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Published August 2006

Real Estate Briefs

Edmonds School Board sells
11-acre property

The Edmonds School Board recently authorized the district to sell the former Woodway Elementary School property to the city of Edmonds and Burnstead Construction Co. The district is selling and leasing pieces of its surplus land, including the former Woodway site, to help pay for school construction projects.

The 11-acre property, located at 23700 104th Ave. W., will be split in half.

Roughly 5.5 acres will go to the city of Edmonds for a park, and Burnstead will develop the rest into single-family homes.

The district expects to collect $7.7 million from the sale.

County’s housing inventory up;
prices rise 16 percent

While Snohomish County’s housing market continued to slow down, pushing up inventory, prices remained near record levels in June, the Northwest Multiple Listing Service reported.

The combined median price for single-family homes and condominiums was $328,600 in June, up 16.28 percent from year-ago prices, the listing service reported. Median means half the homes sold for more and half sold for less.

For single-family homes alone, the median price was $349,825 in June, up 17 percent from the previous year. For condos, it was $211,900, up 14.55 percent from June 2005.

Prices in June were higher than in May, when the combined median for local home sales was $323,950.

While prices rose, the rise in inventory and declines in other figures showed that the county’s housing market is definitely slowing, though its far from the bursting bubble seen in many parts of the country.

Closed sales dipped slightly from 2005 levels, down only about 4 percent, while pending sales — sales that began in June, but weren’t completed — dropped 11.86 percent.

While the sales numbers are dropping, they’re still at high levels, and analysts suggest that the county’s population and job gains will keep sales and prices from plummeting unless there is a major increase in interest rates.

John L. Scott recognized
for high productivity

Following John L. Scott Real Estate’s most successful year in its 75-year history, the Pacific Northwest-based company recently was ranked the seventh most productive independent real estate company in the nation by two national real estate surveys: REAL Trends and REALTOR Magazine.

In 2005, John L. Scott reported its most successful year yet, closing over 61,000 transactions for more than $17 billion in sales volume.

Jeld-Wen eyes waterfront
for mixed-use development

A door-making company that closed its own doors on the Everett waterfront last year is now proposing to remake itself into a swanky development of condominiums and commercial space.

Eagle Crest Inc. has filed a request for the city of Everett to rezone the 53-acre Jeld-Wen factory site on the city’s waterfront, along with another 36 acres owned by the Port of Everett.

The site is just north of the Port of Everett’s new North Marina project, a $300 million redevelopment with partner Maritime Trust that would have shops, restaurants, offices and 660 condos on 65 acres along the city waterfront.

Eagle Crest, which is the real-estate development division of Jeld-Wen, has only a “very, very generalized view of what we might do” with its property and the port land to the north, said executive vice president Stuart Woolley.

But in general, he said, Eagle Crest envisions something that has similarities to the port’s North Marina project.

Eagle Crest’s proposal to the city suggests a small public park on the waterfront near a 4-acre woodland, a series of pedestrian trails that would link up with a trail and bike path going around the city’s north peninsula, groups of townhomes and apartment-style condominiums and light commercial development.

Woolley said his company’s project is at such an early stage that “we’re not in any position to even project” when construction could start.

New office development
under way at Canyon Park

TIAA-CREF, one of the world’s largest retirement services firms and the owner of Canyon Park Business Center, is moving ahead to develop the Woodlands Technology Campus just off the Bothell-Everett Highway in Bothell. The first four-story building, with 85,000 square feet of first-class office space, is under way.

Scott Davis, a vice president with CB Richard Ellis, said the building is being built without any tenants signed, but the developer is confident there’s a market for the office space.

After the first building is completed in early 2007, up to three other office buildings — for a total of nearly 707,000 square feet — and a parking structure could be built at the site on either side of 214th Street SE. Plans call for keeping a wooded area that separates the property from the Bothell-Everett Highway.

In addition to the Woodlands Technology development, CarrAmerica, a major owner of property around Canyon Park, is planning two new office buildings, and Amgen plans to add space to its existing facilities there, said Roger Belanich, Canyon Park’s main developer.

Developers’ emphasis on building office space at Canyon Park, instead of more flex space, makes sense, Belanich said. The city of Bothell recently increased building height limits in the area to 100 feet, and commercial land there has gained considerable value. Those factors have made the idea of building more flex space, which usually commands much lower rental rates, “economically obsolete” for Canyon Park, Belanich said.

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© 2006 The Daily Herald Co., Everett, WA