Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Domaine development to be auctioned

By on December 10, 2008 in Condo News, Real Estate with 5 Comments

Domaine CondoAccording to the Daily Journal or Commerce, the Domaine Condominium development on Aurora Avenue is being offered for auction (Trustee’s Sale) on February 6, 2009 to the highest and best bidder. Intracorp, apparently, was unable to unload the project as apartments as it did with Expo62.

The article states a limited liability company affiliated with Intracorp is in default on a $22.51 million construction loan with KeyBank. They are also behind on a $11.6 million mezzanine loan through Residential Funding Company (RFC), plus interest and other fees. RFC is foreclosing on all its collateral for the loan.

Intracorp has been hit hard this year with dismal results of its downtown condominium strategy (Expo62, the Parc, Domaine and 1915 2nd Avenue) and, reportedly, reduced its staff.

The auction will take place at 9:30 AM at the King County Administration Building on February 6th, 2009.

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Twitter and Facebook. .


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There Are 5 Brilliant Comments

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  1. Mike says:

    Seriously, that location was better suited for a retirement community.

  2. alex says:

    Any idea on how much something like this would go for if it makes it to the auction block? Pennies on the dollar?

  3. Jim Reppond says:

    Important info, Ben!

    Wish I had a full DJC subscription! ?

    I’m assuming Intracorp never went through the complete condo permitting process and therefore it is being auctioned off as a 91-unit apartment building, rather than separately as individual condos, right?

  4. Ki says:

    Its been interesting to watch as a few of the condo developments around the country have started to go into foreclosure. In Austin our city planning offices are apparently in a failed condo project near downtown.

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