Drive by sign of the times

Hwy 2 pic

Everyday for well over a year I drive by this development hovering over Hwy 2 as you head eastbound to Lake Stevens or Snohomish.   I noticed this one lonely house (with paint all over it) with a tree surrounded by vacant lots.  Late this afternoon on my way home from the office in Everett I decided to drive by (pics below).  I had no idea what was painted on this house until I drove right next to it.   While a few may find humor in this, I do not.  Sign of the times.

This morning I attended the Snohomish Co. foreclosure auction at the county courthouse and spoke with Kathy, an older woman who is a seasoned investor of these auctions.   She indicated to me that about 90% of the sales are going back to the lender and will come back on the market as REO at a future date.   I left at 11:30 am and I only witnessed one home (of scores on the dockets) being sold.  All the other sales up to that point were delayed, postponed or went back to the Beneficiary (lender) if the bid start price was too high for any investor to bid on—generally the bank buys it back for what is owed on the first mortgage.

I think purchasing an REO (bank owned) property could be more appealing to a buyer looking to get a good buy vs. a foreclosure.  There are a lot of risks in buying a foreclosure.  For example, it is rare to be able to inspect the interior.  The home could also be trashed by the owner just hours or days prior to the sale.

hwy2 pic closer

neighbor

hwy 2 house

Hwy 2 collage

model home

On the gable over the windows is writing that says, “Model Home.”   You can barely see it.

0.00 avg. rating (0% score) - 0 votes

About S-Crow

"S-Crow" (Tim Kane) is co-owner (with spouse Lynlee, LPO-Designated escrow Officer) of Legacy Escrow Service, Inc., an authentic independent escrow firm closing residential purchase/sale and refinance transactions.

14 comments:

  1. 1
    The Tim says:

    Crazy stuff. So are you going to add this place to the stalled development map?

  2. 2
    Geeksplosion says:

    I drive by this every day as well. But you said there was “one lonely house” when there are clearly three….
    But I find this a clear case of ‘you reap what you sow’. They raped the landscape to turn a quick buck and got stomped on by the economy. Bummer….maybe if they had just sold the lots as needed there might actually be a tree left on this hillside. I wonder how long before the whole hill slides down onto the highway?

  3. 3
    Softwarengineer says:

    MOWED DOWN TREES

    During earthquakes the best thing you have on a sloped lot like this development picture is lots of older evergreen trees with big root systems….its the best thing there is for preventing foundation slippage and cement seal cracking. Trees also prevent mud slides, that’s why they plant them after putting in new freeways; but they’re fairly useless until they’ve grown a few decades.

  4. 4
    Softwarengineer says:

    A GOOD USE FOR THE 95% OF THE $787B STIMULUS MONEY WE STILL HAVEN’T USED YET?

    The empty field in the picture reminded me of bull dozing. Perhaps its time to bulldoze excess houses and replant trees again. Call me a tree hugger, but it makes great economic sense now and would put many Americans to work creating new greenbelts for the next generation. It makes far more sense than trying to bail out the excess loans/houses that no one can buy with no jobs and the government can’t afford to back.

    See the proof:

    http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html

  5. 5
    S-Crow says:

    Not sure how many lots are here, probably around 40 or so. They are starting to build on the very top but you cannot see the homes in the pictures.

  6. 6
    mukoh says:

    RE: S-Crow @ 5 – S, the development is by Huber, and he has it free and clear, it has been a boundary line adjustment division not a typical plat. From what I know at least they are not a failure as they are just building at the pace they can sell at.

  7. 7
    Kary L. Krismer says:

    RE: mukoh @ 6 – I never did that sort of legal work, but that’s not fitting with what I know. You can’t create more lots with a boundary adjustment–you can only adjust the boundary between two or more existing lots. And if it’s 40 lots, I don’t think there is any option other than a normal plat.

  8. 8
    waitingforseattletocool says:

    Ahh, just what I have always dreamed of … a clear cut lot with a view of a highway and road noise!

    Can’t wait to get home.

  9. 9
    mukoh says:

    Kary, Huber had legal action against SnoCo and got the whole thing done as BLAs, it was not hugely publicized. It is unorthodox to take open space parcels BLA them with vacant land parcels in such a wild mix. A land use attorney involved is also my land use attorney.

  10. 10
    deejayoh says:

    That house looks to be vintage sixties. if the development is stalled, it looks to have been stalled a while!

  11. 11

    Great point on most buyers looking at bank-owned vs. foreclosures auctions. There are far too many hurdles/traps for an inexperience buyer to jump into the auction process.

  12. 12
    Nobody Special says:

    OMG, it’s the Bluth house from Arrested Development!

  13. 13
    David Losh says:

    RE: mukoh @ 9RE: mukoh @ 6

    What? Do you mean they are carving out lots as they build?

  14. 14
    Mike2 says:

    The place looks occupied based on the open window with the box fan. I doubt the HOA board has been established yet, so I’d assume the current owners/residents have every right to decorate the place as they please.

    This doesn’t look like vandalism so much as a bunch of young kids doing whatever they want with the property.

Leave a Reply

Use your email address to sign up with Gravatar for a custom avatar.
Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Please read the rules before posting a comment.