A cover story in Friday’s Seattle Times depicted Danil Kasimov’s experience as a buyer at Bellevue Towers. As Kasimov’s move-in date at Bellevue Towers approached, he learned he would no longer be able to afford the home, leaving him out the $75,000 he borrowed from a friend for the earnest money – according to the Seattle Times.
The article states that Kasimov, as well as 5 other prospective buyers, filed lawsuit’s in King County Superior Court against Bellevue Towers and JP Morgan Chase Bank, alleging the lender falsified documents.
Nancy Bartley, the author of the article “$1.5M condo on $20K income? Prospective buyers lose $175K in Bellevue,” along with David Turim, the researcher for the Times, have been ridiculed by readers with over 520 comments (at the time of this post) for poor journalism and the lack of research.
The article states Kasimov is a “Limousine driver, earning little more than minimum wage.” The story goes on to portray Kasimov and the others as immigrants stating, “None whom are fluent in English.”
Hundreds of comments in the comments section have been quick to point out the many facts that have been overlooked in this case:
- Danil Kasimov is not just a driver, but owns the limo company – according the Secretary of State.
- Danil Kasimov owns 2 properties over $600,000 and has had many deeds of trust transfers in the last several years. Between all of the plaintiffs, there are a total of 19 deeds of trusts that have been signed with more than 10 transactions.
- The article states Davud Kasparov is not fluent in English, although he is a recent UW Engineering graduate.
- One commenter stated, “He was likely using ‘Stated income’ loans to finance his numerous deals.” This is a type of loan product that no longer exists in the current economic climate.
Patrick Clark, a Principal at Realty Trust City who represents selling the Bellevue Towers Condos, has posted a letter to the editor in the comments section stating how he is disappointed with the story and how it was “One-sided, fraught with errors, sensationalist, and irresponsible.” He goes on to finish by saying, “With reputations on the line, it is negligent to rush a story out without full reporting of knowledge of the facts.”
Other similar letters have been written to the editor within the comments section. Looks like The Seattle Times and its writers and researchers may have some explaining to do . With as much attention this story has gotten, it is likely that this is not the last we’ve heard.
Hopefully the Seattle Times will publish a followup story on this. They should if they have any journalistic integrity left.
Seattle Times may even have a lawsuit on their hands from Bellevue Towers if they don’t try to right this situation. It makes me think that the Seattle Times had something to gain from publishing this story (besides the obvious publicity.)
You should credit the people who did the digging on this story:
http://seattlebubble.com/blog/
Re: Anonymous above – We (Seattle Bubble) didn’t really do much original digging of our own. We just verified and compiled the information being brought to light by the commenters on the Times website.
Also, here’s the direct link to our “rebuttal” of the Times piece:
http://seattlebubble.com/blog/2009/02/23/15m-condo-on-20k-income-times-story-is-lopsided-full-of-holes/
Bellevue Towers – A “Shot in the Arm” for Bellevue
Last Thursday evening, Bellevue Towers hosted their Grand Opening celebration for current and future buyers – and what a celebration it was! Since the completion of many of the actual homes along with the gracious and impressive common areas, the buzz has been growing steadily louder about what an amazing project Bellevue Towers has become.
Despite the current economic environment, the positive comments and infective enthusiasm of the attendees was a welcome “shot in the arm” to counter much of the fear and negativity currently affecting so many of us and, in particular, potential condominium buyers. At least for the duration of last night’s event, one could feel the possibility of being able to live out a dream once again.
Although I’m not involved in the marketing of Bellevue Towers, I am in the process of representing several buyers at Bellevue Towers. After going through two walk-throughs and being blown over by the finished product, I made sure to invite several more buyers I am currently working with because I felt that Bellevue Towers would likely be a perfect match for them.
As for my current buyers, I have seen the transformation of their expectations, based on floor plans and written descriptions of what their new homes would be like, compared to their exhilaration and excitement when they actually saw their new living spaces and, of course, the common amenities (which exceed anything available in comparable new construction complexes anywhere in the area). Where else can you reserve an intimate dining room and kitchen completely equipped with almost everything necessary to prepare a meal for your guests (including pots, pans, utensils and many basic kitchen sundries) AND with an attached BBQ patio area for those sunny summer days to come? Or maybe bring your favorite DVD to the private movie theatre and invite friends for an impromptu “movie night”- complete with surround sound and a popcorn maker!
The various floor plans are carefully thought out with an excellent use of space and a variety of views and exposures. Even the placement of support columns has been done in a way that is much less intrusive than in other area high rises. My major concern was that the common areas may incur higher HOD’s in the future for their upkeep (or be voted out by the HOA) but after speaking with the representative of the management company, I was assured that this had been taken into account and that the current amenities would likely be secure for the foreseeable future at the same or similar cost p/sq. ft.
We in Bellevue are very fortunate to have a showpiece like Bellevue Towers to call our own and if the positive feelings that were apparent last Thursday evening are any indication, the best of the downtown Bellevue lifestyle and ambiance is yet to come! To find out more about the Eastside condominium market or have listings emailed to you as they become available, please contact me at annan@ekreg.com, visit my website at http://www.condomaximums.com or give me a call at (425) 466-1324.