Prices drop after lenders take control of Bellevue Towers

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by JOE FRYER / KING 5 News

KING5.com

Posted on January 3, 2011 at 7:57 PM

BELLEVUE, Wash. -- The developer of Bellevue Towers, the largest condo project on the Eastside, has turned over total control to the original lenders.

The 540-unit condo complex has struggled, thanks to the bad economy and housing market.  Only about 120 units are occupied, owners said. 

But Bellevue Towers Condominiums, LLC, the group of five banks that now owns and operates the project, hopes to turn things around.

"We avoided foreclosure, we avoided litigation, we avoided bankruptcy on the part of the original equity developers," said Ira K. Glasser, who represents the group. 

Over the weekend, Bellevue Towers dropped its prices. On average, units are now 30 percent less than their original prices, Glasser said.

Jeff Reynolds, a real estate broker and condo specialist, said prices at Bellevue Towers were too high for many potential buyers. He expects sales to pick up after the price drop.

 

"Now I think it it provides a pretty compelling reason for people to buy," Reynolds said.

About a dozen closings are on the horizon, Glasser said.  And about 50 more possible sales are in the works.

 

"In order to get prices where they should be, they had to reinvest, remove some of the parties that were involved, so they can kind-of meet the market with the consumer," Reynolds said.

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