ACTIVE INVENTORY UPDATES

Benjamin Court:
13-Lot Single Family Long Plat (19715 75 th Ave NE, Kenmore) – If you’ve been following me for a little while, you’ve heard about this project in the past. I’m now extremely pleased to announce that the project is in contract to sell to Toll Brothers. Toll Brothers has removed their feasibility contingency and we are now awaiting the land use approval from the city of Kenmore. An interesting mention here is that Toll Brothers wanted to reduce the price by $260,000 for dirt import needs of 13,000cu. Yds. After talking with a few site excavation companies, we found that there is a lot of dirt out there to be had for nearly free! Needless to say, I am now in the dirt business and will be stock piling the dirt on site for Toll Brothers so that I can save my $260,000!

Elizabeth Court:
8-lot Single Family Plat located at 6450 NE 202 nd Street, Kenmore – We have now received our land use approval also known as preliminary plat approval! The slow real estate market over the winter has somewhat stymied our marketing efforts, but since the end of March the market is now picking back up and we are working with two potential buyers to get this sold. The final engineering is currently in process, and we plan to begin demolishing the existing structures in the next 2-weeks.

The Village at Whiskey Ridge:
51-Lot Townhouse Plat located at 3516 87th Ave NE, Marysville – Over the winter we closed on the purchase of this project and submitted the plat application in to the city of Marysville.  The project will eventually have finished townhomes from $380,000 to $420,000.  As of late November 2019 we are delighted to report that we received our preliminary plat approval from the city.  We have secured a buyer for the project and look forward to wrapping it up in the next few months.  

Cooper 112th :
Townhouse or Apartment Development located at 17xx 112 th St SE in Everett – With feasibility in progress this is proving to be one of the most challenging studies I’ve been through. The property has a drainage ditch that has been plugged up over time causing water to spill throughout the site. My crew has been on site with the new excavator working to clean out the ditch and restore a natural flow to the drainage. The reason to do this is that there have been neighboring developments stating the property is a wetland when in fact it does not exhibit hydric soils. This is a great case study in understanding what real wetlands are all about. More to come.

Lockwood Terrace:
5-Lot Single Family Plat located at 200xx 61 st Place NE, Kenmore – At long last we have moved out of feasibility and closed on the purchase of this project. As you may have read in a previous update, the property is going to be accessed by an older undeveloped right-of-way, which does not meet the width requirement for current road standards. The city finally agreed that with some safety precautions they would support us in applying for a variance from the road standard so that we can access the property. Tuttle Engineering is now working on finishing up the preliminary engineering and we hope to submit the land use application within the next two months

Tulalip Manufactured Home Relocation
located at 9920 Marine Dr, Tulalip – A previously mentioned property above called the Village at Whiskey Ridge included a triple-wide manufactured home on the property when we purchased it. As such we decided to monetize the home by buying a vacant lot in Tulalip from one of our private investors and move the home to the new lot. The new lot is now having the driveway, well, and septic system installed. The relocation should be finished in August and we plan to add the finished project to out rental portfolio.

Single Family New Construction
located at 3347 NE 202 nd Street, Lake Forest Park – I’m happy to report that this home closed in January of this year! With a selling price of $789,000 for a 2,507 square foot home, we are very pleased with the results. I will note that we put the property on the market in September of 2018 right when the single-family market decided to take a major cool off. Luckily with a seasoned agent and a great quality project we still got the sale closed at a price that worked for the budget.