The Real Estate Deal
Editor Cindy Zetts dishes on real-estate and development around Puget Sound: She lived in apartments, townhomes and houses -- a dozen of them in four states -- before settling in the Seattle area in 1997. After taking a bath on the sale of her first home, in South Florida, she vowed to wise up about real estate. She bought a house in Covington 10 years ago because, well, she could afford one there.
July 3, 2008 1:08 PM
High-end real estate: What about the Sonics' homes?
Posted by Cindy Zetts
As many in the city mourn the loss of the Sonics, some people, frankly, couldn't care less. While the debate rages on about whether the city got what it deserves, I'm thinking about real estate -- specifically, what will happen to the pricey homes owned by Sonics players and coaches.
If you're interested, I bet they'll consider offers.
Luke Ridnour certainly will. His place is already on the market, listed within the past week by Tom Luehmann of Real Property Associates in Seattle. The price tag: $2.69 million. Ridnour bought the 4,700-square-foot house on Lake Sammamish in October 2006 for $2.2 million. It's assessed at $1.7 million.
If Ridnour and his teammates left here with a couple million each from selling, they'd have plenty to spend in OKC. And geez, what would that much money buy in Okie land? A gated estate? A city block? A whole town? Not a pro basketball team, though.
Here's a quick look at a few other Sonic-owned homes from King County property records (I've included the county assessor's valuation, which lags the market by 18 months or so, and Zillow's estimate, which may or may not be accurate. See 2006 story here):
P.J. Carlesimo, named Sonics head coach a year ago Saturday, bought a 3,900-square-foot house on Queen Anne Hill the next month. He paid $2.5 million for it. It's valued at $1.8 million by the King County Assessor's Office. Zillow's estimate: $2.4 million.
Nick Collison bought his 7,100-square-foot Queen Anne house last April for $3.8 million. It's assessed at $3.2 million. Zillow's estimate: $3.34 million.
Chris Wilcox's 7,150-square-foot Redmond mansion is assessed at $3.8 million. He paid $3.6 million in October 2006. Zillow's estimate: $3.85 million.
Kevin Durant owns a 5,900-square-foot luxury home on Mercer Island assessed at $2.9 million. He bought it in August for $2.85 million. Zillow's estimate: $3.5 million
How many of these Sonics (former Sonics?) keep homes and families here? How many will sell? And most importantly, might they get what they paid for them? Will the fact that they're Sonics lower their home values (even if the move is not their fault)?
Dec 1, 08 - 02:41 PM
Real-estate outlook: Is the glass half-full, half-empty or broken?
Dec 1, 08 - 01:39 PM
Lower mortgage rates means "it's a great time to buy," loan officer says
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