Slog - Comments on Wanna Buy The Lock Vista? Got $32 Million? http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million It appears that residents of the Lock Vista Apartments may have gotten a reprieve from a planned condo conversion. At least for now. According to a post on Craigslist, the 192 unit apartment complex is up for sale again. The contact info listed on the post indicates the sale is being handled by the Northlake Group, who had originally intended to buy and convert the building. However, Northlake is not listed as the property owner in King County's online property records. The Seattle Housing Authority had discussed purchasing the complex, or at least a few of the buildings, but they... Copyright 2008 Thu, 13 Dec 2007 00:01:37 -0800 Tue, 18 Dec 2007 20:59:49 -0800 http://www.movabletype.org/?v=3.34 http://blogs.law.harvard.edu/tech/rss Comment by Sieben Minuten 7 minutes from the downtown Business District? Yeah, maybe if you commute in an F-16.

]]> Sieben Minuten http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873091 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873091 Boom Thu, 13 Dec 2007 06:22:44 -0800 Comment by pancakes for dinner Though not as meaty, one of the most irritating things about the conversion craze is that cool buildings next to cool things will eventually be %100 converted. There's no gem-scoring in the future renter's market. I lived at Lock Vista in 2002 and paid $600 for a one bedroom full of cool midcentury details. Memories...

]]> pancakes for dinner http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873105 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873105 Boom Thu, 13 Dec 2007 07:39:34 -0800 Comment by JMR West Seattle has also had several planned conversions scuttled.

http://westseattleblog.com/blog/?p=4355

(put 4346 on the end of that URL instead for another link, spam police stopping me)

]]> JMR http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873108 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873108 Boom Thu, 13 Dec 2007 07:49:48 -0800 Comment by happy renter We've seen the end of the condo conversion craze.

]]> happy renter http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873123 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873123 Boom Thu, 13 Dec 2007 08:24:44 -0800 Comment by David Wright Why would I want to buy this if I can't convert it or charge market-rate rent? The number of people who have $32M for a real estate investment is small, but the number of people who have $32M for a charity project is approximately zero.

]]> David Wright http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873148 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873148 Boom Thu, 13 Dec 2007 09:03:36 -0800 Comment by Carollani My homie lives there. He'll be glad to know he's not getting kicked out right away.

]]> Carollani http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873171 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873171 Boom Thu, 13 Dec 2007 09:26:50 -0800 Comment by keshmeshi #4 is correct. The building next to mine was supposed to go condo. They wanted to charge obscene prices for teeny, tiny apartments. Now, they're trying to rent the apartments out again. Nyah, nyah.

]]> keshmeshi http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873188 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873188 Boom Thu, 13 Dec 2007 09:47:02 -0800 Comment by seattle98104 Wel by me on first hill they started construction on what was to be luxury condos ... now as they are building it, it has transformed to luxury apartments.

Condo craze == dead.

]]> seattle98104 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873209 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873209 Boom Thu, 13 Dec 2007 10:04:25 -0800 Comment by pragmatic With a quick calculation: on a 15 year mortgage(the only sensible option for commercial property), plus operating expenses, to make a modest profit and pay off the loan, at $32,000,000 you'd need to charge an average rent of at least $1,400 for the 192 units.

]]> pragmatic http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873220 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873220 Boom Thu, 13 Dec 2007 10:16:28 -0800 Comment by tomasyalba $32 mil is the asking. Just the asking. And it's a fishing price, too. Praps Northlake knows it will have to write a fat check for withdrawing from the purchase & sale agreement, and is stalling until the new fiscal year begins.

Nobody but an idiot would take the bait. Let the price drop like a rock, then SHA or King County Housing Authority could get up to bat and snap it up for assessed value. Or let current owners suck it up and be happy with the income their renters provide.

]]> tomasyalba http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873282 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873282 Boom Thu, 13 Dec 2007 11:06:50 -0800 Comment by ecce homo I lived there in the mid 90's. It was a cool spot. Right on the bus lines and across from the locks.

Problem was that the walls are so thin and the hardwood floors are so loud, that I could here the hooker upstairs turning her tricks at 3 am and her taking the occasional really hard dump.

The pool was a constant source of summer hot bod viewing though!

]]> ecce homo http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873473 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c873473 Boom Thu, 13 Dec 2007 13:27:24 -0800 Comment by Jason I think condo conversions are often good moves for older buildings (I'm thinking of Historic Seattle's bldgs here). Sometimes landlords let older buildings with character go to shit and then they just get torn down once its too expensive to restore and a generic cookie-cutter condo building goes up anyway. Most of the Anhalt buildings are condo now, for instance, and are sure to be preserved.

]]> Jason http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c877733 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c877733 Boom Tue, 18 Dec 2007 20:59:47 -0800 Comment by Jason I think condo conversions are often good moves for older buildings (I'm thinking of Historic Seattle's bldgs here). Sometimes landlords let older buildings with character go to shit and then they just get torn down once its too expensive to restore and a generic cookie-cutter condo building goes up anyway. Most of the Anhalt buildings are condo now, for instance, and are sure to be preserved.

]]> Jason http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c877734 http://slog.thestranger.com/2007/12/wanna_buy_the_lock_vista_got_32_million#c877734 Boom Tue, 18 Dec 2007 20:59:49 -0800