Lennar is another Washington homebuilder and recently purchased a large Snohomish County site for a record price but there is some controversy that goes along with this purchase. Lennar Northwest is a new owner of the Snohomish County property that is been the center of controversy for years. The company paid $24 million for the over 22 acre Frognal Estates property in the Picnic Point area, about 10 minutes from Paine Field. Approved for 112 single-family homes, that’s about $214,000 per lot, the highest price paid in Snohomish County for a lot plat approved for construction of infrastructures like streets and sewers. The previous record of $179,000 was set over two years ago in Bothell. Lennar was also the purchaser of that property.
Common to today’s real estate purchases, even land, the property received five offers within the first couple of weeks. Right now there’s a bidding war on just about any type of property and because there is such a shortage of land in Snohomish County and King County, the higher-priced offer gets noticed.
But this is indicative of existing homes and land. Last month, the median sales price for a single-family home rose nearly 22% to about $640,000 according to the Northwest multiple listing service. Lennar says the company plans to start building in the spring with new home construction completed in 2023. Homes on the lot will range from 1700 ft.² to about 3500 ft.² with home prices starting at about $800,000. When completed, there will be about 650 new homes for the Snohomish County market.
Land Advisors Organization Washington is selling development tracks the publicly traded companies throughout the region. These companies are expanding their footprint farther and farther outside of their core and headquarters. Because of the pandemic, people are looking to live further out of the city with more space. The market can expect more land sales as well. Kitsap County has a fast ferry service to Seattle from Bremerton making it more desirable for folks working in Seattle to live on Bainbridge Island and in Kitsap County.
So why the controversy? There are several that oppose the development of the Picnic Point Property and have actually stood in front of logging equipment. It’s been a very contentious site according to an affiliate of the company. Neighbors were very opposed to additional development so that along gestation. According to the spokesperson. But, as with anything, progress must go forward whether you like it or not. There just is not enough supply for the demand of people moving out of the city. It can be a very controversial subject with more development going on than ever before. But, because we had such a slow down over 10 years ago, the homebuilding industry is still recovering and scrambling to keep up, especially in this fast-paced, major seller’s market. [Source]
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