HILLCREST "BRIDGEVIEW" CONDO COMPLEX IN FORECLOSURE

Hillcrest -- The large Bridgeview condo complex at the north end of the Georgia Street Bridge (at 3907 Georgia St.) in Hillcrest is in foreclosure. It owes $1.7 million.
It's owners - the Georgia-Crestview Villas, LLC - has defaulted and owes $1,708,278.10 to the LCGI Mortage Fund LLC of Concord, CA as of September 15, 2008; according to a filing with the County Recorder.
The 28-unit complex is a condo-conversion, having been all apartments before. it has a large pool, a game room with a pool table and a storage room.
Signs of the owners' financial problems surfaced a couple months ago when all work on the conversions - that had been proceeding 6-days a week - suddenly stopped, abruptly. That was a sign the owners might be in financial trouble, which now proves to be true. At least four apartments reportedly still have not been converted to condos.
About one-third of the condos reportedly remain unsold, and there have been very few potential buyers looking at the condos recently.
Several of the condos are being rented, and their future remains uncertain. A new state law requires a minimum of a 60-day notice to renters in cases of foreclosures.
The Postal Service attempted to deliver formal notices of the foreclosure by certified mail to 12 of the 28 condos today (10/18).
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Copyright 2008 by Leo E. Laurence of San Diego News Service, leopowerhere@msn.com (619) 757-4909