Green Lake eco-friendly homes going for much less

The Ashworth Cottages development in Seattle's Green Lake neighborhood made a big splash when it came on the market a little over two years ago.

Its 20 homes were hailed by Mayor Greg Nickels and others as the ultimate in green building. Developer Pryde Johnson offered them to buyers at prices ranging from $725,000 to $870,000.

But only three sold. This year Bank of America, the project's lender, foreclosed, taking possession of the other 17 in August.

Now they're back on the market — for prices ranging from $399,000 to $649,000.

That's a drop of 25 to 45 percent.

Seattle developer Intracorp said Wednesday that it has been retained by the bank to complete and sell the remaining cottage- and carriage-style townhomes, north of North 80th Street between Ashworth and Densmore avenues.

Jeff Smallwood, Intracorp's vice president of marketing and sales, said offers already have come in on eight of the 17 since Intracorp began marketing them early last week. "There have been a lot of eyes on this project for a long time," he said

Bill Hurme of Team Builder JLS, which markets new homes for builders and developers, said the price drops at Ashworth Cottages are in keeping with reductions on new construction regionwide.

"We're down 30 or 40 percent, but I think we're at or near the bottom," said Hurme, whose firm marketed Ashworth Cottages previously.

"They were just unlucky," he said of Pryde Johnson. "Bad timing."

The developer had dropped its starting prices to the mid-$500s before it lost the property.

Ashworth Cottages was the first residential development in Washington to win "platinum" certification from the U.S. Green Building Council — a difficult level to achieve, said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University.

The designation recognized the project's infill location, and its many green features.

Almost all the construction waste was recycled. Some materials from the warehouse that previously occupied the site were reused. Many other construction materials came from local sources.

The homes feature formaldehyde-free doors and millwork and on-demand hot water systems. Rain, captured in a 23,000-gallon underground cistern, provides all the water for irrigation.

Fixtures and appliances use relatively little energy and water — Pryde Johnson actually prepared an owners' manual telling buyers how to use and maintain them.

"These homes, I think, set a new gold standard for green," Nickels said at a press conference in August 2007.

Intracorp's Smallwood said the 17 homes are essentially finished, requiring only a little paint or the installation of some appliances. They will be completed to Pryde Johnson's specifications, he added.

Intracorp has built condos and town houses in the Seattle area for more than 20 years. Ashworth Cottages is the first bank-owned property the company is finishing and marketing, Smallwood said, and Intracorp is looking for more of that kind of work.

So are other developers, said Hurme: It's a growing market segment.

Intracorp had its own encounter with foreclosure earlier this year, losing its Domaine condominium project just south of the Aurora Bridge. But the company says it recently sold out The Parc, a 186-unit highrise in Belltown.

Material from The Seattle Times archives is included in this report.

Eric Pryne: 206-464-2231 or epryne@seattletimes.com