27 units in Sabine condo project set for auction

[priller]

From the statesman today:

http://www.statesman.com/business/re...or-201089.html

Next month, a Beverly Hills, Calif.-based firm will auction 27 units in the Sabine on Fifth, a downtown condominium project whose future until recently had been clouded by a lawsuit and a foreclosure action. The auction is one of several that have taken place in Austin to allow some developers to quickly sell their remaining units in a slower real estate market.

Formerly an office building, the Sabine is a 10-story tower at East Fifth and Sabine streets that CWS Capital Partners converted into condominiums in 2007.

...

Kennedy Wilson is billing the auction as a "grand reopening" after CWS made significant improvements to the building, including modernizing elevators that had been cited for safety violations. CWS made the enhancements to resolve residents' complaints that spilled over into a lawsuit last March.

The lawsuit has since been dismissed, said Greg Miller, CWS' vice president for investments. The Sabine was spared from a Jan. 5 foreclosure auction after CWS' lenders, Compass Bank and GE Capital, agreed to extend a construction loan that CWS had defaulted on.

There are 44 units left, but the developer expects the auction to generate enough interest to spur the sale of the last 17 units.

[JAM]

Wow, didn't know that was going on over there. I guess the HOA hasn't taken possession yet? If it was to foreclose, do the present owners have to move out - was that a risk/possibility?

[Downtown_Austin]

Originally Posted by JAM

Wow, didn't know that was going on over there. I guess the HOA hasn't taken possession yet? If it was to foreclose, do the present owners have to move out - was that a risk/possibility?

I'm an owner at Sabine, too. The building is better than ever. The residents have control of the HOA. It was never a possibility for the owners to have to move out.

[priller]

Signs are up. They started showing people units this weekend.