A soured development project to build a multi-million dollar home on 10th Ave E took an even worse turn when a real estate agent discovered earlier this month that the three-story residence had been stripped of “numerous items” including all appliances and fixtures — even the garage door was missing.
According to a Seattle Police Department report, the property was foreclosed on “after the builder could not sell it.” The home is now for sale from Columbia State Bank, the lender that foreclosed on the property, for $1.5 million. It was listed for between $2.2 and $3.3 million while it was on the market.
An agent of the Columbia State Bank inspected the property on January 21 and found the building to be intact, according to the SPD report. The real estate agent discovered the property had been stripped on February 9. According to the report, the bank employee believes the items removed from the 10th Ave E home may be worth more than $20,000.
According to King County records, the foreclosed home was built by Gilberta, LLC and a company called Berkshire Home Designs.
One in 45 homes in the US were hit with foreclosures in 2009. The 2.8 million foreclosed properties was a likely short-lived record. Experts predict even more in 2010 as the real estate market continues to settle out.