Seattlest has the scoop, Live Historic aka Pioneer Property Not Paying Bills:
Pioneer Property creditors received notice from the group’s bank over the weekend
of the group’s bankruptcy filingthat their bills are not being paid.
I’m trying to but haven’t confirmed the story.
If it’s true, this is a bummer. I toured De Lorges and Marlborough and both of them were nicely done. I feel for the people who purchased at their buildings since it looks like sales have not gone well. I guess we’ll have to wait and see what happens. I suspect The Press condo auction won’t be the last condo auction.
Buildings affected with sales pulled from King County Records:
- Queen’s Court at 124 Warren Avenue N (Queen Anne.) 13 of 34 units sold.
- The Pittsburgh at 125 Warren Avenue N (Queen Anne.) 16 of 31 units sold. (Listed under 117 John St in the county records.)
- The Nord at 312 First Avenue South (Pioneer Square.) 6 of 7 units sold.
- The Marlborough at 1220 Boren Ave (First Hill.) 0 of 82 units sold.
- De Lorges at 325 Harvard Avenue E (Capitol Hill.) 1 of 27 units sold.
- Dayton 4420 Dayton Avenue North (Fremont.) 0 of 8 units sold.
Overall, they’ve only sold 20% of their available inventory and some of those projects they’ve been working on for a while.
Bonus link: Seattle PI blog, Apartment market not so hot, report says:
Dupre + Scott forecast in September that market vacancy (not counting new construction in lease-up) would rise from 4.8 percent this fall to nearly 6 percent by early 2010. They now say it will peak at 7.3 percent in June 2010 but won’t get back into balance until early 2012.