Are our area’s developers seeing a recession?
Harbor Custom Development selling their properties, including in Yelm!

Developer aims to sell 6 South Sound multifamily properties valued at a combined $278M

• Editor’s note: There are several developers seeking to sell their holdings ahead of what they see as the market peak, to take advantage of getting a huge windfall just prior to falling property values. They intend to hold onto their cash and await the market downturn and get back in after the recession bottoms out.
• A Yelm development is up for sale, which Harbor Custom Development just purchased last August, with the purchase closing last October.

From The Tacoma News-Tribune:

“Harbor Custom Development, formerly headquartered in Gig Harbor, on Thursday [April 21] announced the listing of the properties for a combined value of $278 million.

“The 80-unit Pacific Ridge, 8445 Pacific Ave., Tacoma, which has been under construction this year, was among the properties.

“The others are: ▪ Mills Crossing (townhomes), Bremerton, 36 units. ▪ Belfair View, Belfair, 228 units. ▪ Wyndstone, Yelm, 75 units. ▪ Tanglewilde, Lacey, 177 units. ▪ Bridgeview Trails, Port Orchard, 138 units.”