Speaking of rising Capitol Hill real estate prices, the secretive owner of the lot that Seattle Parks has its eye on for a new Hill green space declined to come out of the shadows and talk about why there’s now a Honey Bucket-brand fence surrounding the corner of Federal and Republican. By e-mail, a lawyer representing Fedrep Investors, LLC responded to our request for an interview:
I forwarded your email to the owner, and was asked to let you know that the owner does not have any information to share regarding its plans at the moment. If you want to check back with me in two weeks, I may have more information for you.
The city it is trying to negotiate with the landowner to purchase the property but the two sides have not been able to agree on a price, according to reps from Seattle Parks. We reported earlier about the lot’s recent history and the failed townhome project that left the space empty for the last few years.
That is a prime location – the real estate market is rebounding on The Hill – you just posted that.
So, the bargain sale days may be fast going away.
The fence is anti encroachment stuff – no claims for adverse use on the site. Common on vacant property where there might be some kind of claim.
I checked the King Co. property information on this parcel. FedRep bought it 6-24-2009 for $1.125 Million. The assessed value for 2010 is $530,000. Like so many other developers, they undoubtedly expected high return on the development and got caught with their pants down. The city may not be offering even close to what they paid for it and they’re hoping values increase to close the gap.
I can’t access parcel viewer at the moment. But IIRC there are actually 2 parcels that total close to $1M so the sale price is closer to the assessed value than it may appear from viewing one parcel record.
The King County records show that the two original plots were unified into one.
I’m not sure where you are looking but Parcel Viewer and the related documents available online show that there are two parcels involved here (at the time of the sale).
Parcel 6852700325 (southern of the two parcels) was assessed at $648,000 at the time of purchase.
Parcel 6852700330 was assessed at $491,000.
Total asssessed value for the 2 parcels was $1,139,000.
These are 2008 assessed values. In 2010, the values have decreased to $530K and $401K, respectively.
So at the time of purchase, they were paying very close to assessed value for the 2 properties.
Moreso now with linder’s great info.
still think they should agree that FedRub owns the north parcel, and parks dept buys the south parcels:
Fedrub gets instant value from building a narrow townhome on parkside property (at some later date) AND ins’t stuck burdened by as much tax in the interim (albeit not as much profit as they might dream of), while parks dept (and citizens) get a great locale for a [ playground – community hall – skatepark – sculpture space], (albeit 2/3 the hoped-for acreage it’s still a sweet spot for a park.
Strike a happy medium, guys!