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Buyer Gets Earnest Money Back At Was. Olive 8 Impact?

By Matt Goyer June 8, 2009

Today I heard that a client won the Washington Square arbitration case this past Friday and got back all their earnest money and attorney fees.

What I also heard is that the same attorney who represented the Washington Square client is also representing clients who bought at Olive 8. Also the same firm that represented Washington Square is representing Olive 8 (though different attorneys).

The pressure is certainly now on Olive 8.

Update: Corrected post to reflect this was Washington Square, not Bellevue Towers. I thought they were the same project. This the last time I blog about the Eastside!

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28 responses to “Buyer Gets Earnest Money Back At Was. Olive 8 Impact?”

jon says:

June 8, 2009 at 11:43 pm

If this is the crook Limosine driver, I am saddened to hear he got his earnest money back!
jon says:

June 8, 2009 at 11:43 pm

If this is the crook Limosine driver, I am saddened to hear he got his earnest money back!
EconE says:

June 9, 2009 at 2:24 am

That “limousine driver” has an “interesting”…or should I say “questionable” RE history.
EconE says:

June 9, 2009 at 2:24 am

That “limousine driver” has an “interesting”…or should I say “questionable” RE history.
CameronRex says:

June 9, 2009 at 9:19 am

The guy did not deserve his money back…he played the 'stupid' card. Sometimes what goes on in this country depresses the heck out of me. Honest people pay the price and get walked on while the dishonest often get away with all kinds of $hit. I just hope karma gets both the crooked buyer and crooked lawyer. (Of course, this is all just my humble opinion.)
CameronRex says:

June 9, 2009 at 9:19 am

The guy did not deserve his money back…he played the 'stupid' card. Sometimes what goes on in this country depresses the heck out of me. Honest people pay the price and get walked on while the dishonest often get away with all kinds of $hit. I just hope karma gets both the crooked buyer and crooked lawyer. (Of course, this is all just my humble opinion.)
me says:

June 9, 2009 at 9:38 am

So what was the law firm that handled the case for the buyer?
Jason says:

June 9, 2009 at 9:39 am

I just spoke with the sales manager at Bellevue Towers and I was assured this is not true.
The mediation has not occurred yet. The article is a little confusing because Washington Square is included. These are two completely different projects.
Jason says:

June 9, 2009 at 9:39 am

I just spoke with the sales manager at Bellevue Towers and I was assured this is not true.
The mediation has not occurred yet. The article is a little confusing because Washington Square is included. These are two completely different projects.
J says:

June 9, 2009 at 9:59 am

I think this may very well be more rumor than true. Also, the two projects are independent of one another.
J says:

June 9, 2009 at 9:59 am

I think this may very well be more rumor than true. Also, the two projects are independent of one another.
jon says:

June 9, 2009 at 10:31 am

The buyer won his claim at Washington Square, not Bellevue Towers. Matt, please make a correction to your article.
jon says:

June 9, 2009 at 10:31 am

The buyer won his claim at Washington Square, not Bellevue Towers. Matt, please make a correction to your article.
mattgoyer says:

June 9, 2009 at 12:49 pm

Sorry for the confusion. I thought they were the same project. Guess not.
mattgoyer says:

June 9, 2009 at 12:49 pm

Sorry for the confusion. I thought they were the same project. Guess not.
ILSA, She Wolf of the SS says:

June 10, 2009 at 7:53 am

Washington Square screwed up and violated the Interstate Land Sales Full Disclosure Act. ILSA is the hammer that a lot of attorneys in Miami are using for the same effect – 100% refund of earnest money plus interest.

Olive 8 better hope they did not also do this or it's game over for Hedreen. Given they had the same law firm drafting the contract, I don't like their odds.

And Matt, don't feel bad about confusing Washington Square and Bellevue Towers or the Bravern for that matter. It's all one big exurb – of soon to be empty condo's.
ILSA, She Wolf of the SS says:

June 10, 2009 at 7:53 am

Washington Square screwed up and violated the Interstate Land Sales Full Disclosure Act. ILSA is the hammer that a lot of attorneys in Miami are using for the same effect – 100% refund of earnest money plus interest.

Olive 8 better hope they did not also do this or it's game over for Hedreen. Given they had the same law firm drafting the contract, I don't like their odds.

And Matt, don't feel bad about confusing Washington Square and Bellevue Towers or the Bravern for that matter. It's all one big exurb – of soon to be empty condo's.
CameronRex says:

June 10, 2009 at 10:53 am

…Are the empty condos in the 'xurb' any different from the empty condos in Seattle? Empty is empty. The condo projects in Bellevue are actually more visually interesting and higher quality that some of the ones in Seattle. Bellevue Towers particularly, in my opinion, is stunning design.
CameronRex says:

June 10, 2009 at 10:53 am

…Are the empty condos in the 'xurb' any different from the empty condos in Seattle? Empty is empty. The condo projects in Bellevue are actually more visually interesting and higher quality that some of the ones in Seattle. Bellevue Towers particularly, in my opinion, is stunning design.
condoboy says:

June 10, 2009 at 6:01 pm

I have personally waffled on this subject… someone puts down 5%, if the market tanks or job loss, or whatever, should they get the money back? some say (andy?) “a deal is a deal” you bet… you lost, BUT…
It is a business deal, and any developer who found themselves on the losing end or downside of any business deal would use every resource at their disposal to try and extricate themsleves from the situation. Why is it so awful for a buyer to try and avail themselves of the same thing?
if someone does manage to get the money back, the developer still has the unit to sell. A developer is not forced to do presales, it is a relatively new concept to share risk, and now we all know how much the idea sucks in a declining market ;-)
condoboy says:

June 10, 2009 at 6:01 pm

I have personally waffled on this subject… someone puts down 5%, if the market tanks or job loss, or whatever, should they get the money back? some say (andy?) “a deal is a deal” you bet… you lost, BUT…
It is a business deal, and any developer who found themselves on the losing end or downside of any business deal would use every resource at their disposal to try and extricate themsleves from the situation. Why is it so awful for a buyer to try and avail themselves of the same thing?
if someone does manage to get the money back, the developer still has the unit to sell. A developer is not forced to do presales, it is a relatively new concept to share risk, and now we all know how much the idea sucks in a declining market ;-)
jon says:

June 12, 2009 at 3:59 pm

My understanding of this is the client did win an arbitration. However, I don't believe they've actually received the money back. You all know how these things drag out. Washington Square will probably appeal and then it will head to court. Please correct me if I'm mistaken. Did this buyer actually get their money back in hand?
Linda says:

June 19, 2009 at 1:23 pm

Do you think this will help some of us, who won't qualify now, get our money back at the Escala? They are really playing hardball with those of us who have asked.
GoCougs says:

June 21, 2009 at 9:14 am

The contract that you signed will determine if you get anything back. Just because someone else did at another project won't have any bearing on your situation, unless legal precedent is established, but this was just an arbitration case, not a trial motion. You should hire a competent attorney to review your documentation.
EB says:

June 22, 2009 at 11:21 am

Try Alex Thomason at Stanislaw Ashbaugh in Seattle. I believe he's worked on getting earnest money back for clients at Escala.
Linda says:

June 22, 2009 at 3:56 pm

Thanks, I will check it out.
imantsholmquist says:

July 22, 2009 at 4:36 pm

I am an attorney assisting condominium buyers with earnest money disputes. As this article indicates, it is true that you may have options that far outweigh walking away from your earnest money. Please give me a call to discuss this matter or any other real estate issues. My phone number is 206-438-3851.

Imants Holmquist
Holmquist & Gardiner, PLLC
imantsholmquist says:

July 22, 2009 at 11:36 pm

I am an attorney assisting condominium buyers with earnest money disputes. As this article indicates, it is true that you may have options that far outweigh walking away from your earnest money. Please give me a call to discuss this matter or any other real estate issues. My phone number is 206-438-3851.

Imants Holmquist
Holmquist & Gardiner, PLLC

Buyer Gets Earnest Money Back At Was. Olive 8 Impact?

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