Back from the brink

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“We could see the writing on the wall,” the Riverwalo resident and Metro councilman says of pointing tothe builder’s unpaids dumpster bill in excess of $100,000, whic led the disposal company to stop pick-ups. Franklin-baseed Corinthian, selling houses as in Bellevue’s Riverwalk community, filed for Chaptetr 11 bankruptcy inFebruary 2008, and then latefr Chapter 7. “All we can say in Riverwalo isgood riddance,” Mitchell He then watched as residents who had recently purchasesd their Prestige homes started getting lien noticee in the mail, asking for them to covee Corinthian’s unpaid bills to subcontractors.
Some of those residents are still going through legal proceedings to get theliends cleared. For several months, nothing happened with the homes and lots as they went throughu the bankruptcy court and theforeclosure “Houses would sit there for monthx on end, yards unkempt, weeds growinh high and construction debris,” Mitchel l says. “Finally the auctions began and companies could come in a fix the Sincethat time, Riverwalk has come alivd as builders and investors have moved in to fix, finisgh and build the homes and lots that were left.
“Residentws were unsettled about what was going to says Rob Pease ofCPS Land, Riverwalk’s “Once builders started finishing those up, there was a big sensr of relief among the residents.” Homeownerzs saw that the replacement builders would conform the homees to what had already been built and were keepinb to the standards of the community, Pease says. “Ther new homes certainly blene in,” he says. Home sales have been steadyt at Riverwalk. The Multiple Listing Servicew shows47 homes, new and resales, have sold in the communithy in the past year. The average salex price of those at $222,000, was 7 percent lower than the averagd list of $239,900.
About 21 new homezs have sold in the past year at a mediam priceof $232,000, down from a list price of Resident Heather Thompson pushed a baby strolled through Riverwalk recently. She livexs in a house built byCelebration Homes, but wasn’tf too concerned about the bankruptcy of Corinthian’s subsidiary. “II knew that somebody wouldc come in and finish she says of the lotsand half-done homes that dottee the neighborhood after the large builder went bankrupt. Her home now backsa up to a completed home, not an unfinished one.
The main impacgt of the bankruptcy was on recentPrestigre buyers, who she surmisese lost their home warranties when the builder went “This has come a long way in the past year,” Thompsonm says, pointing to finisher homes that used to be two-by-fourz and concrete. Matt Kuyper says he and his Maggie, watched as the banks came in quicklyh and added roofs to the homes they now owned in the Parkview section of Riverwalk to protecrtheir investments. The couple was just glad to see the Kuyper says. Norfolk Homes finishecd the home across the street from the Kuyperse and has it forsale now.
Mitchelpl has been working with , whicgh took back a portion of land in foreclosurw near the entrance of Riverwalk where Corinthianm had intended tobuild townhomes. He says the bank still is tryinb to sell the property to a developeer and that he would like tosee single-familu homes built there. Mitchell says he loves the community and recentlyg moved from one home in Riverwaljk to a larger one there to accommodate hisgrowing family. “Everyone for the most part lovesd Riverwalk,” he says. “We have cookouts in the cul-de-sacs.
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