850 Homes Left

Following up on Two Trees Down, Five Houses Up: The Mercer Island Reporter wrote that there are 270 developable acres left on Mercer Island, and the Island can hold 850 more living units before it reaches its maximum. This includes 203 homes on 66 undeveloped acres and 653 homes on 275 redevelopable acres.

Mercer Island’s Comprehensive Plan, last revised in 2004, said that the Island could accommodate 2,271 new houses, which seemed like a lot to me. The Reporter article also states that the total housing capacity for the Island in 2006 was 1,765 units, and only 10 net new homes were added last year if you account for the ones that were knocked down. That leaves 1,755 units in capacity, not the 850 reported in the same article.

I’ll be honest, the figures are a little hard to get through, and I’m a quant-head. But maybe that’s because it’s still early on a Saturday morning. I’d like to know if it’s 850 or 1,765, since that probably affects whether I’ll be able to take a left on Island Crest Way in the morning to get to work.

In any case, Redfin shows 32 new construction homes for sale in Mercer Island right now, with an average price of $2,472,500. To my surprise, only two are condos, despite all the cranes that you can see around the North Shopping Center.

Mercer Island New Construction Homes

For a look at some of the new construction going up in Mercer Island, see this $2.65 million mansion on 45th, which kind of looks like a church to me, or this $3.75 million home on E. Mercer Way. Notice the bathrobes in the 8th picture on the E. Mercer Way house- if it’s new construction, whose bathrobes are those? The most expensive new home on Mercer Island goes for $31 million, on 3 acres with waterfornt, on the south end. The address is not disclosed. 

 

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6 responses to “850 Homes Left

  1. The $3.75 E Mercer house is easy to see on the KCGIS site:
    http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=3024059104

    It looks like a builder purchased the previous house in 2000, and built a new one starting in 2001. It apparently was sold to the current owners in late 2005. The listing says 2006…that’s stretching it a bit…but it is rather new construction (note the Building grade of 12 – Luxury).

  2. As for capacity, I note that the property to the $3.75mm E Mercer house is 3.68 acres. That’s R-15 Zoning, so that’s theoretically 10.69 lots if they were able to subdivide. There’s the SMA (Shoreline Management Act) setback from the water, there’s some significant steep slope areas…so how many building parcels are _really_ there in that parcel? You’d really have to do some serious analysis to know that.

  3. mercerislandblogger

    Thanks for the info, Keith. I agree, I think of new construction as a home that was just built and has not yet been lived in. But I guess the sellers are using the word “new” liberally.

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