stories I think and owned by Vulcan. I think there was talk about upzoning the area (while still stepping down to the lake). A lot of Enso buys are going to get a chunk of their view taken away in 10 years.

Comment on Enso model homes to open by Alex

Alex — Sat, 27 Jun 2009 17:55:02 +0000

A friend of mine is a supervisor at Sasco Electric who oversees a few of the Vulcan projects there and told me that the triangular lot was made into a park so that it could be exchanged for another small lot across the street where the discovery center is. I guess the small lot Vulcan is attempting to acquire is owned by the city and is the only thing preventing them from owning the entire block for another future project.