Seattle is pretty amazing!
I wrote a piece yesterday on the Laurelon Condo project and Children's Hospital's desire to purchase the entire six acre 136 unit complex as a way of expanding. The reported amount of money Children's Hospital is willing to pay is 2.8 times the market value of each of the units - $93 million dollars!
Now if someone wanted to pay 2.8 times the value of my house, I would sell it in a second and pat myself on the back for the great investment I made, and for most of the Laurelon this seems to be the case. There are, however, a few long time residents who don't want to lose their home and i have to sympathize with them on this as well. Here is their argument.
So can the condo board sell your home out from under you to be bulldozed down?
Maybe! In 1990 the state of Washington passed a measure which enables properties to be sold if 80% of the owners approve. This went into effect for new properties going forward and did not touch older properties like Laurelon, so it remains to be seen whether or not the sale can be pulled off.
Interesting - I will keep you updated.
Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County. Seattle Real Estate and Seattle Suburbs! Cooper Jacobs Real Estate Services: Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Greenlake, Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!
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