Many of you are aware of the Fairview Auction today in Mukilteo.  I’m not as confident about this auction as I have been about others in the past.  I don’t believe the appetite for condos in Mukilteo is nearly as strong as they will need it to be in order to have real success with todays offering.  With that being said, it is an exciting day for buyers, the developer and the lender.

A few considerations:

THE PROS

• The project is in a great neighborhood (2009 Winner of CNN Money Magazines “Best Places to Live”)
• It literally sits on the 1st hole of the Harbour Point Golf Club
• Some units have fews of the Puget Sound
• The building is Built Green™ 3-Star efficiency
• Secured parking & fitness studio.

THE CONS

• A riskier purchase with the condo market still seeing declines
• I’ve heard the project doesn’t have garbage shutes.  Walking garbage down to the dumpsters seems like a nuisance
• This is truely a condo project in a residential market.  Much of Harbour Pointe is upscale residential homes; not multi-family.
• The Walkscore; See below