Wednesday, March 30, 2011

L Street Lofts Foreclosure








Developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets has now been scheduled for a foreclosure auction April 13 on the courthouse steps. With only 22 of the 92-unit condominium sold, L Street Lofts LLC has defaulted on a $33 million loan held by OneWest Bank. This foreclosure sale might be one of the biggest bargains in midtown with prices tumbling as much as 50% or more off current asking prices. I’m sure several investors will be waiting to get a piece of the iconic midtown building.

Update 10/22/2011: It was foreclosed on and still has not yet been sold. I understand they would like over $20,000,000 which is higher then the current value according to local developers. The foreclosed value (the loan amount) was about $28,000,000. No one purchased the building at the courthouse so the bank got it.
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5 comments:

  1. AnonymousMarch 31, 2011 6:38 AM

    You're "sure" alright...you're just lucky to be able to brush your teeth let alone comment on current trends with your limited intellectual capabilities...

    You're sure about John Saca and his wonderful highrise, huh?

    You're sure about the new King's Arena on K, huh?

    The list is endless with Sac hypsters and frauds like you...

    ReplyDelete
  2. Zwahlen ImagesMarch 31, 2011 7:44 AM

    Anonymous, I really don't understand why you care at all? Personal attacks towards me show your weak ability to comprehend anything else beyond tearing down others.

    If you don't like my opinion, please go away.

    ReplyDelete
  3. Adam BApril 03, 2011 5:40 PM

    How do I find out info on the Auction and how the bidding works? Will the auction be for all remaining units as a whole or will they auction them separately?

    ReplyDelete
  4. Zwahlen ImagesApril 04, 2011 9:28 AM

    http://www.finance.saccounty.net/tax/TaxSale.asp (you should find out how the bidding works here)

    I would also suggest speaking with a Realtor and/or attorney for advice.

    Good luck!

    ReplyDelete
  5. Zwahlen ImagesOctober 22, 2011 3:52 PM

    As of this post, it was foreclosed on and has not yet been sold. I understand they would like over $20,000,000 which is higher then the current value according to local developers. The foreclosed value (the loan amount) was about $28,000,000. No one purchased at the courthouse so the bank got it.

    ReplyDelete