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