CASE STUDY OF FOREST VIEW SUBDIVISION WASHOUGA WASHINGTON
This post is a case study of a new subdivision in Washougal, Washington. It is of the Forest View Phase 2 development.
The Forest View development came on line at the end of 2005, at the height and nearly the end, of the most recent inflationary period in residential real estate. All was looking pretty good at that time. The development consists of 33 lots. Thirty two have been built on. The houses on the lots range in size from about 2,400 square feet to to about 3,400 square feet in above grade living area. They ranged in price from around $400,000 to around $650,000.
To date there have been 19 sales of houses in the development with two additional re-sales. That leaves one undeveloped lot still available and 13 houses that have never sold. It is very difficult to tell how many are in foreclosure. The county does not track foreclosures by address. I drove through the subdivision yesterday and there were eight for sale signs.
The overall sales activity in this development was four sales in 2005, 13 sales in 2006, one sale in 2007 and one sale in 2008. Perhaps the good news is that 2008 is off to a good start with a sale in the first quarter. Statistically, that might suggest a year with four sales. If so, that would indicate a 3.25 year supply of houses in Forest View Phase 2.
It will be interesting to see what happens.
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