Published February 2005

Real Estate Briefs

Home sales end year strong
The residential real estate market closed out the year strong in Snohomish County, with 1,463 homes sold in December, nearly a 44 percent increase from December 2003, according to the Northwest Multiple Listing Service.

Pending sales in the county — sales begun in December but not completed — were up more than 24 percent last month, according to the listing service, which represents real estate agents in much of Western Washington.

The hot sales in December came as choices dropped significantly and prices hit new highs. The number of listings was down 16 percent from the previous year. And the combined median price of single-family homes and condominiums hit an even $250,000 for the first time. The new median price was a 9.2 percent increase from December 2003.

Homes sold in Maltby and southeast Snohomish County had the highest median price, $299,950. Homes sold the fastest here, spending an average of 51 days on the market. There were 171 homes sold here in December.

Homes sold in Lake Stevens, Granite Falls and Darrington had the lowest median price in the county, $217,224. The 140 homes sold here averaged about 60 days on the market.

Coast Real Estate Services
buys assets of Tacoma firm
Coast Real Estate Services of Everett recently acquired the assets of Conifer Management of Tacoma, expanding Coast’s position as one of the region’s largest property managers of multi-family and commercial properties, company officials said.

“The two companies complement each other both in terms of service, but more importantly, with respect to our values and our people,” said Coast President Shawn Hoban, noting that Conifer specialized in management of affordable multi-family housing.

Al Hanson, Conifer’s founder, announced his retirement after the sale of his 30-year-old company. He said he chose Coast because “they recognize that quality people really make a company succeed. Those qualities were very important to me.”

Coast manages more than 10,000 multi-family units and nearly 4 million square feet of commercial office and retail space from offices in the Puget Sound, Pacific Northwest and Arizona.

Wal-Mart eyes Smokey Point
for new location
Wal-Mart confirmed in January that it wants to place one of its supercenter stores along 172nd Street NE, ending weeks of local speculation about who was behind plans submitted to the city in December.

The store, planned for a 25-acre site along the south side of the street, would be just under 204,000 square feet and would carry general merchandise and a range of groceries, said Eric Berger, Wal-Mart’s community affairs manager for the Northwest.

Plans submitted by Pacific Northwest Developments, a subsidiary of Tacoma’s David Evans and Associates, also show a pharmacy, garden center, gas station and tire center.

Most of the Smokey Point site, lying to the west of 43rd Avenue NE, is owned by Arlington developer Brent McKinley’s Vine Street Group, which also is spearheading a proposed Wal-Mart development in Stanwood.

The Smokey Point site is not far from Wal-Mart’s existing supercenter on the Tulalip reservation. But Berger said Wal-Mart considers them to be “two distinct markets.”

The store, if built, would employ more than 400 people and bring in thousands of dollars in sales tax revenue each year for the city, Berger said.

Cliff Strong, Arlington’s city planning manager, said the Wal-Mart application is being reviewed. Because of the store’s huge size, it’s considered a special use, which requires a land-use permit. Assuming the proposal clears any obstacles, permits for construction could be issued by late spring or early summer.

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