Tag: housing

The Evolution of a Lynnwood Construction Project

Carl Setzer
Evergreen Estates Sign - Lynnwood

If you travel around the intersection of 188th and Highway 99 in Lynnwood, you’ve probably noticed the land that’s been sitting vacant for years has been cleared. It’s been quite the journey for this site over the past few years.

Evergreen Estates Construction
Evergreen Estates – Lynnwood

It has evolved a fair amount since it was the Evergreen Estates mobile home park. Back in 2017, it was slated to become the Evergreen Village apartments, a 231 unit 6-story multi-family project. There were low-income units planned, which would be valuable in this region, especially with housing prices rising rapidly. Though it would’ve solidly impacted traffic in my neighborhood, I was good with something going in. That project fell apart, however, I don’t have visibility to the specifics. It did go through much of the more involved parts of the permitting process. I did notice that the property went up for sale after languishing for a few years. In 2020, it was bought by Holman Lynnwood RED LLC, an affiliate of Holman Auto of New Jersey. And now the land has been cleared and the project seems to be moving forward.

Many of us are going “great, just what we need…ANOTHER car lot on Highway 99!” I’m glad that the property will be developed and become less of a trash and graffiti magnet.

The Only Constant Is Change 

Carl Setzer

Watching land prices rise around Puget Sound and western Washington, I think I see the future. Land costs extending beyond the reach of all but institutional investors. 

Our economic engine will continue to bring people here, demand for housing will continue to rise, the Growth Management Act will limit supply, so we will be forced to move vertically. Up will be all that’s left. 

We’re already seeing this in the downtown core. Most housing in the Seattle neighborhoods are multifamily. With exceptions, of course. But I’m sure those will succumb, too.  

I don’t view this negatively. More than its simply the way of things, especially in places that people want/need to live. This city won’t be my grandmother’s Seattle, but it will be Seattle. 

Some thoughts on Seattle’s growth  

Carl Setzer

Lately I’ve been considering growth. Seattle’s been growing in a huge number of ways: jobs, cost of living, rents, population. This growth changes things: traffic, greater economic fragility, more economic stress on nearly everyone. I

I read an article yesterday saying that San Francisco’s poverty line income was a bit above $114k. Seattle is getting close. 

With this growth and pressure on finances, I see this region’s density increasing. I expect the single family home will slowly vanish as land costs continue to climb. Eventually, multi-family will be the only way to earn enough return on land investment for builders. 

I expect well see lots of Seattle neighborhoods becoming predominantly multi-family, actually a region of apartments condos stretching from the center out to the burbs. 

I do wonder if there’s an equilibrium. Will we get to a point where things will stabilize? 

What do you think? I’d love to hear your thoughts in the comments. 

Housing market concerns for greater Seattle 

Carl Setzer

I’ve read several articles the past few days that give me pause. The rise of housing prices is the center. And the fact they’re outpacing wage growth deeply concerns me. 

There’s a significant population who’s losing their ability to afford basic subsistence in this region I love. Many friends of mine, who’ve lived here their whole lives, and some for generations, who are getting priced out. 

I know the many see very few basic entitlements: life, liberty, and perpetual servitude. 

In seriousness, I wonder what we can do. Market forces are hard to resist. We’ve tried things like rent control and minimum wage increases, to varying degrees of success. Our ability to game the system are limited. We tend to end up with unintended consequences countering our efforts. 

I firmly believe there are solutions out there which will provide stability for the less highly compensated, without spiking home price inflation somewhere else. 

I work to not be a cynical free market catalyst. Tis often a challenge. I shall grab a hold of hope and embrace optimism.