Home Commercial RM Homes Buys Lynnwood Property Under Construction for Residential Development for $11MM

RM Homes Buys Lynnwood Property Under Construction for Residential Development for $11MM

RM Homes, Taylor Development, Lynnwood, Creekside Grove, Redfin
Courtesy of RM Homes

By Meghan Hall

A Lynnwood property slated for residential development has sold to a local developer as demand for single-family product continues to rise. Puyallup, Wash.-based RM Homes has purchased for about $11 million, according to public records. The seller of the property is an entity affiliated with Creekside Grove LLC and Jay Hartman of Taylor Development. The transaction closed just before Thanksgiving but was only recently recorded.

The property is located at 13823 14th Place West. Dubbed “Creekside Grove,” Taylor Development had intended to develop 49 single family lots over the course of 2020, according to its website. The development is part of an existing community of new homes known as Lake Stickney Parkway which was initially completed in 2016.

Homes range in size from 2,175 square feet to 2,548 square feet and come with either three or four bedrooms. Pricing for new homes begin in the mid-$600,000s. The community also features a playground.

“Exceptional finishes are our standard. Homes will come complete with full-yard landscaping, gas fireplace with floor-to-ceiling surround, slab quartz countertops, KitchenAid kitchen appliances, soft close cabinets with roll-out lower shelves, and more,” states RM Homes on its website regarding the project. “Smart home features include Deako Smart Switches, a Nest Learning Thermostat, USB integrated jacks in the kitchen and master bedroom, and a touchless faucet in the kitchen.”

According to RM Homes, 13 of its homes—those part of the initial presale phase—have sold. The first homes will be delivered in the beginning of 2021.

Demand for single-family homes has risen steadily over the course of the pandemic as first-time buyers have been prompted to invest and young families look for more space. A recent Redfin Survey found 25 percent of buyers moved up their purchasing timeline as a result of the pandemic. On the flipside, 20 percent delayed plans to move, and fewer sellers have placed their assets on the market, causing increased competition for for-sale product in markets such as Seattle.

“Somewhat counterintuitively, the coronavirus-driven recession is propping up the housing market,” said Redfin chief economist Daryl Fairweather in a statement. “Homebuyer demand is surging despite GDP taking a historic nosedive in the second quarter, largely because Americans value the home more than ever and are willing to prioritize housing even as they cut back on other expenses. Additionally, the Fed is using low interest rates to stimulate the economy, which is giving buyers more purchasing power and boosting home sales.”

As of mid-year price growth for newly listed homes was up 10 percent year-over-year, with the majority of homes selling near asking prices. Houses are zooming off the market as developers such as RM Homes and Taylor Development attempt to keep pace.