Updates from real-estate and land-use land

| Development | West Seattle housing | West Seattle news

Been gathering these most of the week, as other news kept getting in the way … So, it’s the Saturday “better late than never” collection of real-estate and land-use notes:

ANOTHER APARTMENT BUILDING FOR SALE: 9020 35th (map), $2,025,000 (here’s the listing). Right next door to the scheduled teardowns-to-mixed-use at 9030 35th. We always make a point of reporting apartment-building listings, because they’re often a prelude to some sort of future change, such as what’s happened here:

CONDO-IZED AFTER ALL: We’ve been watching the building shown above, West Aires at 6001 California SW (map), ever since it was up for sale last year for $2 million-plus. King County property records show it’s stlll owned by the people who bought it for under $1 mil in 2006, but they’ve apparently taken a new spin – selling individual units. Over the months, we’ve received several e-mails inquiring about West Aires’ status; each time we checked the city records for any sign of a condo-conversion application, but found none. Guess those aren’t always needed (or at least not always posted online), because as tipster Greg pointed out (thanks!), the shingle’s up and units are for sale. “Fabulous 2 & 3 bedroom condos,” says this listing.

FROM LAND-USE LAND: The permits have been granted for the 6002 Admiral teardown and the townhouses (permits at 6002 and 6004); that’s on this site, at 60th/Admiral:

Not far away, 2771 59th SW (across from Alki Elementary) appears in the latest Land Use Information Bulletin; comments will be taken till 4/2 on that teardown proposal for 2 homes and one 3-unit townhouse. Comments are also open till 4/2 for early design review on 4145 Beach Drive and environs; we mentioned recently that it’s getting an “administrative” review, which means no hearing — this page explains why (the developer wants a “departure” — exception — from setback requirements). And the same LUIB finally presents official notice of the upcoming 4/10 Design Review Board public meetings for the Harbor Properties proposal at 38th/Alaska and the Conner Homes proposal at California/Alaska/42nd, both hearings already mentioned here (with more details on the develelopments) when they appeared on the city website more than a week ago.

PSPS March 23, 2008 (8:40 am)

Re, the West Aires:
These 870 SF “condominiums” are priced at $270,000 (or $309 per SF.) So, with $54,000 (20%) down and $55,000 in annual gross income (assuming no other debt at all,) you can qualify for this property built almost 50 years ago.

The trouble is that the real value of real estate can’t be determined by comps anymore because of the bubble effect of now-defunct Alt-A toxic mortgages. Using rental rates per square foot is a much more realistic indicator of market value, and this price would have to go down by at least 20% to meet that test. Otherwise, what will happen is that the poor schmuck who buys one of these now will see 20% of their equity “disappear” when the last ones are sold for $195,000.

MiniBeeLP March 23, 2008 (1:23 pm)

We lived at 6002 Admiral Way SW from 1993-1997. When we first moved in, the rent was a mere $495/month. When we left four and half years later, it was around $550/month. Those were the days! I’m sorry to hear its being torn down – it was a great place for newly married couple just starting out in life. Good memories…

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