Mar 13 2008
How lucky can you get buying a Seattle condo?
Children’s Hospital in Seattle is looking into expanding. The only problem is land is not available, so what the solution. The solution is buy a condominium complex and potentially use the site for the expansion. But how do you get those condo owners to sell their condos. Well you offer them 2.5 times the value of their condos. That’s what happened to the owners of the Laurelhurst condominium complex.  The Seattle PI had an excellent article following this offer.
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Hi Mike - the way you spin this is not quite correct. Yes the owners are being offered 2.5 times the market value - BUT getting that money may never happen as the offer is based on contingencies - one of which is that the hospital get everything they want in the Master Plan - meaning 3 - 14 story towers in the neighborhood, extension of MIO boundaries, rezoning, upzoning on Sandpoing Way, etc, etc. All this has to go through the city and be approved and is a 2+ year process. So in no way a done deal. These people are in the middle of the mess. Check out http://www.childrensaction.com Thank you.
Madeline, I appreciate the insight since I am not directly involed with the details. I learn quite a bit myself with all the responses I get. Mike