The sale of 44 unsold condos in high-flying developer Robin Parsley’s bankrupt Endeavour highrise on Clear Lake in Pasadena was approved by a court last week. “The winning bidder was a partnership named Wonmore Ltd. The group agreed to pay $9.5 million plus past-due taxes and interest, according to Houston attorney Walter Cicack, who represented Wonmore. The group also said it would pay normally budgeted homeowner assessments for 2010 for any condo owner current on their assessments for 2009. . . . The 30-story Endeavour, at 4821 NASA Parkway, had been in legal limbo since earlier this year when its developer filed for Chapter 11 bankruptcy protection the day before the building was scheduled to be sold in a foreclosure auction. Regions Bank was listed as a creditor in the bankruptcy with a claim of $20.8 million.” [Houston Chronicle]
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Comment of the Day: Endeavour Rescue Plan
“Original asking prices for the 80 unit tower ranged from $425k to $2.5 million. After all the hype about sales, it looks like the developer was only able to sell 36 units. Now Regions has unloaded 44 units for an average price of $216k plus back taxes and interest. OUCH! And what can we read between the lines of this comment? ‘The group also said it would pay normally budgeted homeowner assessments for 2010 for any condo owner current on their assessments for 2009.’ It sounds to me like MANY of the 36 original buyers are behind on their maintenance fees. Wonmore is trying to incentivize them [to] get current by offering to pay all their fees for 2010??? That sounds like an awfully big incentive? Are they trying to solve an awfully big problem? When condo associations go broke, look out below. . . .” [Bernard, commenting on Wonmore in Bankrupt Endeavour]