thurston county: Where have all the developers gone? - 07/08/08 09:39 AM
With financing hitting one of it's hardest times smaller builders have found themselves over leveraged and holding too many properties.  Some have turned these into rental properties, some have given up and are losing the half completed homes to the bank and yet others are buying all the homes they can.
Where did the big guys go?  Half completed developments surround us, final plat approvals suddenly are taking longer than expected.  Those on short plat schedules are dragging their feet so they aren't forced to close.  So what's the story.
The real story is this.......timing.  Why would you close now or … (5 comments)

thurston county: Wanna Make some Money? Must Read Entire Article. - 05/07/08 05:50 AM
Once again the growth management act has created headaches for the retail industry especially large end users in need of general commercial zoning or similar.  Due to the state legislation of the growth management act many parcels have changed zoning to include high density corridor designations or mixed use densities.  This has created the residential over retail design as well as the need for "mixed use" conferences and meetings from the international council of shopping centers.
Don't get me wrong, the higher density does help us maintain our rural lands and preserve the lands in a much more natural way.  Although my … (1 comments)

thurston county: Listing Updates - Thurston/Lewis County - 04/16/08 03:25 AM
Okay well things have changed a bit since last posting an update on my active listings so I want to make sure I put as much information in here as I possibly can.
2225 Cooper Pt. Rd - Total of 12.75 acres with 5.3 acres developable.  Difficult jurisdiction and setbacks on the site make it a bit challenging however the 75,000 cars per day and Hwy interchange visibility in the most prominent location in Olympia make this a great opportunity.  $3.5M
0 Sawall Ave - 300 acres for residential use.  14 seperate tax parcels, 11 of which have septic approvals.  The other 3 … (0 comments)

thurston county: Olympia Washington and the Retail Debate - 10/29/07 03:24 AM
Will the ever changing Westfield Mall lose it's prized retail core status of Olympia within the next 10 years?
Short answer - YES
With new developments along the I-5 corridor approximately 10 miles North in the Hawks Prairie area, national retailers will begin making choices as to which location optimizes their visibility.  Sure West Olympia still has the population and good demographics, but Hawks Prairie is growing, has Fort Lewis troop increases and an ever rising household income.
I believe all these items combined will cause the "new downtown" of Lacey to emerge as the new retail capitol of the Olympia area.  The next … (0 comments)

thurston county: Cap rates rising sharply!!! - 10/26/07 08:53 AM
As investors pulled out of the market sellers have been left holding the bag on NNN leases and other retail developments that had previously been selling in the 5-6% cap range.
 Now sellers are readjusting listed sales prices across the country as the amount of investors may have not changed but the interest has waned.  Now clients are asking to find what is available in an 8% range and are unwilling to consider those deals below the 7% range.
Obviously multifamily rates are often lower and many are speculating that due to the gap in housing versus rent costs that profits will rise … (0 comments)

thurston county: Updated Listings For Sale - 10/24/07 03:59 AM
Quick Update on Listings
12.75 acres at Cooper Pt. Rd. and Hwy 101 - $3,600,000 PENDING
8.99 acres at 93rd and Hwy 99 - $1,728,000 PENDING
39.1 acres on 93rd Avenue in Tumwater - AVAILABLE - recent price reduction $2,950,000 - will allow for 190 residential units in a clustered development.
Colony Park Apartments - AVAILABLE - priced under assessed value at $1,400,000 - currently 16 1 br apartments and 4 2 br units set up as duplexes.  Well maintained by local owners.
13.2 acres of commercial land located in Master Planned Community, binding site plan with drive thru pad sites.  $3,600,000 Contact for … (0 comments)

thurston county: So you want a gas station huh? - 10/23/07 12:07 PM
Today I received a phone call from a prospective client who was in the pursuit of a dream job as a gas station owner.......don't laugh.......some of them do quite well.
As we discussed a few of the listed stations (as most know everything in commercial real estate is for sale for the right price) he began wavering on wanting a station.  After we had discussed that credit cards charge the gas station owner on average 6 cents per dollar for a transaction and that margins in tough markets are only 15 cents per gallon.  It became evident that all he'd be doing with … (4 comments)

thurston county: Briggs Village Update - 10/19/07 06:20 AM
The 137 acre master planned community is getting closer and closer as each day passes to realizing the dream that the Briggs Family began back in 1991.  Architects NBBJ initiated the first drawings of the master planned community in 1996 and finally with road improvements and the infrastructure in we are seeing some dramatic changes.
Even more exciting is the possible announcement of an anchor and identification of some of the retail components that will be added to the Village within the next year.  As the Development team continues their progress with the Central Phase and the final platting required to move … (0 comments)

thurston county: Are you too serious? - 10/18/07 06:34 AM
Isn't it great when you receive 400 comments in one day on a meaningless blog?
Or even better when you get 3 transactions started in one day based on a previous interaction with one individual?
Have you ever wondered why when you are on vacation you receive more calls and typically do more business than when you are trying?
For some reason this has happened to me so many times now that I am not surprised by it but am excited and happy to share the comedy with the world.  I'm convinced your clients can sense the dollar signs in your eyes if you … (11 comments)




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