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…
Tag: townhomes
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…
Construction Defaults Over 10%, Tacoma Condos Empty
A few more articles from this week about how dramatically the local real estate market has slowed. Puget Sound Business Journal: Construction defaults rise in Seattle area The latest data on local new-home sales and construction-loan delinquencies illustrate the market forces underlying the growth in mechanics’ lien filings. Delinquencies of single-family construction loans in the…
Has Greed Ruined Seattle’s Livability?
I received the following in an email from a reader: About the condo—comment article… the real issue is not the really cheap/ugly/tasteless and likely unlivable condos (apartments). Nor is it the equally horrible “townhouses.” It is about greed and lack of public (government) oversight and control. The developers wanted the money, the government wanted the…
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…