Northshore Townhomes: A Case Study in Bubble Mania Development

Regular readers may recall past mentions on these pages of Northshore Townhomes, an 86-unit townhome complex in my north Kenmore neighborhood. The story of Northshore Townhomes is a classic tale of bubble mania. The 6-acre parcel was purchased in 2002 for $1 million by well-known local developer Mike Mastro (via an LLC), but development did […]

Spec Builder Spectacularly Miscalculated Market

KIRO radio ran a mildly interesting piece about a spec builder in my neighborhood with especially poor timing: Local spec homes sit empty, cheap. What started as a fun project turned into a nightmare for a builder in Kenmore. Ken Youch, with Kenmar Construction, is happy to give tours of any one of the million […]

Failed / Stalled Mixed-Use Developments Around the Sound

From today’s Olympian: Housing project in foreclosure Thurston Highlands, one of the largest proposed mixed-use developments in the state, has emerged as the biggest example of how the economic crisis has had a corrosive effect on development. Through its trustee, the project’s primary lender, Frontier Bank, has started foreclosure proceedings on the 1,250-acre property after […]

Massive Condo Oversupply on the North End

In keeping with the old cliché that “all real estate is local,” let’s take a moment to look at one local market: Kenmore townhomes and condos. I selected Kenmore because it happens to be where I live, so I am pretty familiar with the area and what projects have been built over the last couple […]

Anecdote: Bailing on Kenmore Townhomes (Too Late)

Okay, when I saw this this morning, I just had to mention it. There’s a little 8-unit townhome complex in my neighborhood (Kenmore) that I have mentioned on here a number of times in the past. Most recently, two of the eight units were up for sale. As of this morning, four of the eight […]

Anecdotes: Kenmore Condo Battle Heating Up

The condo battle in my neighborhood (Kenmore) seems to be heating up. In April I mentioned a nearby townhome in an 8-unit complex that went up for sale at $360,000, 20% higher than any unit in the complex has ever sold for in the past, and a mere $30k less than a unit just up […]