The 43-acre development property formerly known as The Villages at Ocean Shores has been sold to a newly formed Bellevue-based corporation for $1.6 million.
Grays Harbor County records show the land, located adjacent to the Oyehut Wildlife Refuge at the southern end of the Ocean Shores peninsula, and the property, including one building of new, vacant condominiums was sold Dec. 31 to a company known as Ocean Shores Villages LLC.
The registered agent is listed as Jeffery Foushee of Bellevue, and the company filed papers with the Secretary of State’s office on Dec. 12. Others listed in the company’s governing structure are Loch Anderson of Bellevue and Anastasiou Development LLC of Clyde Hill, headed by Stavros and Colleen Anastasiou.
Foushee heads Foushee & Associates Co., a private company established in 1977 and categorized under Commercial and Office Building Contractors.
The property had been tied up in financial and legal trouble after plans to build a much larger gated condo project fizzled.
In June, a Montana judge issued an injunction stopping First Interstate Bank’s scheduled foreclosure sale of the property after the Montana bank claimed the previous ownership failed to make payments on loans.
The Villages had been promoted by real estate developer Paul S. Pariser as a seaside gated community with plans for 15 buildings with 36 condo units in each building. Pariser held an open house in 2008, but the project was launched just as the recession was hitting the vacation home market in Ocean Shores. Condos were listed in excess of $200,000, and amenities were to have included a clubhouse with indoor/outdoor pool, walking paths and retail services.
One condo building has been completed behind the gates at 135 Marine View Drive SW, but only four condo units were sold after the lender provided about $8.9 million for buildings and infrastructure improvements.
The Grays Harbor County Assessor’s office lists the value of the existing condo building in the sale at $220,000 and the land at $24,830, and the entire 43.14 acres is appraised for more than $3.3 million.
Tom Quigg, owner and designated broker at Windermere Real Estate/Grays Harbor, was the broker who handled the sale and said there were four competitive buyers for the property once it was put on the market by the bank.
The principle interest came from Stavros Anastasiou who plans to seek some changes to the concept and begin to market the existing condo units, Quigg said. The new owners hope to modify some of the restrictions that would have required a certain percentage of ownership be 55 years old or older, and they might also reconsider the gated nature of the facilities, he said.
“It was designed to build all these pretty generic condominium units there,” Quigg said.
“(Anastasiou) feels that you really need to mix that use up a little bit to make it more beach-friendly and community-friendly so it has more appeal to people who want to vacation at the beach.”
In addition to the bid timing when the condos first went up for sale, Quigg noted the nature of the project “didn’t appeal to the buyers that typically buy property at the beach.”
“It’s premature to say what the new owners will actually be doing, but I can tell you that they would want to make it more of a mixed-use area down there,” Quigg said. That likely will mean going to the city of Ocean Shores and asking for some zoning and permit changes.
Quigg wasn’t too surprised there was so much interest in the property because he said the bank was fairly aggressive in its pricing.
“They made it known up front that they wanted to sell and did not want to continue to own it,” Quigg said. “I think that got people sensing it was a good opportunity and they ought to take it seriously.”
The new owner plans to come down this Friday and again on Monday, and Quigg said they plan to move fairly quickly to get the existing units back on the market.
Quigg noted that the existing units will take some updating and improvements but should be on the market fairly soon.
“An advantage they have is that the major utilities are in. All the trunk lines for the sewer, the water, the power and the cable are all on site,” Quigg said. “They hope to add some value to the existing units and make them more marketable for today’s customer.”