21xx South Yakima Condo Action

It’s been a while since we had heard any hot condo gossip.  So here’s a bit of condo speculation for you.  A house at 2105 South Yakima in the unnamed neighborhood and across the street from City Steps was torn down today after being bought for $289k last month.  The property to the North at 21st and Yakima is going to become a seven unit townhome project.  The house to the south has a SOLD sign in front of it and an asking price of $750k.  At the end of the block (NE corner of 23rd and Yakima) is the beginning of the 40+ unit Dwelling Company townhome development. 

The word on the street is that the combined property of the still standing house and the next three lots will become another new townhome project.  What we don’t know is whether the torn down house is part of that project.  Now, it seems to us that the combined price of the $750k house adn the three lots is a bit steep for just a few townhomes.  If we compare these sales with City Steps:

CitySteps:
Land Sale Price: $1,000,000
Land SQFT: 46,800
Price per SQFT: $21.36

Lots and house on east side of Yakima Ave:
Land Price: $1,650,000
Land SQFT: 30,294 sqft
Price per sqft: $54.46

Hmm.  We’ll see where this goes…