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Jump in vacant land for sale
The adage often used by planners and real estate developers that the Island is built out seems to be a misnomer.
Over the past three or four months, it appears that the rate that homes are added to the market is accelerating. Over the past 30 days, a property has been put up for sale at the rate of roughly one per day. But what is most surprising is the number of parcels for sale that are vacant, buildable land.
Just halfway through the month of November, 250 properties are listed for sale on Mercer Island, including 40 condominiums. That amount far exceeds the 140 homes and condos that were listed for sale in November of last year and is up by 40 from the 169 listed in October. Thirty-six properties have been added in the past 30 days. About half of the properties have been on the market for 90 days or more. Of the properties listed for sale, 28 are vacant, buildable land.
Asking prices for vacant land on the market now range from $3.8 million for a 1.18-acre lot in the Town Center, zoned for multi-family use, to a 14,000-square-foot parcel listed at $450,000, zoned for single-family construction on S.E. 47th Street along East Mercer Way. Most are priced at or just under $1 million. Five of the properties have waterfront on Lake Washington.
Several properties appear to be parts of existing properties that are now being subdivided.