Rollin Street Closing Date Pushed Back

Got this forwarded to me. Sorry for not posting earlier. We were busy releasing a new version Redfin where we show all our agents deals & reviews.

Hello –

With the completion of Rollin Street quickly approaching, we wanted to give you an update on the project’s status.

As you may know, new restrictions to pre-sale requirements being imposed by Fannie Mae and Freddie Mac are affecting condominium buyers and developers all over the country.

Specifically, regulatory changes being implemented on March 1st may require a condominium project to be 70% pre-sold before buyers are able to close with traditional financing. Rollin Street is not 70% pre-sold, nor will it be by our originally projected closing dates.

We are in the process of considering the full effect of these regulatory changes. Unfortunately, we have enough information to announce that closings at Rollin Street will be postponed until at least April 15, 2009.

We are working through the challenges posed by these regulatory changes and will be sending an update on our progress and a course of action in approximately 2-3 weeks.

Meanwhile, if you have any questions please feel free to contact Luke [removed], Residential Marketing Manager for Rollin Street at 206.xxx.xxxx, or via email at [removed]@vulcan.com.

You will be receiving a hard copy of this memo in the mail in the next few days.

Sincerely,

Luke [removed]

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • uptown
  • EconE

    I'd personally love to see Paul Allen one up Fannie & Freddie and carry the notes for his clients.

    I'm assuming he could afford it.

    3% 30 year fixed loans?

    Oh…..how I'd love to see a private person turn the banks on their heads while helping out the purchasers.

    Pablo to the rescue?

  • Orangetown

    Personally EconE, I'd rather have Tony Soprano carry my note.

  • EconE

    LOL Orangetown.

    I'm sure that P.A. is an eccentric guy…but I just don't see him as the knee-capping/cement boot type.

    And FWIW…as much as people might think that the Vulcan robots are evil they really aren't.

    What? You didn't know that they are robots? C'mon. When you're as wealthy as Paul Allen you don't hire people….you *create* them. ;^)

    But seriously…without mentioning specifics…Vulcan has stepped up to the plate lately and done some pretty nice things.

    Coming from bitchmaster #2 (Me)…that should say something.

  • Orangetown

    : ) But the Italian food on the Soprano's is way better than any of the restaurants in SLU. Tutta Bella? Please!

    As someone who has signed a Vulcan contract – let me tell you it's pretty damn lopsided in their favor. Your idea is interesting though – but interesting from the point of view that it would be curious to see what kind of strings Vulcan's legal team could come up with for those notes – it'd probably end up being some Cirque du Soleil-worthy financial exercise.

    Right now all of these Rollin Street pre-buyers are caught in the situation where Vulcan tends to act at its worst – when Vulcan is scrambling. Vulcan doesn't want to incur any damages from these buyers in limbo, probably doesn't want to turn off any new Rollin buyers (if any of those still exist), wants to stay on the city's good side, and may even worry just a tiny little bit about hurting its reputation.

    I'm sure that whatever Vulcan does decide, it will be in their absolute best interests. Here's hoping though that the Rollin Street buyer's best interests accidentally align with those of Vulcan's.

  • kath

    How are other Rollin Street buyers handling this? We're getting & seeing lots of conflicting information about options, besides being stuck. Given how long Vulcan waited to tell us about the “regulatory changes”, it's hard to trust them with the day-to-day decisions we all have to make…

  • Chris Johnson

    You really do have a very strong legal basis, or several bases, to demand that your Earnest Money Deposit be returned to you, along with accrued interest. I have some friends of mine that are Rollins Street Buyers and they have spoke with an attorney named Stephen J. Crane. He is with Crane Dunham PLLC downtown. If you have any questions regarding your rights, I would give him a call. 206-292-9090

  • Chris Johnson

    You really do have a very strong legal basis, or several bases, to demand that your Earnest Money Deposit be returned to you, along with accrued interest. I have some friends of mine that are Rollins Street Buyers and they have spoke with an attorney named Stephen J. Crane. He is with Crane Dunham PLLC downtown. If you have any questions regarding your rights, I would give him a call. 206-292-9090