Northshore Kenmore: Hilarious Website [now offline]

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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Tue Oct 28, 2008 10:36 am

In case anyone is interested, for my interview on the Canadian TV program the reporter and I were standing just outside these fine new (overpriced) townhomes.

The editing of the program amused me, where they have the reporter saying the following as they pan across the Northshore sign:
Even with all his knowledge Tim says he doesn't know what's in store for Seattle's housing markets, but he's pretty sure prices will continue to drop.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Wed Dec 17, 2008 4:39 pm

Construction appears to have been totally completed for months now at Northshore. I walked through the complex today and took note of which units looked in any way occupied (cars parked out front, lights on inside, curtains drawn or furniture visible through windows, etc.).

Of the 86 units, probably around 5-10 looked like they might not be empty. Best case scenario it looks like they're about 88% vacant at the moment, even though they've all but given up trying to sell and have put the units out as rentals.

Ouch.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Tue Jan 27, 2009 8:10 am

As of today, it appears that they have pulled all their units off the MLS. I don't know if they've totally given up on selling these and are just going 100% rental, or if they're just planning to re-list in a month so the listings appear "fresh."

And yes, I realize I'm apparently the only one here that cares about this. :?
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby Charles Dean » Tue Jan 27, 2009 8:38 am

Pretty common thing that I continue to see in new construction areas. I interviewed with an LA to see about doing some site agent work for her in a small condo complex listing. The units were nice enough, but the location was terrible. THey'd been listed off and on for the last 6 months, then they just recently decided to take them off again.

The thing is that they're conversions, which Fannie and Freddie decided they didn't like anymore last year. So if you're a conversion and you haven't been lucky enough to get FHA approval yet for the complex AND you're not at least 75% pre-sold already, then you have condos that are non-financeable. Which is exactly what these people have.

And I'm sure that's what they have in Kenmore as well. Aren't those conversions?
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Tue Jan 27, 2009 12:38 pm

Charles Dean wrote:The thing is that they're conversions, which Fannie and Freddie decided they didn't like anymore last year. So if you're a conversion and you haven't been lucky enough to get FHA approval yet for the complex AND you're not at least 75% pre-sold already, then you have condos that are non-financeable. Which is exactly what these people have.

And I'm sure that's what they have in Kenmore as well. Aren't those conversions?

This specific project is actually brand new construction. There are a couple of large conversion projects within about a half-mile radius of "downtown Kenmore." Coventry Place has sold about 82% of their 96 units, and Trail Walk has sold about 69% of their 180 units. The latter has recently been paying the delightful sign twirlers to stand on the corner of 78th and Bothell Way.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby tuxmelvin » Sun Feb 01, 2009 10:11 am

The Vermont condos down the street are conversions. Last I checked they had sold 3, and the sales office hasn't been open in a good half year. The sign out front still says "Sales Office Opening Fall 2008", and the place is completely dark at night as all the outdoor lighting has been turned off. Anyone know what happens at this point to the poor people who have bought here? I can't imagine these condos selling anywhere near the asking price.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby Markor » Sun Feb 01, 2009 5:26 pm

The Tim wrote:Also interesting, I was walking through there today and noticed a little sign in the window of the sales office that said:
Now Renting!
2 & 3 Bedrooms from $1,630 a month!!
Pre-Lease Your New Home Today!
-> Spacious Floorplans ranging from 1,325 sq ft - 1,668 sq ft

...
Good luck with that.

Yeah, people would rather live in a Kenmore townhouse for $1600 than a Bellevue house for $1600. Lots of landlords and sellers are trying to get lucky instead of take what the market will readily pay. To be expected I guess, since gambling caused this situation to begin with.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Thu May 28, 2009 8:50 pm

There are now no signs of any attempts to sell the units at Northshore Kenmore. Their sandwich board signs all have either "NOW LEASING" or just a strip of duct tape slapped over where it used to say "New townhomes starting from $279k" or something like that. Also, the former sales center now has a slot in the door that says "RENT DROP" above it.

Image

Image

Walking through at around 8:00 PM, I counted 21 units that appeared from the outside to be occupied (using a very generous standard of "appeared to be occupied"). So it looks like they're up to about 25% occupancy, 75% vacant. Ouch.
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby Lake Hills Renter » Fri May 29, 2009 6:40 am

The Tim wrote:or just a strip of duct tape slapped over where it


With that kind of class, I can't believe they didn't fly off the shelf!
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Fri May 29, 2009 7:13 am

Lake Hills Renter wrote:With that kind of class, I can't believe they didn't fly off the shelf!

Well, at least they used white duct tape (as can be seen in the lower photo above), instead of just hardware store silver :wink:

P.S. (I forgot to mention above, but their hilariously out-of-touch website also appears to be down again.)
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Re: Hilarious Website for New Construction Townhomes in Kenmore

Postby The Tim » Wed Jul 22, 2009 11:16 am

July 2009 Update

Sadly, the hilarious website for Northshore Townhomes has been taken offline permanently. I checked today and the domain was not even found. Sadly it was not archived by the Internet Wayback Machine or Google.

Incidentally, the NorthshoreKenmore.com domain name itself was actually completely released out into "the wild." So I picked it up, and have now redirected it to this thread for posterity.

The complex now has its own landing page on ForRent.com where they are offering a month and a half of free rent for signing a 12-month lease.

Long Live Northshore Kenmore.
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Re: Northshore Kenmore: Hilarious Website [now offline]

Postby The Tim » Fri Jul 24, 2009 3:07 pm

For posterity, here's a link to the feature I wrote for the blog: Northshore Townhomes: A Case Study in Bubble Mania Development

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 not begin in earnest until 2006, breaking ground in the midst of the real estate frenzy (condo prices were up over 24% year-over-year in November that year).

Now, Kenmore is nice, but it's not exactly near the top of most people's lists when they are thinking about where they want to live around Seattle. Is Kenmore really the best market in which to build 86 new townhomes priced $280,000 to $400,000, with a feature list that includes "the finest finishes throughout" and "chic cabanas with table, bar, and rollout lounges"?

Also, another Kenmore resident wrote an interesting post about Northshore Townhomes back in February that he brought to my attention in the comments: A place to live?

There's a townhome project that was built behind my apartment complex. It was built over the period of three years. The first year they drove pilings into the marshy soil. You could hear the pounding all day long as they drove those pilings into the soil. Then they built the above project. Looks appealing, no?

It is a townhome project, a supposedly "green" construction project, but the only green I see is in the freshly planted foliage and instant sod lawns. In twenty years, it will look like heck. Most management companies don't spend much money on lawn care and maintenance, they just cut the grass.
...
A place to raise a family? A cookie cutter family with 2.5 children, for a cookie cutter townhome. A playground designed by someone who has heard about families and communities, but has never experienced them.
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Re: Northshore Kenmore: Hilarious Website [now offline]

Postby The Tim » Mon Sep 14, 2009 7:22 pm

Northshore Townhomes

Now with 100% less sunny beach and 100% more balloons!

Added street corner sign-twirler bonus!

Image
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