Marlborough House in Foreclosure

February 25th, 2009

Posted by Jim Reppond


Marlborough House - FORECLOSURE

The Marlborough House, a recent condominium conversion, is officially in foreclosure. A TheSeattleSpecialist blog reader recently commented (Thanks, Aaron!) that The Notice of Foreclosure was posted on the building. I searched the county records and found that on 2/20/2009 a Notice of Trustees Sale (NTS) indeed was Marlborough House Notice of Trustees Salerecorded showing over $18,000,000 in default. The current date for the sale is set for May 22, 2009 at 10AM on the King County Administration Building steps. These dates often get moved if the lien holder is in negotiations with a potential buyer or a bankruptcy court intervenes.

This is a sad development, but not unexpected. It was reported here several months ago that Live Historic had stopped actively marketing the individual units and was considering turning it back into apartments. They never achieved many pre-sales and it was clear that lenders were not going to allow mortgages to close without a substantial number of units pre-sold. It has been vacant with no activity for a number of months now.

This will be a great opportunity for an investor with some deep pockets to buy-and-hold a fantastic property. Most of the conversion and remodeling has already been done. Once the economy gets back on its feet and inventory drys up a again, this should be a very lucrative investment. (call me if you think that might be you!)

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4 Comments Add your own

  • 1. Marlborough House going b&hellip  |  February 25th, 2009 at 10:21 am

    […] 2/25/2009 Update: New blog posted: Marlborough House in Foreclosure Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages. […]

  • 2. Marlborough House to fore&hellip  |  February 25th, 2009 at 12:21 pm

    […] Marlborough House, one of Live Historic’s conversion projects is headed to foreclosure reports Realtor Jim Reppond. […]

  • 3. Two Boutique Projects + T&hellip  |  March 1st, 2009 at 9:33 pm

    […] And the Marlborough officially went into foreclosure. Poor Live Historic. […]

  • 4. Jim Reppond  |  June 3rd, 2009 at 7:00 am

    As reported my Puget Sound Business Journal and The Seattle PI, The Marlborough was foreclosed on and bought back by the lien holder at Friday’s foreclosure auction.

    (see Seattle PI blog below)
    http://blog.seattlepi.com/realestatenews/archives/170002.asp

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