BELLEVUE, Wash. (AP) — One of the biggest condo projects in the region has transferred its unsold units to its lenders after fewer than a quarter of its 539 units sold in nearly two years.
The Seattle Times says that to avoid foreclosure, Portland-based Gerding Edlen has turned over the Bellevue Towers development to an entity led by investment bank Morgan Stanley.
Ira Glasser, an adviser to Morgan Stanley, says last week’s transfer shows how much real estate prices have fallen.
The newspaper says the project’s 43-floor and 42-story towers were built in large part with $275 million borrowed from a consortium led by Morgan Stanley. Glasser says average prices for units are 30 percent lower than two years ago, but buyer interest has been growing.