Everett Industrial Complex Sells

Costar is reporting that an industrial condo unit in Everett was bought by MD Real Estate recently.

MD Real Estate purchased an industrial condominium in the 526 Commerce Center in Everett, WA, for $1 million, or about $135 per square foot.
The 7,400-square-foot condo is at 1420 80th St. SW, a 46,890-square-foot facility that was constructed in 1991.

This is not a huge piece of news, but it does bring my attention to a new source of commercial real estate news.  Costar reports commercial real estate news across the country and has an RSS feed specific for the Seattle region.  Very nice to see!

Frontier Bank is On the Watch List

From the flood of recent articles, it looks like the recent changes at Everett Washington based Frontier Bank were set in motion by federal regulators.  Apparently they were concerned that Frontier Bank could go the way of Washington Mutual.

There was even a cease and desist letter filed by the FDIC to halt the decline of the bank.  The major points of the C&D letter were to stop:

• Operating the bank with management practices that were harming the bank.
• Operating without proper board of directors oversight into the management of the bank.
• Operating with too little capital in relation to the quality of the assets held.
• Operating with inadequate loan valuation reserve.
• Operating with a large volume of poor quality loans.
• Engaging in unsatisfactory lending and collection practices.
• Operating in a manner that produces low earnings.
• Operating with insufficient liquidity.

Sounds like they were messing up across the board!  In a press release issued Tuesday, Frontier Bank addressed some of the concerns in an effort to reassure investors and customers alike.  Newly appointed Frontier CEO Patrick Fahey points out that many changes have been made to bring the institution back around.  These include cutting executive pay and diversifying their loan portfolio.

Congratulations to the Port of Everett

Found this snippet of news this morning about the Port of Everett in the Mukilteo Beacon's website:

On March 12, the Port of Everett received the "Best of Industry" award for local government from the United Way of Snohomish County. The Port’s Facilities and Security Director Scott Grindy also received a nomination for campaign manager of the year.
In 2008, in partnership with local businesses, the Port of Everett raised $12,246 for the United Way of Snohomish County. Each year, the Port employees find fun and innovative ways to raise money to support the United Way’s mission. Through weekly raffles and the port’s annual fundraising event, staff works hard to raise awareness about the importance of giving.
Port employees contributed $10,532 through payroll deductions, and also raised $1,599 through a silent auction. This is $1,981 more than last year’s fundraising efforts. These donations are used to help fund more than 114 programs and 49 agencies in Snohomish County, including the Red Cross, Boys and Girls Clubs, and the 211-resource hotline.

Federal Stimulus Money to Be Used to Build Bike Path in Everett

Whether you agree with the stimulus plan or not, it is getting projects done.  The Herald is reporting that almost $2 million dollars are going to be spent building this bike path and that it will employ 25 people.  This is in conjunction with the other development that is going on down at the Port of Everett.

The Port of Everett will receive $1.9 million in federal stimulus funds to create an enhanced pedestrian and bicycle path along W. Marine View Drive between 11th and 16th streets. The money was authorized Thursday by the Puget Sound Regional Council. "The construction field is an area that has been hard hit by the recent recession and we are excited to have the opportunity to do our part in helping put people back to work in our community," said John Mohr, port director. Mohr said the project is ready to move forward. Part of it includes traffic safety improvements to 13th Street, intended as the entrance to a $400 million redevelopment along the waterfront. The work is expected to create 25 construction jobs.

Everett Fixer For Sale - $144,950

If you have been looking for an inexpensive home in Everett, here is your chance!  Yes, it is in a short sale, and it does need work, but that only means more opportunity to gain some equity, even in this market!

• 2 Bedrooms
• 1 Bath
• 864 Square Feet
• Needs Carpet, Paint and Finish Work

For those of you that like project houses, this Everett home is perfect!  If you would like to take a look at it, please give me a call at 425-773-3149.

Listing #:  29002056

Hello Everett Washington!

I want to take a moment to welcome you to my blog about real estate, home loans and news from Everett, Washington!

If there is something in particular you would like me to cover or talk about, leave me a comment and I will do my best to get to it!  In the mean time, lets hope that Spring shows up for real and that the snow goes away sometime soon!

 
- Enough of this already! -