Posted Jan 29, 2010, 3:09 PM
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Join Date: Apr 2007
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27 units in Sabine condo project set for auction
From the statesman today:
http://www.statesman.com/business/re...or-201089.html
Quote:
Next month, a Beverly Hills, Calif.-based firm will auction 27 units in the Sabine on Fifth, a downtown condominium project whose future until recently had been clouded by a lawsuit and a foreclosure action. The auction is one of several that have taken place in Austin to allow some developers to quickly sell their remaining units in a slower real estate market.
Formerly an office building, the Sabine is a 10-story tower at East Fifth and Sabine streets that CWS Capital Partners converted into condominiums in 2007.
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Kennedy Wilson is billing the auction as a "grand reopening" after CWS made significant improvements to the building, including modernizing elevators that had been cited for safety violations. CWS made the enhancements to resolve residents' complaints that spilled over into a lawsuit last March.
The lawsuit has since been dismissed, said Greg Miller, CWS' vice president for investments. The Sabine was spared from a Jan. 5 foreclosure auction after CWS' lenders, Compass Bank and GE Capital, agreed to extend a construction loan that CWS had defaulted on.
There are 44 units left, but the developer expects the auction to generate enough interest to spur the sale of the last 17 units.
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