A report from today’s Seattle Times indicated that the 200 West Highland condos may be headed for a foreclosure auction. According to the report, Bank of America may foreclose on the 18 remaining unsold units in the building.
“Unless Bank of America changes course, longtime Seattle developer Lorig Associates probably won’t be able to stop the lender from foreclosing on its new, luxury 200 West Highland condo project on Queen Anne Hill, Lorig’s chief operating officer said Thursday.
It’s unlikely, Tom Fitzsimmons said, that Lorig can come up with the $26 million plus interest it owes the bank by Aug. 6, the date Bank of America set for a foreclosure auction in a notice filed with King County Tuesday.”
According to the builder, 7 out of the 25 condos are sold, with an additional two currently under contract. The Northwest MLS currently shows 10 active listings in the building, priced between $895,000 and $2,050,000. Will be interesting to see if Bank of America does follow through on the foreclosure, or if there is some sort of auction event to liquidate the remaining units before the foreclosure deadline arrives.
