Washington’s Largest Homebuilder to Develop in Woodinville
DR Horton is one of Washington’s most premier and well-known home builders and they recently just purchased 32 acres in Woodinville just north of NE. 143rd Pl., east of 1 32nd Pl., and south of NE. 145th St. The actual location is 14312 132nd Ave. NE.
It’s no secret that the inventory in Washington, and just about any state in the country, is under major strain right now. There simply is not enough inventory to meet the demand so homebuilders are scrambling to find and develop land for more and more homes.
The Puget Sound has already been somewhat constrained for buildable sites and it’s a precious resource so there is much to celebrate when DR Horton chooses to purchase a large plot of land for more homes. This publicly-traded company paid $19 million for almost 32 acres, something you don’t see for sale very often. For the area in which it was purchased, a typical five-bedroom home with an assessed value of more than $2.2 million sits on the property currently with a barn and arena. The property is equestrian called the Oakwerth Arabians, operating and breeding pure Polish Arabians for over 35 years.
This place is one of the largest parcels of land in the Redmond and Woodinville area. Based on land cost and the Woodinville market, local townhomes start at nearly $1 million so this is going to be a phenomenal project. If the entire 32 acres was $19 million and a townhouse is selling for $1 million, you can only imagine the profit and the possibility for homebuyers.
Wertheimer Properties LLC is the seller and plans to preserve certain elements from the house, barn, and general area. Portions of the structures will be dismantled in preparation for new development. This is a developing story so stay tuned on what’s happening and how the story develops on the land in Woodinville. [Source]