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2008’s 4th Quarter Lot Sale are In

When the real estate market corrects itself like it has in the 2007 and 2008 year it is not just the home being owner who is affected. The whole process is slowed and as such builders and developers have continued to reduce their risk by choosing not to purchase buildable lots. Some builders and developers have had even to close their doors in the face of the crisis while others sit back wait for bank owned lots to come available.

Either way, the lots sale have continued to slow since the summer of the 2006 but the 4th quarter did show increase to 222 total sales. This statistic is not an accurate picture of Snohomish County’s lot sales because 148 of those lots where purchased by the Navy for military housing project and more than likely those lots will never be sold to the general public. The corrected number puts the total sales at 74 which is only 7 more sales than 3rd Quarter 2008. The lot sale pipeline could face shortages in the future if the economy shifts back to a growth phase, more than likely that won’t be any time soon, and numbers will probably remain low until bank starting having fire sales.

Prices for individual lots have corrected themselves as well. Instead of purchasing a lot in Lake Stevens for $145,000 in 2007 lots have reduced to as low as $85,000. This correction will make prices much more attractive for builders, developers and even the custom builders (which we are seeing more of in the slow new construction market).

City/Area Plat Name
Sale Price
Per Lot
Sq/Ft
# Lots
Arlington Five Acre Tract
$169,950
$169,950
217,800
1
Arlington Sun Peak Estates
$185,000
$185,000
43,560
1
Granite Falls Robe-Menzel Cluster
$135,000
$135,000
67,082
1
Lake Stevens Avery Park Phase 3
$1,307,600
$93,400
4,300
14
Lake Stevens Greenwood Village Div. 2
$17,020,000
$115,000
5,000
148
Lake Stevens
Vernon Road Bla
$85,000
$85,000
23,525
1
Lake Stevens Lake Stevens Short Plat
$112,000
$112,000
7,000
1
Marysville Meadows in Marysville
$4,375,000
$95,000
2,900
Northcreek Lessley Bla
$200,000
$200,000
9,549
1
Northcreek Brookhaven Div. 1
$165,000
$165,000
6,990
1
Northcreek Crawford Bla
$245,000
$245,000
20,473
1
Northwest Alder Grove Estates
$180,000
$180,000
31,753
1
Northwest Rainbow Run
$172,500
$172,500
43,560
1
Snohomish Snohomish Short Plat
$510,000
$170,000
7,600
3
Snohomish Aldergrove Meadows
$225,000
$225,000
38,143
1
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