Published March 2006

Real Estate Briefs

Gold Nugget Awards to hold
design, planning competition
The Gold Nugget Awards is accepting entry applications in its 43rd annual competition, which honors design and planning excellence from 14 Western states and the Pacific Rim countries. Categories include adaptive re-use, green-built projects, live/work housing and loft projects as well as custom homes, detached and attached homes, apartment projects and seniors housing, commercial, retail, mixed use and specialty designs, and site and land planning.

Application deadline is March 31, with entry portfolios due by April 14 (late portfolios will be accepted until April 21, with an additional fee). Merit Award winners will be posted online in late April, with a celebration of Merit and Grand winners scheduled for June 22 at the PCBC — The Premier Building in San Francisco.

For more information, go online to www.goldnuggetawards.com, send e-mail to mayeraward@aol.com or call 800-658-2751.

Harbour Pointe apartment complex
sells for $69 million
On the Green at Harbour Pointe, a 558-unit apartment complex bordering a Mukilteo golf course, has been sold to new owners for $69 million.

That price, which translates to $123,656 per unit, is believed to be the largest ever paid for an apartment complex in Snohomish County.

Legacy Partners, a California-based commercial real estate company, bought On the Green from a private partnership that helped to develop the property in the early 1990s, said Tim Campbell of Seattle’s Pinnacle Realty Management Co. He and Jeff Gilson of Pinnacle brokered the sale to Legacy.

Legacy, which will take over management of the apartment complex from Pinnacle, plans to renovate On the Green’s apartments. Improvements will include new kitchen and bathroom countertops, along with new lighting, baseboards, plumbing and paint.

Built in two phases between 1990 and 1992, On the Green, 12303 Harbour Pointe Blvd., consists of 31 buildings, not including the rental office and clubhouse, on 28 acres. Overlooking Harbour Pointe Golf Club, the complex also offers exercise facilities, indoor and outdoor swimming pools and other amenities.

The one- to three-bedroom apartments range in price from $650 to more than $1,200 a month, according to online listings. Ninety-five percent of the units are rented, according to Legacy.

Real estate appraisal office opens
Bellingham-based Gustafson & Associates Real Estate Appraisal Services has opened an office at 3409 McDougall Ave., Suite 220, in Everett, with Braden Gustafson offering appraisal services for commercial real estate in the Snohomish County area.

For more information, call (360) 739-7246 or go online to www.gustafsonandassociates.com.

S. Everett Turnberry complex
sells for $21.75 million
Turnberry Apartments in south Everett recently sold for $21.75 million to Redmond-based Mosaic USA LLC. The seller was Waterton Associates, a Chicago-based investment firm.

Rents at 221-unit Turnberry, at 12404 E. Gibson Road, range from $680 for a one-bedroom unit to $875 for a three-bedroom space. Mosaic could not be reached for comment on whether the apartments might be converted to condominium units — a trend with local rental properties — or changed in any other way.

Home listings down,
prices continue to rise
Snohomish County home sales in January were a bit sluggish, but they still beat last year’s numbers in the wake of a national slowdown.

Following a trend that began last fall, the number of listed homes was down in January. Buyers had a choice of more than 3,000 homes, a 6 percent drop from the previous year.

Pending sales were up slightly from year-ago figures. Closed sales were up 8 percent for the period.

That shows the county’s hot housing market has clearly slowed from last summer, when there were double-digit increases in comparison to the previous year. But it still showed modest increases, even though many areas of the county have seen strong drops in home sales.

The sales slowdown didn’t seem to have a strong effect on prices.

The median price for single-family homes and condominiums combined was $299,950 in January, an 18 percent increase from homes sold a year ago. For single-family homes only, the median price was $317,000. For condos, it was $185,000. Median means half the homes sold for more and half sold for less.

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