$7M Property Sells Fast on Mercer Island

2.4 acres with large covered dock

A north end Mercer Island property was listed at $7.0 million and sold in the same month for $6.8 million. The sale was recorded on 6/27/11, the purchaser was listed as On the Rock 98040 LLC and the seller was Cordell J. Almond. Mr. Almond is a CPA, partner in the Hersman Serles Almond accounting and consulting firm and principal for Seidman Private Securities, LLC. The property consists of two parcels and is one of the largest low-bank, buildable properties on Mercer Island. It also features a large covered dock (grandfathered) which could not be replicated under the current Shoreline Management Act. It is adjacent (west of) the El Dorado Beach Club. The Club is an enclave of eight homes with a community clubhouse, waterfront pool and dock. To the immediate east of the Club is the home of Jeffrey Greenstein who is in jail for orchestrating tax evasion schemes (see 2/2/11 post) and whose home is on page 76 of LW 130 Homes.

The listing (Kathy Beckes, CB Danforth) stated: “North End Mercer Island, 2.4 ACRES, 150' No Bank Waterfront, Mesmerizing views from Bellevue to University of Washington. White sand beach, Boat House, Boat Launch, Dock for multiple boats, Street to Waterfront Estate Property, Subdivide or keep as your Family Compound. Cottage on property originally built for the Fisher Flower Family. 1st time ever on Market. Privacy, tranquility, your own soccer field. Build your dream home, tennis court & swimming pool. No limits here! One-of-a-kind!”

Seattle Fall Colors

You do not need to travel to Vermont and New Hampshire to see beautiful fall colors. We have our own in the Pacific Northwest. The best place to view the foliage is from the water. Lake Washington offers some of the best scenery and you can also take in viewing the fabulous mansions with, compared to the summer, less leaves obscuring them. The above pictures were taken from the lake on the south and west side of Mercer Island. The southern and western sun and the reflections from the water highlight the colors. Other places with spectacular color are looking at the west side of Medina and the northern part of lake which is less populated and, therefore, has more forest land. If you have not put your boat up for the winter you should take it out sightseeing on our nice autumn days.

Howard Schultz $21.7 Million Pay

View of home in winter

View of home in summer

Howard Schultz was paid $21.7 million in 2010 by Starbucks. This was a raise of $9.6 million over 2009. He is Starbucks’ founder and CEO. This pay package was the highest for a Washington state public company executive in 2010. This was reported in a recent Puget Sound Business Journal article. Schultz has also been in the recent news with his political and charity activities.

His home is on page 21 in LW 130 Homes. It is in Madison Park, south of the high rises, in an exclusive gated community of nine homes that are on the property of the William Garrard Reed estate. (He is the father of Gary Reed [10/1/10 blog post].) Howard drives through the community’s gate and then another gate to his property. His mansion and property, with 16,880 sq ft on 1.8 acres with 248 ft of waterfront, are the largest in community. It is best viewed between this time of year and March.