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- Rich - May 19 2009 | the, seattle, real estate, seattle real estate, housing
Green Lake's new, big commercial and residential projects have definiteliy taken a hit in the past year. Most noticeable is the giant hole in the ground where Vitamilk used to a be and purpoted new supermarket (Metropolitan Market???) was supposed to go in.
Pryde Johnson worked on two projects in this article, Ashworth Cottages and Florera. It has another big condo project in Ballard called Hjarta that is now leasing out units. Tough times to be doing development for sure, but some good deals for buyers.
Quoted: Green Lake provides a case study of just how dramatically the local commercial real-estate market has reversed, and how the downturn is touching even the most popular neighborhoods. In the boom years, Green Lake and the park surrounding it were magnets for developer dollars. Applications for new apartment, condo and retail projects seemed as ubiquitous as jogging moms pushing strollers on the 2.8-mile path around the lake. Then came the downturn. Some projects disappeared before they even got permits.
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Eco friendly homes that have been on the market for years. Very nice looking, close to Green Lake, but pricey at the original price of $725K to $825K.
The bank has foreclosed on the remaining, unsold units and they are now for sale again, for $399K to $649K. Their cost was high because of their high-level of built-green certification.
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