The Hospital has now closed on 27 nearby homes and condos. This includes 21 units at Laurelon Terrace, a moderately-priced condo community, and 6 single-family homes. The pace of purchases has accelerated swiftly this winter.
The threat of decades of construction is remarkably effective in "convincing" neighbors to "voluntarily" sell their long-time homes quickly. If that doesn't work, there's always the Supreme Court's decision in favor of cities using eminent domain on behalf of private developers (Kelo vs. City of New London). The future is not looking bright for Laurelon.
21 Laurelon Terrace Sales as of January 3, 2008:
Sale Date 1/8/2008 Sale Price $292,000
Sale Date 1/18/2008 Sale Price $243,000
Sale Date 1/7/2008 Sale Price $285,000
Sale Date 10/31/2007 Sale Price $377,500
Sale Date 1/15/2008 Sale Price $239,000
Sale Date 10/15/2007 Sale Price $240,000
Sale Date 12/10/2007 Sale Price $380,000
Sale Date 1/22/2008 Sale Price $257,000
Sale Date 10/31/2007 Sale Price $243,000
Sale Date 1/9/2008 Sale Price $281,000
Sale Date 1/2/2008 Sale Price $300,000
Sale Date 11/20/2007 Sale Price $243,000
Sale Date 12/28/2007 Sale Price $236,000
Sale Date 10/23/2007 Sale Price $280,000
Sale Date 12/3/2007 Sale Price $248,000
Sale Date 10/17/2007 Sale Price $230,000
Sale Date 1/9/2008 Sale Price $236,000
Sale Date 1/14/2008 Sale Price $253,000
Sale Date 1/7/2008 Sale Price $228,000
Sale Date 12/28/2007 Sale Price $244,000
Sale Date 11/19/2007 Sale Price $226,000
6 Single Family Home Sales, as of February 3, 2008:
| Location | Sold Date | Price | Rental (listed by Dave Poletti & tara@davepoletti.com) |
| 4XXX NE 45th St | 6/12/2007 | $858,375 | "Available Now" -- $2850 (see craigslist ad) |
| 4XXX 44th Ave | 9/28/2007 | $960,000 | |
| 4XXX NE 45th St | 10/10/2007 | $960,000 | "Application Pending" -- $2550 (formerly listed on craigslist) |
| 4XXX 45th St | 11/19/2007 | $617,000 | "Available Now" -- $2,275 (see craigslist ad) |
| 4XXX 44th Ave NE | 12/17/2007 | $727,000 | |
| 4XXX NE 45th St | 1/25/2008 | $1,012,500 |
Total $ Spent on Condos: $5,561,000
($/condo = $264,810 .... so the projected $ for all 136 condos is ultimately $36 million)
Total $ Spent on Homes = $5,134,875
Total Dollars Already Spent Buying Homes and Condos = $ 10.7 million
Note that the total cost of construction is estimated to be in the billions of dollars at the current site. (Remember, it's exceedingly expensive to build towers on top of an existing hospital that must continue to function during construction.) Looks like the Hospital has figured out that buying land zoned for residential use and getting it rezoned for towers is cheaper than to buying land already zoned for height. Just wait until the idea catches on throughout Seattle.
You can keep an eye on the Hospital's ongoing purchases using the King County Assessor's eSales database. Note: For recent sales, the purchaser is only found on the Recorder's Office pdf tax records.
Update: A Laurelon resident just emailed to report the current tally of Laurelon sales as 22, not 21, with at least two further sales pending. That brings the number of total condo + home sales to 28, with at least two more pending. The resident gave these tallies:
- Total closed CHRMC condo purchases, as of Jan 22, 2008: 22
- Total owner ship purchased by CHRMC: 16.69 %
- Total of closing prices: $5,843,500
