So I just read in the Seattle PI about Children’s Hospital looking at buying out an entire condo complex for possible future expansion. According to the PI, Laurelon Terrace condominiums is a six acre complex with 136 units. Children’s reported price according to this article?
93 million dollars!
A jaw dropping 2.8 times the current value according to the PI! It isn’t a surprise that the majority of residents in the condo complex are willing to sell, but what does surprise me? There are some that don’t! I wish I had bought a couple of those condos a few years back – don’t you?
So how does this happen? In 1990 the state of Washington passed a measure which allows a condo to sell itself if at least 80% of the owners approve. That was not put in place for complexes built prior to that time, which are still under the 100% approval rule. So the neighbors at Laurelon who don’t want to sell still have a fighting chance of keeping their homes for now, but it seems according to the article that the condo board is looking at legal ways around that, too.
I understand someone not wanting to leave their home – take Edith Macefield for instance – the lovely woman in Ballard that refused to sell her home when she was offered something like a million dollars. I adore this woman, but driving by now and seeing her house swallowed up by giant concrete walls make me extremely sad. My favorite book as a child was The Little House and Ms. Macefield is the little house in real life. I wish the developer could have convinced her to let him move her house out to the country or somewhere with a lovely little view instead of the giant dark walls outside her kitchen window now. I lived in Ballard for a long time and I remember seeing her house in the middle of a parking lot for years and thinking how she must have lived there forever, but never did I think that Seattle would allow an older lady to have to finish out her long life in a house smothered by construction. I truly fault the city for what happened to Edith Macefield – I have no idea how it happened, but that building should have never gone up around her house.
So, progress happens in Seattle and although I love old Seattle and one of my favorite sites is www.VintageSeattle.org, I would much rather sell my home to an organization such as Children’s Hospital than a developer putting in a Trader Joe’s or whatever else is going in there. But then, we do love our Trader Joe’s too….hmmmm.
