According to correspondence from the HOA to the owners, a settlement has been reached for just under $8.5 million. The HOA will use those monies to proceed with repairs and to resolve construction defects. As for when the repairs will begin, we are not privy to that and the HOA likely has not put a schedule in place yet as the settlement was reached only late last week.
Hopefully this settlement will allow for more financing options for buyers and those refinancing in the building. It might also bring a windfall of new listings within the building as many owners have likely been waiting for this resolution to allow them to more easily sell.
Recently the 2200 Condo Association, in South Lake Union, also reached a large settlement with their developer. I'm hoping between these two condo communities we might see some additional options coming on the market shortly to help buyers who are frustrated by the lack of inventory currently in the downtown condo market.
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.
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