West Seattle real estate: Prices slashed for ex-substation sites in Highland Park, Pigeon Point

| Development | Highland Park | West Seattle news

Hot real-estate market? Bidding wars? Not necessarily, if the property in question is a former Seattle City Light substation.

(WSB photos, March 2016)

MAJOR PRICE REDUCTION is splashed across the cover of the just-revised brochure for the city-owned former substation that’s up for sale on Pigeon Point (2100 SW Andover). We found the flyer after spotting the price cut in a routine check of local commercial-real-estate listings. The 8,000-square-foot site was originally put up for sale almost four months ago for a “minimum bid of $400,000.” It’s zoned for lowrise housing.

And while we were checking on that one, we scrolled further down the latest West Seattle commercial-real-estate listings and found the same thing has happened to the ex-substation that’s for sale in south Highland Park (8820 9th SW) – revised flyer dated yesterday, also with the big red banner MAJOR PRICE REDUCTION.

This one also has been cut to $200,000 asking price – a more-drastic slash, since its asking price in March was $500,000 – and it’s even bigger: 13,000+ square feet, zoned for lowrise housing.

This is of extra interest as the city looks at selling other “surplus” real estate such as the Myers Way Parcels (reminder: community meeting this Thursday) and also because at the time the City Council approved the sale of these two ex-substations, they also outlined conditions for community groups’ prospective purchases of others. Would those potential sales be held to the “fair market” value – aka appraised value, which in the case of these two substations is well above what they’re now being offered for? We’ll be following up with the city Finance and Administrative Services Department, which is in charge of real estate.

Oakley34 June 28, 2016 (3:04 pm)

I wonder why SCL would be interested in selling so far below appraised value vs. patience and finding a buyer at a more reasonable return.

Rick June 28, 2016 (3:14 pm)

Just watch and see who ends up buying it.

d June 28, 2016 (4:01 pm)

I smell a crooked sweetheart deal

Brian June 29, 2016 (12:58 pm)

How does that even make any bit of sense? If it was a crooked deal, you’d never see the price reduction signs. This is for sale to anyone who has the money to spend… if you want to buy it then go right ahead!

Seattlelite June 28, 2016 (4:27 pm)

Why aren’t they using these sites to build affordable housing?

josh June 28, 2016 (4:28 pm)

I would love for a little neighborhood park or playground or something to go in that Pigeon Point space.

JayDee June 28, 2016 (4:29 pm)

I’d wonder how much the buyers are spooked by potential contamination, unless City Light was very thorough.

Alan June 28, 2016 (5:07 pm)

Off topic – In the picture of the HP property, on the second wire up above the white sign on the property gate, there is something that is shaped like a snowshoe. I have been seeing those in random places and have been curious as to what they are. I assume it must have something to do with wire tension. Does anyone know?

gigelsmith June 28, 2016 (5:47 pm)

Funny enough they are actually called sno-shoes.

http://www.fiberoptic.com/items.asp?Bc=MLK&Cc=SNOSHOE&Tp=&CatName=Fiber+Optic+Snow+Shoes
- Alan June 28, 2016 (6:20 pm)
  
  Thanks!

Mary Fleck June 28, 2016 (5:07 pm)

Seattle Green Spaces Coalition is looking for community groups who want to work on community visioning for future public uses of these spaces! Check us out on Facebook or our website!

anonyme June 28, 2016 (6:05 pm)

Very, very suspicious. Seattle real estate prices are the second highest in the country, and the city is slashing prices?? As Seattle City Light is a public utility, don’t taxpayers actually own the property? I don’t see any prices being slashed for us…

anita June 28, 2016 (9:25 pm)

typical wasting money. sure someone is getting a steal. sure it’s a backroom deal.

WS since '66 June 29, 2016 (7:15 am)

What?? So wait a minute. Let me see if I have this correct.
A prime multi family zoned property is on the market at a given price and it
sits for 4 months with all of the construction going on and no offers? Let’s look at it another way. If you
own a home and put it on the market in our red hot local real estate climate where
multiple offers right out of the gate is more of the norm and it doesn’t sell
within 4 months then why wouldn’t the price be adjusted? How is this a “sweetheart
deal”? Why would anyone think “typical wasting money. sure someone is
getting a steal. sure it’s a backroom deal”? This one is a doozy “I
wonder why SCL would be interested in selling so far below appraised value vs.
patience and finding a buyer at a more reasonable return.”

john June 29, 2016 (7:20 am)

Incredible paranoid responses.

Simply put, there have been no buyers stepping up, so the price is being reduced.

This happens all the time in real estate sales.

The sale process is open to all, bids accepted, which eliminates the ‘inside deal’ the readers are claiming.

I would support Mary Fleck’s group, if they would actually purchase and maintain the properties they are trying to keep people from living on. Just setting housing parcels aside to decay and export development to the sprawlburgs is not the solution with our housing crisis.

Of note, I saw a survey crew at the Pigeon Point site last week, aparently re-surveying the property.

The Pigeon Point property was priced far higher than adjacent parcels on 21st also on the open market, has languished on the market and is in Critical Area which makes construction costs skyrocket.

WSguy June 29, 2016 (10:44 am)

Thanks for adding a bit of reason to the comments section.

Mary Fleck July 4, 2016 (8:08 pm)

Seattle Green Spaces Coalition’s next meeting is Sunday, July 10 at 3:00 at the SW library. Come join us if you are interested in this becoming a mini-park or to be owned by a land trust.