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.
“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.