Exit133

June 24, 2009 · Derek · archive: txp/article

Esplanade Faces Foreclosure in August

The News Tribune is reporting that the Esplanade condominium project on the Foss is facing foreclosure at the end of August unless it can find additional financing. With just 10 of the 162 units sold, it faces some challenges …

Link to The News Tribune

Filed under: General

22 comments

  • crenshaw sepulveda June 24, 2009

    Wow, I did not see this coming.

  • Erik B. June 24, 2009

    I don’t think it should effect much as the place is already built.

    If they can’t sell the units, hopefully they will be rented out soon to give more life in the area.

    In any event, foreclosure or not, the Esplanade will be a great addition to the waterfront. Looking forward to seeing it occupied.

  • Nick June 24, 2009

    Wow, only 10 have sold? Maybe a combination of price cuts and renting out one or two floors of units could extend that out a ways.

    … also, is it me or does that building look like it’s unfinished? I can’t put my finger on it, but the exterior looks like it needs to be painted or something…

  • I'm for Change (for tacoma) June 24, 2009

    I totally agree with Nick. You mean the outside IS done? That’s what it’s suppose to look like?

    Maybe the UWT kids can rent space in the building. When I lived at Thea’s Landing, they seemed to move in en mass. I had 3 students living in a 1-bed, 1-bath next door. I’ve since moved out, but I heard the students drove out others from the building.

  • Mofo from the Hood June 24, 2009

    Sometimes a great notion…

    Move the tenants from the Winthrop to the Esplanade.

  • crenshaw sepulveda June 24, 2009

    Haven’t the people in the Winthrop suffered enough?

  • RR Anderson June 24, 2009

    in my humble opinion as amateur curmudgeon the exterior of this building is designed with all the calming drab appeal of a detention facility for the criminally insane.

    The winthrop residents might find life there more structured and less troubling.

  • Mofo from the Hood June 24, 2009

    Hey, ya know what’s great about the Esplanade?

  • crenshaw sepulveda June 24, 2009

    I’ll bite, MFTH. What is great about the Esplanade?

  • The Fish June 24, 2009

    Defintely needs a two or three color exterior painting scheme to dress it up, right now it looks extremely drab.

  • Jesse June 24, 2009

    Real estate is about cost. Lower the cost.

  • Mofo from the Hood June 25, 2009

    • MOFO NEWS NETWORK BREAKING NEWS •
    Dateline: The Great Recession of 2009

    MNN has recently learned that due to lagging condo sales at THE ESPLANADE, an 11th hour decision has been made to hire Foss Waterway marketing and publicity firm
    Rusty Barge Creative. A leeward informant from RBC, code named “Deep Bilge,” has leaked to MNN this proposed sales tactic:
    “In an effort to further impede sales, the under-appreciated ESPLANADE will be renamed THE LEMONADE.”

  • RR Anderson June 25, 2009

    Now that’s why mofo is my fav exit133 commenter.

  • Thorax O'Tool June 25, 2009

    I like the Esplanade! I’d never live in a (shudder) condo, but the bldg looks way better than Hannah Heights or the unfinished Midtown Lofts.

    I’m surprised they sold even ten… no lights are ever on in that place.
    I mean, really… starting at $300K to like on Dock Street? Is it a wonder why it’s gone tits up?

  • David Boe June 25, 2009

    The Esplanade Hotel? And then turn the gravel hotel parcel into a public event green space?

  • CA June 25, 2009

    I definitely agree the exterior color scheme is boring and unattractive. However, better paint would not have changed the outcome. It’s a terrible economy out there and mortgages are harder to come by now then when this thing was on the drawing table.

    It’s the economy stupid.

    As for the neighborhood; I’d love to live on Dockstreet. My brother rented an apartment in Theas Landing for a few years and absolutely loved it, as did I when he was out of town and I got to house-sit for him.

  • Spider June 25, 2009

    i toured the espalande and it is fantastic inside. the reason they aren’t selling is because they can’t get profolio lending until the sell 51% of the units. meaning unless you have cash you can’t get a loan. you can establish a purchase price but must rent from the builder until 51%. i ran away.

  • Thorax O'Tool June 26, 2009

    What a novel idea… rent!

    You know how much better off the multi-family market would be today if 9 out of 10 developments were apartments instead of 1 out of 100?

    Sure, some people want a condo. Go for it, guys.

    The majority, on the other hand, will happily take a similar unit and rent it for 1/2 as much as it cost to buy.

    Said it before, I’ll say it again: Condos don’t make sense in Tacoma.

  • Jesse June 26, 2009

    Are they offering lease-to-own?

  • tacoma rocks June 27, 2009

    I like tacoma and am hopeful to see it rebound from the present economy.

    Part of their problem their is the sales staff. I have been there three times and been asked to wait in the lobby. In addition to that I have been there and the sale office was closed during posted hours.

    My opinion of the floorplans of some units is like 2 mobile homes put together and remodeled badly. the view is of the ugliest waterfront in all of tacoma.

    In addition to the 150 units they will still not sell or rent. I see the retail being a major drag and raising problems for those who do live there. 19000 feet of retail would make sense anywhere but there. No parking, no traffic, no pool, no doorman, few amenities, but you can say it is waterfront. hm no sales. I wonder if those 10 sales are the realtors, developers or internal sales to get momentum and set the price.

  • crenshaw sepulveda June 28, 2009

    Can’t we hold a bake sale or something to help these people out?

  • J. Cote June 28, 2009

    I see a lot of other “Condos” doing just as well. Blame the market if you want, but I just don’t see a lot of people ready to shell out over $300,000 for a two BR apartment.
    Back in 1983 when we were newlyweds, Mrs. and I rented a nice little apt. on N. 35th and Pearl St. We were the first ones in this apt. and paid $495 a month. A lot back then, but 2 BR, 1 Ba., covered parking, inside laundry room, large kitchen, fireplace. No weight room, dayroom, sauna, tanning, but who cared.
    They have made these same apartments into “Condos” and are selling them at $195,000 each. From what I can tell, people have stayed away in droves. It’s not the market. I think that buyers just aren’t as stupid as the developers think they are.