This 672 Square Foot Mountlake Terrace House Just Sold for $350,000

A single family lot at the SE corner of 234th St SW and 55th ave W just sold for $350,000. The lot is 7,405 square feet and currently contains a 672 square foot house. 

The Zillow estimate for this house is $273,362 and the Redfin estimate is only $251,191. So why the premium sale price? Sale prices in the neighborhood have obviously been rising significantly as of late but $521/sf is extremely high. This lot is not in the Town Center BC/D zone; it's in the RS7200 just outside the Town Center zone. Mountlake Terrace municipal code does allow transitional uses (townhomes or parking lots associated with Town Center development) on RS7200 lots that directly front on streets abutting the BC/D zoning district and are directly accessed off streets abutting the BC/D zoning district. As long as the lot is accessed off 55th Ave W this lot would qualify.

In March 2016 Horizon View Homes submitted a preapplication proposing to develop 5 townhomes on this property. The purchaser of the property is an LLC associated with Horizon View Homes so it's safe to say that the likely plan for this lot is to redevelop it with 5 townhomes. This would be the first project proposing a transitional use on a RS7200 lot.