Tacoma Cracker Building Price Drop (15. February 2007, 15:28 by Derek Young) ~ Do It. Invite Us To the Party.
I know you were on the fence the last time we talked about the Tacoma Cracker Building in the 900 block of Broadway. $3.4 million was a bit much, but you were tempted. How does $2.95 million sound to you? You could have the coolest loft in town and 6000 square feet to spare. It sounds perfect for indoor bocce. I’m tempted…
Listed with Windermere – MLS # 27025228
Previously on Exit133
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That’s great. Now I just need to get 10 or 20 of my best friends together and we can share it. It would be sort of like living in an urban bunkhouse or something.
Seriously, though, it is interesting to see what the ask is. Even at the reduced price, the Cracker Building appears to be the most expensive residential (or partly residential) property in Tacoma listed on Windermere’s site. It’s also interesting to note that the property taxes appear to be about half that of the (2nd) next-highest priced property. Probably just a lag in appraisal due to the renovations, but I’m not sure. The real estate insanity continues!
Ah, well. If you have the dough and don’t care what things cost, it would be sort of like living in an urban Bat(man) Cave.
1 | Posted by Erik S | Feb 15, 04:54 PM
At $3M I think it would be tough to realize a reasonable return by renting out the apartment and a couple of commercial spaces. For general comparative purposes, if you bought this thing using a 30-year loan akin to a zero-down mortgage (probably not a likely structure for this, I admit) the debt service would be $18K-$19K per month exclusive of taxes, insurance, etc. That’s a lot of rent!
I’m all for a healthy free market but this looks like a case where silly levels of greed could hold development of the city (or rather this part of it) back. Then again, maybe some speculator will assume that this will be worth $18M in 2013….
Hey, does anyone here know if someone eventually bought the Ford Building/Crescent Ballroom?
3 | Posted by Erik S | Feb 15, 05:08 PM
I recall seeing that the first floor of the recently sheetrocked building at ~732 Broadway was selling for $600,000. There’s about 6,000sf in a single floor of that building. I can’t find the listing, but it’s easy to find on Broadway due to the recent renovations.
4 | Posted by DavidS | Feb 15, 05:15 PM
Riley still had the Crescent Ballroom & Ford Building on the market last time I checked. At that time, the buildings across the street were also on the market.
5 | Posted by DavidS | Feb 15, 05:18 PM
Phew! I’m glad I didn’t pay $3.4 million for it- I would have felt dumb…
Cool building though!
6 | Posted by morgan | Feb 15, 05:41 PM
Oh man, I thought you guys were using a derogatory term for city hall… but then i realized, no you’re talking about the real Tacoma cracker building.
7 | Posted by RR Anderson | Feb 15, 05:58 PM
Hey, does anyone here know if someone eventually bought the Ford Building/Crescent Ballroom?
The buildings are still for sale by Riley.
Here’s a chance to buy two buildings totalling 32,400 sq ft for less than $2,765,000, about the same as the modest “cracker” building.
If 30 people with $90,000 combined their funds, they could each get a 1100 sq ft loft each plus a 13,800 parking lot to share and/or community garden.
Now that sounds nice. I’m having a tough trying to imagine going to a lender with 29 cosigners, but co-op apartments exist, so there’s obviously a way to do this sort of thing. Anyone have any idea how many of the 32,400 sf are used by the actual peformance area? It would be nice to see a project that incorporated a smaller (but still substantial) number of lofts/business spaces without requiring the sacrifice of the venue.
9 | Posted by Erik S | Feb 16, 08:38 AM
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