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Patagonia Village: Post-Peak Condo Conversion in Woodinville
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The Tim
Bubble Blogging Buffoon
Joined: Sat Feb 17, 2007 6:02 pm
Posts: 790
Location: Kenmore, WA
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 Patagonia Village: Post-Peak Condo Conversion in Woodinville I drove by the apartment I used to live in over in Woodinville earlier this week ( Washington Square Apartments), and there was a giant sign at the entrance, proudly announcing townhomes and condos for sale in " Patagonia Village," a "new gated-entry, 49-home condominium community." I hadn't been by there in years, and was somewhat surprised to see that it had gone condo, so I shot the former owner an email to find out when that happened. His reply: Quote: We sold it in late 2007 to the last condo converter in existence. Wow. Late 2007. So, months after the peak was clearly in here in the Seattle area, some condo converter was still giddily swigging the Kool-Aid. A brief scan over the King County records for the complex indicates that around 7 of the 49 units have sold so far. Here are a few of their current listings on Redfin: - Unit 23, 876 sqft 2 bed 1.5 bath, $255k, 202 days on market.
- Unit 31, 876 sqft 2 bed 1.5 bath, $255k, 221 days on market.
- Unit 27, 981 sqft 2 bed 1.5 bath, $279k, 235 days on market.
- Unit 35, 699 sqft 1 bed 0.75 bath, $221k, 302 days on market.
Unit 27 is most similar to the one we used to live in. We paid $850 a month in rent (month-to-month in 2004), and about $50 a month for utilities. If you paid asking price for that same unit today with a 5% 30-year mortgage and 20% down ($56k) your total monthly bill would be around $2,000 (after HOA, taxes, tax savings, etc.). I'm pretty certain rents haven't gone up that much in Woodinville. A cursory search of rent.com shows similarly-sized apartments in the area with current asking rents of ~$1,100. Should be an interesting one to watch as sort of an experiment of what happens with a condo conversion started so incredibly late in the cycle. 
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| Fri Dec 19, 2008 5:48 pm |
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The Tim
Bubble Blogging Buffoon
Joined: Sat Feb 17, 2007 6:02 pm
Posts: 790
Location: Kenmore, WA
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville Interesting. While 3 of the 4 listings I mentioned above are still on the MLS, they're also now advertising units for rent on Craigslist: $850 / 1br - Patagonia Village - 1st Month Free! $500 moves you in! (Woodinville) $1040 / 2br - Patagonia Village - 1st Month Free! $500 moves you in! (Woodinville) Gee, tough choice. Buy, locking myself into monthly costs around $2,000, or rent for $1,040...
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| Thu Jan 29, 2009 9:48 am |
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Hugh Dominic
Bubble Watcher
Joined: Wed Jan 28, 2009 6:14 am
Posts: 12
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville Thanks Tim.
I am seeing a ton of this in the North Seattle neighborhoods I am watching. At least 1/2 dozen houses in my price range that that were listed on MLS for 100-200 days (or more) are now on Craigslist.
I know immediatly because the photos from Redfin are the same! And yes, the mortgage/rent ratio is still way out of line....
So, does this lead to lower rents as more places go on the market, or is that extra inventory soaked up by all of the potential buyers who are on the sideline? Time will tell...
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| Thu Jan 29, 2009 10:07 am |
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mike2
Bubble Bloviator
Joined: Fri Apr 20, 2007 11:01 am
Posts: 318
Location: Not Seattle Anymore
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville The condo conversion immediately to the north on 181st is a real mess. It converted in 2006 and there are some units for sale now for 30% less than the purchase price. Looking at the KC records, a handful of the troubled units were bought by the same investor. One of the redfin listings mentions that the HOA is in a lawsuit with the developer.
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| Tue Mar 03, 2009 11:50 am |
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The Tim
Bubble Blogging Buffoon
Joined: Sat Feb 17, 2007 6:02 pm
Posts: 790
Location: Kenmore, WA
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville mike2 wrote: The condo conversion immediately to the north on 181st is a real mess. It converted in 2006 and there are some units for sale now for 30% less than the purchase price. Looking at the KC records, a handful of the troubled units were bought by the same investor. One of the redfin listings mentions that the HOA is in a lawsuit with the developer. Are you talking about "Timber Ridge Condominium Homes" (formerly Edgewood Apartments)? Funny thing, I lived in those for a while, too (pre-conversion). Update:Whoa. I just looked a little more at that place. Back when it first went condo, 2-bed, 1-bath units like the one my roommates and I lived in were selling for $200k. Check out unit Q-101. Sold September 2006 for $200,900. Foreclosed on in September 2008. Listed on the market October 2008. Here's the asking price history: Oct 16, 2008 Listed $179,900 Oct 28, 2008 Price Changed $174,900 Nov 16, 2008 Price Changed $169,900 Dec 01, 2008 Price Changed $165,000 Dec 16, 2008 Price Changed $154,900 Jan 05, 2009 Price Changed $144,900 Jan 20, 2009 Price Changed $129,900 Feb 03, 2009 Price Changed $114,900 Feb 18, 2009 Price Changed $105,000 48% off, and still no bites. Ouch!
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| Tue Mar 03, 2009 11:58 am |
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mike2
Bubble Bloviator
Joined: Fri Apr 20, 2007 11:01 am
Posts: 318
Location: Not Seattle Anymore
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville Yes, that's the one.
Sadly, I dated someone back in 2006 that was in the process of purchasing one of the 1-bedroom (466 sq/ft) units when we met. It was priced around $140K.
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| Tue Mar 03, 2009 12:17 pm |
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The Tim
Bubble Blogging Buffoon
Joined: Sat Feb 17, 2007 6:02 pm
Posts: 790
Location: Kenmore, WA
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Re: Patagonia Village: Post-Peak Condo Conversion in Woodinville Update:
The four Patagonia units listed above are all still on the market, each with piddly little price drops of less than $20k. Seven additional units have since been put on the market as well, bringing the total active on the MLS to 11: Units #12, 17, 23, 27, 31, 32, 35, 36, 41, 51, 66.
Meanwhile, the county records don't seem to show any more as having sold than when I created this thread in December
Also, the Timber Ridge unit mentioned above eventually sold for $90,000 -> over 55% off the 2006 sale price. Ouch.
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| Wed May 06, 2009 10:25 am |
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