Doughnut Hole Price Drops Too!

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 And to add insult to injury, Yarrow Bay has apparently withdrawn the added Icy Creek acreage which had been added originally to sweeten the pot.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. Regardless of what a property appraises for, it is only worth what a buyer is willing to pay. It’s a basic principle; the seller can set the price, but it is the buyer who will ultimately determine the value.

Is the County Assessor sitting up and taking notice of this? Prices have fallen and many property tax could be and should be appealed.

It looks like the County has a tough decision to make. Sell now for a lower than 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 

Our Donut Hole Makes the Tonight Show!

It seems Jay Leno finds Maple Valley’s Donut Hole Controversy pretty funny as it recently received airtime on The Tonight Show. I have to admit, if you’re on the outside looking in,  it does seem pretty odd and even funny. …That a City is holding meetings about their Donut Hole issue. 

But for those of us who live in Maple Valley and are sick and tired of Ron Sims and the King County Council’s questionable political maneuvers (the suspiciously fast passing of the ridiculously strict Critical Areas Ordinance is one example which comes to mind) it’s really not so funny.

As a quick recap, the Donut Hole is an area of property (apx 160 acres) currently owned by the County but entirely surrounded by the City.

The County is in negotiations to make a trade with a large developer ; the donut hole for a larger piece of rural property. Because the County owns the Donut Hole property, it would control the density and development restrictions, while retaining all of the development fees. In the meantime, the City, which may see it’s population increase by as much as 30% if developed as outlined will have no control over density or building type, but will have the burden and responsibility for providing all services; roads, fire & schools, for the new residents. 

I think the next show which should feature our Donut Hole is 20/20 so I can hear John Stossel say….”GIMME A BREAK” !!!!!!

Colleen Fischesser

 Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley Washington. Sh has been marketing and selling properties in South King and North Pierce Counties since 1990 but specializes in the Maple Valley area.