Metro City Homes Heading to the Auction?
Posted on Monday, March 30, 2009 in Business, Downtown, Real Estate, Tacoma
The Dwelling Company’s Metro City Homes townhome project in the McCarver Neighborhood appears to be heading to the foreclosure auction. A Notice of Trustee’s Sale was filed recently for the 13 unsold townhomes and 17 vacant lots. 2300 Yakima Avenue Inc., the corporation the development is under, has sold 10 units at the project. All marketing on the property has been pulled and the homes are no longer listed with a real estate broker.
The public auction is scheduled for 10:00 am, June 26th outside the Pierce County Courthouse. The property will be sold the highest and best bidder. The developer has until June 15th to clear the default to avoid the auction sale.
They had made some big price reductions in recent months, but they still weren’t as low as City Steps and a few others. Great reporting, as always, Jacob.
Nice scoop. Looking forward to seeing these units occupied in the effort to restore the urban fabric in the area.
LOL from their website:
“It’s a time when living with a view isn’t expensive, it’s imperative.”
Guess they didn’t really believe that marketing jumbo.
It will be interesting to see what kind of valuations the market puts on these things.
You simply can’t price condos/townhomes higher per sq ft than the average home and expect them to sell in Tacoma.
Thanks for the report! Hard to find local real estate news since the Tribune scrapped the housing blog.