According to a recent Seattle Times article, the County's intent to sell the 167 acre parcel at Kent Kangley & 228th may have hit a snag. After much public pressure, the County agreed to open the sale up to a public bidding process, and then learned....as many Maple Valley homeowners have, that this is a buyer's market. It turns out Yarrow Bay was the only developer willing to step up, however their bid was now 15% lower than their original offer. And to add insult to injury, Yarrow Bay has apparently withdrawn the added Icy Creek acreage which had been added originally to sweeten the pot.
What I find ironic is that the County is citing the "appraised value" of the property which came in at 71M...a far cry from Yarrow Bay's original 51M and final 35M offer. I would hope the County has some capable employees who understand the ups and downs of a real estate market.Just because a property appraises at one value does not necessarily mean a buyer will pay that amount.
It's a basic principle; in real estate the seller sets the price, but the buyer determines value.
Is the County Assessor sitting up and taking notice of this? Prices have fallen and many property taxes could be and should be appealed.
It looks like the County has a tough decision to make. Sell now for a lower than desired price or wait for prices to rise. It's a decision many Maple Valley homeowners are asking themselves as well.
Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley, WA. She has been successfully selling and marketing properties all over South King & North Pierce counties since 1990. She may be contacted directly at: 425-432-5400
Copyright 2008, All Rights Reserved Colleen Fischesser
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