We can confirm through our own independent sources that a settlement has been reached at The Parc. We will provide more details as we learn more. The lawsuit should be officially removed within days of now. Until then, we won’t speculate on the total amount of the settlement.
This dates back to a January 4th 2013 filing where The Parc-Belltown Condominium Association filed a notice of Complaint For Damages against Western and Clay, LLC and affiliates. The suit, like many others in the city alleged that there were a large number of construction defects, including but not limited to metal wall panels, improper exterior envelope and improper weather resisting barriers. This is amazing news for the owners at the Parc. In the last 14 months listed units in the building were severely impacted by limited buyer financing.
We have pulled some sales information occurring during the suit to show you the impact that these judgements can have on a condo project. Out of 12 sales since the notice of settlement was filed, 8 of those sales were either bank owned or short sales (see below)
The average cost per square foot during this time was $376.62 with an average sale price of $317,867. Listings sold on average in 60 days of being on market.
During this same time, competing condos in the city sold for an average of $457.47 per square foot and an average sale price of $364,354. Selling on average in 34 days.
The time is now for owners in the building – There is no better example then the massive recovery story at Molser Lofts