Condos over Kerry Park face foreclosure

Posted on May 6th, 2010 by Sara Willy

Back in August Lorig Associates, the developer behind the 200 West Highland condo project, slashed prices on the remaining million dollar units located across from Queen Anne’s famed Kerry Park. At the time only two units had sold. Now, nine months later, Bank of America is moving forward with foreclosure on the remaining units, according to reports by our news partner, The Seattle Times.

From the Times:

In a notice filed Tuesday with King County, the bank said it intends to sell the 18 unsold units at 200 West Highland Drive at auction Aug. 6 unless developer Lorig Associates repays a $26 million loan.

The loan came due Jan. 1, according to the notice. The other seven units in the 25-unit, five-story condo have been sold, according to county records.

The two and three bedroom condos vary between 1,500 and 2,800 square feet in size and currently range in price from $895,000 to $2.25 million, according to the 200 West Highland website. Back in August, prices went as high as $3.15 million. Units have views of either Elliott Bay, downtown or both.

The 200 West Highlight units first went on the market in March 2009. Lorig Associates have been behind other prominent Seattle developments, including the International District’s Uwajimaya Village, Wallingford Center and Marketplace North near Pike Place Market.