Horizon View Holdings, Inc.
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May 1, 2019
Seems like it’s been a long cold winter, did anyone enjoy “snow-magedon”? We did some cross-country skiing, built a snowman, and drank lots of hot chocolate ?. Many business owners told me it was one of the slowest months they’ve had. On that note we all saw the real estate market take a turn late last year. I had a single-family new build that we brought to market in October and didn’t have much fun performing many additional requests to make the buyer happy. Considering we closed in January, I was thankful to get the project sold. I know many others that didn’t fare so well. That said, the market has picked back up albeit a little slower than we’ve been used to in years past.
As I mentioned in my last News Letter we rebranded the company name to Horizon View Holdings, Inc. On top of that we have moved our offices to Mountlake Terrace this week. If that wasn’t enough, the company also purchased a Bobcat mini-excavator and loader for the upcoming site work we have planned. The machinery will be available to rent with my operator should anyone have a need, so feel free to give me a call. As I have the only truck big enough to haul the equipment it’s been my responsibility to transport the equipment. After dropping off the excavator at Benjamin Court in Kenmore for some planned demolition, I just couldn’t help myself from jumping in and demolishing the above out building, what a rush!!!
I hope you are all having prosperous success in your business and look forward to talking again soon. Oh yea, we also redesigned our website; take a look and let me know what you think.
Daniel Wick, President
Horizon View Holdings, Inc
ACTIVE INVENTORY UPDATES
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!
35-unit Apartment Development located at 304 NE 152 nd St, Shoreline – This project is located near the upcoming 145 th Street Light Rail Station planned to open in 2024. We have now closed on the purchase with thanks to one of our private investors. A concurrent land use and building application submittal was made just before thanksgiving last year and we have already submitted our first round of correction requests from the city. I would really enjoy building this project out and am considering a syndication for the build. With over $3.0 million in equity that will be created from the development, it’s a great opportunity. If this sounds like something you’d like to be a part of, please give me a call.
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 87 th 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. In fact, we have now submitted our first round of correction requests. Due to fire code, we were not able to realize one of the planned 8-unit buildings and had to reduce that building to 7-units losing one unit of density for the project. Nonetheless, it’s a great property and we’re now actively marketing the project to builders for $33,000/lot.
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.
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.
Assemblage in Shoreline – Here’s a massive project in the pipeline. This project entails assembling 20-50 parcels near one of the light rail stations in Shoreline. We are working with a neighborhood group to assemble a project that could be large enough to handle a 12-20 story building! I’ll certainly keep everyone posted on this as it will require a complex debt stack.
Church Property in Mountlake Terrace – We are just beginning the process to acquire some excess land from a church. The project can potentially hold up to 20 townhouse lots. Look for more information in a following News Letter.
Please be on the Lookout for our Upcoming Open House – As we’ve now landed in our new offices, we’re looking forward to holding an open house within the next couple of months. I hope to see you there…
If you’re looking to sell your house or land in the Puget Sound area, would like to discuss available Investment Opportunities or inquire about our current projects.
(206) 551 – 0499