A heavily wooded and unusually large piece of undeveloped
land near Lake Sammamish is going on the auction block
next month. Until now, developers have shied away from the
property and it will probably sell for a bargain price.

It’s 46 wooded acres, fronted by East Lake Sammamish
Parkway. It’s right across the street from the Lake
Sammamish State Park boat launch, close-in to Issaquah,
near I-90 and not far from Microsoft.

The problem is that there are wetlands on this property
and a conservation easement that requires a large section
of the property be maintained in its natural state. Add to
that, steep slopes on the eastern section of the acreage
that can’t be developed. That leaves just 4.8 acres, or
about 10 percent of the property that can be developed.

Real estate broker Brett Frosaker led a brief tour of the
property through a swampy wetlands to a quiet, wooded
section where a few homes could be built.

“After trudging through the blackberries, stinging nettles
and the bog, we’re at the buildable site, now, which has a
lot of mature trees.”

It’s surprisingly serene for a place so close to a major
roadway. “This clearing is really pretty and it’s peaceful
because now all of a sudden, the sound of the road has
subsided and we actually feel like we’re in the woods
somewhere far away,” said Frosaker.

The land belongs to an estate and the executors tried to
sell it for years, but big home builders and developers of
multi-family projects found too many obstacles, risks and
not enough financial reward.

Now, Northwest
Auctions is promoting the property as a
possible family compound or estate home.

“I think the most logical thing, at this point, would be
your dream house and it would offer solitude in the midst
of a busy area,” suggested Frosaker.

There’s been talk of a conservation or recreation-oriented
group bidding. The fact that it’s already largely
protected means non-profits are less motivated to purchase
the land.

Also on the tour was Janet Wall, who volunteers for a land
conservancy. “It would be nice to have it go to a family
or a couple of families that would be interested in
maintaining the natural resource values of the property.”

How about a park? The cash-poor city and the state seem
unlikely bidders, even if the price is less than $1
million, as expected. One broker says the land was once
listed for $1.9 million.

There are very few, if any, similar pieces of property in
the area, so close to the city.

On Aug. 8, we’ll find out if anybody considers this
property a bargain.