LYNNWOOD — The neighborhood that banded together to sell off dozens of homes to a big-time developer is still hoping for a buyer.
Developers from around the country have courted the Oak Knoll neighborhood, but none has met the asking price set by homeowners.
“There have been verbal offers made, but they’re not strong enough yet, and with number of people coming on and the amount of land available, the landowners are sticking together as they said they would,” real estate agent Steve Canter said.
The neighborhood faces pressure from builders looking to carve up properties for smaller housing projects. That threatens to lower property values and not put enough money into the bank accounts of residents.
Instead, the neighborhood would rather have the homes bulldozed and replaced with five or six story buildings, something encouraged by the county’s transit-friendly zoning.
“We’re progressing along,” said Terry Quick, who helped organize his neighbors to collectively market and sell their homes and properties. “Most of the neighbors have signed on. Where we are right now is that we got slammed by the slowdown that’s hit the country as far as building goes. Truth of the matter is Seattle is holding strong.”
Canter has looped in 40 properties near Ash Way and 164th Street SW, including 32 contiguous homes and properties in the Oak Knoll neighborhood. The asking price for all 40 is $37.8 million, but the contiguous properties total closer to $33 million.
Quick is confident the neighborhood will find a willing buyer.
“I think that we’re gaining momentum,” he said. “As we come into the spring season, which is typically when a lot of these deals are cut, we’ll be in a better position.”
Reporter Jeff Switzer: 425-339-3452 or jswitzer@heraldnet.com.
This can all be yours
The Oak Knoll neighborhood
Homes for sale: 32
Acreage: 16
Price: $33 million
How old? The homes were built in the late 1970s
How big? Homes run about 2,000 square feet and sit on roughly half-acre properties.
Assessed values? $300,000 to more than $400,000.
Online: ashwayproject.com
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