Cal Anderson development back on the market after financial woes

The 25 On the Park development on the edge of Cal Anderson Park is getting a new lease on life from Howland Homes, a Shoreline-based real estate company.

The Dwelling Company, which started the project, signed the rights of the homes over to Everett-based City Bank after the lender foreclosed on the property this summer. City Bank then entrusted Howland Homes to fill them.

The units are now for sale with no leasing or renting options, and Howland Homes realtor Meagan Howland believes they are a great investment for a number of reasons.

“These townhomes will only grow in value thanks to their amazing location,” said Howland. “They would be great investment properties for people who like to buy in the city and then rent them out to save for future in-city retirement downsizing. Also, they are an exceptional location and value for parents of Seattle-bound college students.”

The 25 on the Park townhomes range in price from $355k up to $575k, most of them with views of the park and downtown and parking options. They feature bamboo flooring, oversized windows, granite countertops and flexible floor plans.

“Really, [the biggest perk] of buying now is getting your park-view unit,” said Howland. “The best units are getting bought up. We have priced the homes low to begin with, to generate a lot of presales. Once they go on the market officially, we plan to raise the prices slightly.”

Also, Howland said that City Bank is offering a special financing rate on the homes, for a limited time.

Howland and her husband Matt run Howland Homes and have thus far managed to survive the economic slowdown.

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“Our employees are like family […] during the downturn of the economy,” Howland said, “they have all taken a 50 percent pay cut, to make sure our company can stay in business for many more years. You just can’t buy loyalty like that… We are so thankful for their sacrifices.”

Howland Homes was featured in a 2007 episode of “Extreme Makeover – Home Edition,” when they built a Port Orchard home in less than five days. They also worked with “Extreme Makeover” on a rebuilding project in New Orleans after Hurricane Katrina.

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7 thoughts on “Cal Anderson development back on the market after financial woes

  1. Not a professional, but…

    I would be concerned about the craftsmanship. The units in the adjacent building are leaky and contractors / builders cut corners when they are worried about running out of cash. They screw things up, they cover up errors.

    These suckers will need investment.

  2. I’ve been looking at these too and the two units i looked with my friend who is in the market now, I used my very basic little bullet level indicated several settling a a couple of joists…but I am certainly no inspector and know little about these units other than my subjective view, which is that they are overpriced with no real builder’s guarantee and that they are fucking UGLY. Was there a design review for this property? Is this the cheapest option for a semi-permanent +70 years building? Ugh.

  3. yeah, those places are pretty bad looking for on the park residences. they should have been nice, brickish, true, 2-3 story permanent townhomes. now we are stuck with some damn ugly crap…argh.

  4. Considering they started at $500K when they went on the market the first time, that’s a pretty good drop in price.

    These units sat unfinished and open to the elements during one rainy season, and, after the exterior was completed, open to mold and mildew for another year. They’d be better off razing the whole complex down to the concrete parking garage and starting again.

  5. The units sat OPEN for a number of months while the foreclosure was being worked. Hope they can get out the smells of urine, poop, and whatever else squatters may have left as surprise for the new, well-heeled owners.

  6. I went to one of the final design reviews for 25 On the Park (I live on this block)and the final construction looks nothing like what I saw in the design review. I agree with other posters that this complex is ugly, craftsmanship seems poor and they are overpriced…however – after living next to this ghost town for several years (since the Jacobson House was demolished) it is a relief to see SOMETHING happening there.

    I see the Craftsman style townhomes on 12th Ave and wish something like those had been built on 11th. Hell, I’D consider buying a unit!