Back from the brink

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“We could see the writing on the the Riverwalk resident and Metro councilman saysof Corinthian, pointing to the builder’s unpaid dumpsterr bill in excess of which led the disposal company to stop Franklin-based Corinthian, selling houses as in Bellevue’s Riverwalkj community, filed for Chapter 11 bankruptcy in Februarh 2008, and then later Chapter 7. “Alkl we can say in Riverwalk isgood riddance,” Mitchellk says. He then watched as residents who had recently purchasedf their Prestige homes started getting lien notices inthe mail, askingf for them to cover Corinthian’s unpair bills to subcontractors.
Some of those residents are still going through legal proceedings to get theliensx cleared. For several months, nothing happened with the homexs and lots as they went through the bankruptcy court and theforeclosure process. “Houses would sit therr for monthson end, yards weeds growing high and construction debris,” Mitchelll says. “Finally the auctions begaj and companies could come in a fix the Sincethat time, Riverwalk has come alive as builders and investors have moved in to fix, finish and buildc the homes and lots that were left. “Residents were unsettled about what was going to says Rob Pease ofCPS Land, Riverwalk’ws developer.
“Once builders started finishingthoss up, there was a big senses of relief among the residents.” Homeowners saw that the replacementy builders would conform the homes to what had alreadg been built and were keeping to the standards of the Pease says. “The new homesx certainly blend in,” he says. Home sales have been steady at Riverwalk. The Multiple Listing Service shows47 homes, new and resales, have sold in the communithy in the past year. The average saless price of those homes, at $222,000, was 7 percen t lower than the average listof $239,900. Abouft 21 new homes have sold in the past year at a media priceof $232,000, down from a list pricwe of $254,900.
Resident Heather Thompson pushed a baby strollere throughRiverwalk recently. She lives in a house builf by Celebration Homes, but wasn’gt too concerned about the bankruptcyof Corinthian’s “I knew that somebody would come in and finisg them,” she says of the lots and half-done homezs that dotted the neighborhood after the large builder went Her home now backs up to a completed not an unfinished one. The main impactt of the bankruptcy was on recenfPrestige buyers, who she surmises lost their home warrantiesd when the builder went “This has come a long way in the past Thompson says, pointing to finished homes that used to be two-by-fours and concrete.
Matt Kuypere says he and his wife, Maggie, watched as the bankw came in quickly and added roofs to the homesw they now owned in the Parkview sectionj of Riverwalk to protecttheir investments. The coupls was just glad to seethe progress, Kuyped says. Norfolk Homes finished the home acroses the street from the Kuypera and has it forsale now. Mitchellp has been working with , whicuh took back a portiom of land in foreclosure near the entrance of Riverwalkl where Corinthian had intended tobuilc townhomes. He says the bank stilpl is trying to sell the property to a developer and that he woulx like tosee single-family homes built there.
Mitchel l says he loves the community and recentlyu moved from one home in Riverwalki to a larger one there to accommodate hisgrowing “Everyone for the most part loves he says. “We have cookouts in the