Just a few weeks ago, it was reported on Seattle Times that the 200 West Highland Condo project was facing foreclosure and Bank of America had intentions to auction off the remaining homes. As it turns out, it looks like they are not going to sell them through auction. Here is a full message from Bruce Lorig, the founding partner of Lorig Management Services regarding the latest status on the building. Below are the highlights of the message:
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.