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Commercial properties in foreclosure

Post by Marcelene Edwards on April 13, 2007 at 12:44 pm with No Comments »
April 13, 2007 12:44 pm

The Eagles Aerie #3 – the downtown Tacoma building that was torn down last week after partially collapsing – is in foreclosure.

The owners of the building, listed as Tacoma real estate executive Eric Cederstrand and his father, owe taxes for the last three years to Pierce County.

The county is scheduled to begin the formal proceedings in June in court. The property’s owner has until then to pay the oldest year’s taxes to avoid legal action, said Billie O’Brien, administrative manager for the Pierce County Assessor-Treasurer. Cederstrand could not be reached this week.

But unpaid property taxes on commercial buildings isn’t uncommon. Property owners sometimes don’t pay taxes until the last minute.

The Assessor-Treasurer’s office has not gone to foreclosure sale with a commercial property in at least the last three years, O’Brien said

O’Brien says: “Once we have gone to court, all taxes and foreclosure costs must be paid on the property to remove it from foreclosure. Taxpayer’s, and those with a recorded interest in the property, have until close of business on the last business day prior to the auction to redeem the property.”

Downtown Tacoma
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