Saturday, October 04, 2008

Anyone know what's going on up at Cascadia near Orting

Inspired by this.

Cascadia is a mega-planned development near Orting, that as far as I can tell, has hit a big road bump. I haven't been able to find anything newsy on whether construction on the project has halted or not, but evidence is mounting.

Their news page
has been silent since April and totally dead since July.

As far as I can tell, the three builders (Bennett, Centex, and Shea) that have bought into the project (one for $12 million) aren't selling homes there.

Has the largest planned community in Washington fallen to the axe of the housing bubble?

Son of Roland, what say you?

Either way, I'm up there every so often for work, so I'm thinking of driving by just to take a look.

1 comment:

Rolandovich said...

I have no idea about any details here, but I am guessing the trouble for Kuo and many of his like-minded developers is that they won't be able to back burner these projects while they wait out the housing turmoil to subside. A correction is many years in the making and I believe will never happen until wages come up, or housing prices come way down. As those two factors find common ground, most projects of the last three years become simply not economically feasible.

In a world where credit and risk are actually valued properly (not the last 10 years), most of these types of developments have no reason to exist. To wit, I read somewhere recently that Seattle has fulfilled its housing demand through 2020. If that is true, we are really digging ourselves into a glut of absurd proportions--no demand, no credit, no farmland/forests, and no one to take out the trash.