WONMORE IN BANKRUPT ENDEAVOUR 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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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 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. It will be interesting to see how this thing plays out.
So you will not start unnecessary rumors..the remaining 44 units dues had not been paid by the Trustee or Bank. The offer to pay forward the HOA dues if resident is current in ’09, was originally done for reasons of besting the bid in favor of Wonmore over the other two bidders. It was also an effort to heal the wounds there for the residents who have gone thru a lot since post hurricane Ike & bankruptcy. Wonmore has to pay for its purchased units and hopes to lower the overall cost per sq ft.
Millions more have to be invested for repairs, pay also 2 years delinquent taxes so the $9.5 is just a start. Endeavour is a one of kind property that will soon be restored to its original grandeur and the remaining units will be sold more quickly than you can imagine. There is nothing else like it in the Bay area.