Tygart Media

Tag: Real Estate

  • Skotdal’s Mosaic Apartments Is Going Up on Pacific Avenue: 102 Art-Infused Homes Are the Latest Chapter in Downtown Everett’s Buildout

    Skotdal’s Mosaic Apartments Is Going Up on Pacific Avenue: 102 Art-Infused Homes Are the Latest Chapter in Downtown Everett’s Buildout

    Skotdal’s Mosaic Apartments Is Going Up on Pacific Avenue: 102 Art-Infused Homes Are the Latest Chapter in Downtown Everett’s Buildout

    What is Mosaic Apartments in Everett? Mosaic is Skotdal Real Estate’s newest downtown Everett apartment development — a seven-story, 102-unit art-infused community at 1702 Pacific Avenue in the heart of downtown. The project, designed by Johnson Oaklief Architecture & Planning, was approved in August 2024 and is currently in construction. It features a 106-stall parking garage, EV charging stations, a fitness center, co-working space and club lounge, and public artwork on the building’s blank wall areas — celebrating Everett’s growing public art scene. Status: coming soon.

    If you have walked down Pacific Avenue in downtown Everett in the last six months, you have already seen Mosaic going up. The seven-story footprint at 1702 Pacific Ave is the latest addition to a Skotdal Real Estate downtown portfolio that already includes Peninsula, Library Place, Library Place South Stack, Aero, Marquee, Olympic Park, Colby Center, and the Port Gardner Collection — and it tells the same story the rest of the buildout has been telling: downtown Everett is no longer a place that has to convince anyone that more housing belongs here.

    The 102-unit count puts Mosaic in the same scale range as Skotdal’s other recent downtown work — bigger than Library Place South Stack’s nine homes, smaller than the Waterfront Place high-density block but planted firmly inside the urban grid, two blocks off the Hewitt Avenue spine. We checked in with the project this week and the bones are up, the artwork concept is approved, and Skotdal’s announced status is the magic two words every downtown watcher has been waiting for: coming soon.

    What the building actually is

    The numbers, in order:

    • 7 stories, the maximum that downtown Everett’s mixed-use zoning supports along this Pacific Avenue stretch.
    • 102 upscale apartment homes — Skotdal has described them as bright modern homes consistent with the company’s other downtown portfolio buildings.
    • 106-stall parking garage — slightly more than one stall per unit, which by Pacific Northwest urban-infill standards is generous. Most new Seattle multifamily projects in the same density band are closer to 0.7 stalls per unit.
    • EV charging stations — present from day one, not retrofitted.
    • Fitness center, co-working space, and club lounge — the amenities package that has become standard in mid-market downtown apartments in the post-COVID era, when remote work and hybrid schedules drove demand for at-home co-working space.
    • Public art on blank wall areas and a fifty-foot planter at the base of the blank wall facing Pacific Avenue, per the city design review.

    The architect on record is Johnson Oaklief Architecture & Planning, LLC, the firm that has handled several of Skotdal’s other downtown projects. Craig Skotdal is the applicant of record. The project received city approval in August 2024 and has been moving through construction since.

    Why Skotdal keeps building downtown

    Craig Skotdal’s family has been buying and building in Everett since 1968. Art and Marianne Skotdal made their first purchase that year, and the portfolio has grown steadily through a long-term-hold strategy. In 2004 the company shifted from repositioning existing assets to ground-up construction, and the Peninsula Apartments — the company’s first new-build downtown — set what is now the visual template for the rest of downtown Everett’s apartment stock: brick, art, ground-floor activation, and a deep amenity package.

    Mosaic continues that template with an explicit nod to Everett’s public art scene. The artwork-on-blank-walls approach is a design choice that runs through several of Skotdal’s other properties — Aero leans into aerospace iconography, Library Place uses bibliophile motifs throughout its hallways, and Marquee Apartments plays off the Village Theatre across the street with theater-themed design.

    The thesis behind this much investment from one family in one city is simple: downtown Everett is still pricing below comparable Seattle infill submarkets but is starting to deliver the same amenities, transit, and walkability. The 2028 Sound Transit Everett Link timeline, the September 2026 stadium groundbreaking, the Edgewater Bridge that opened April 28, and the growing list of downtown restaurants and food halls are all things that nudge rent comps up and make new construction pencil. Skotdal has been ahead of that curve for two decades and has the leases to prove it — Peninsula, Library Place, and Library Place South Stack have all consistently posted occupancy above 95 percent in recent quarters.

    How Mosaic fits into the broader downtown picture

    The downtown apartment supply story across 2025 and 2026 is one of acceleration. Just in the last 90 days the Waterfront & Development desk has covered: the Sage Investment Group conversion of the 9602 19th Street SE Econo Lodge to 124 studios (Phase 1 leasing August 2026); the Millwright District Phase 2’s 300-plus apartment count breaking ground; Waterfront Place’s Sawyer and Carling buildings posting 95-percent occupancy with $2,202-to-$2,800 premium rents holding through a softer overall county market; and a $640 million Snohomish County apartment investment year per Kidder Mathews and The Registry that doubled from the 2023 trough.

    Mosaic plays in a different slice. It is not waterfront, it is not an income-restricted conversion, it is not a missing-middle play. It is upper-middle-market downtown urban infill — the slice that historically had to push out to Bellevue or downtown Seattle to find a building that pencils. The 102-unit count is large enough to move the downtown rent comp set but not so large that it floods the submarket the way the Waterfront Place high-density block did.

    When Mosaic delivers — Skotdal has not published a specific opening date yet beyond the “coming soon” status — it will join a downtown apartment portfolio in which a single private operator (Skotdal) is responsible for somewhere north of 600 units across nine buildings within roughly a 10-block walk. That kind of consolidated ownership is rare for a city of Everett’s size and has been a deliberate strategy: Skotdal’s leasing pages and tenant portal funnel residents across the portfolio, and amenities (fitness, co-working, the rooftop deck at Aero) are shared marketing across the buildings.

    What this means for downtown rents and street life

    Two predictions worth tracking once Mosaic delivers:

    1. Pacific Avenue ground-floor activation. The Pacific Avenue stretch between Hewitt Ave and the Everett Public Library has been a quieter retail block than Colby or Hewitt themselves. A 102-unit building with concentrated foot traffic at the entrance is the kind of thing that gives a small ground-floor retail bay or cafe space a real shot. Skotdal’s pattern at other buildings (the Library Place ground-floor activation, the Aero retail at street level) suggests Mosaic will follow that playbook.

    2. Downtown rent floor. Library Place and South Stack rents have been comping at $2.45 to $2.80 per square foot for upper units. Mosaic’s amenity package — fitness center, co-working, club lounge, EV charging, the 106-stall garage — is consistent with that band. If the building leases at that range from delivery, it will reinforce the floor that Skotdal’s other downtown buildings have established. If it has to come in below that to fill 102 units in a stiffer rental market, it will signal something different about where downtown Everett rents settle for the next cycle.

    The bigger picture is one Will has been writing about for months: downtown Everett is building the housing stock to actually be a city center. Not a suburb of Seattle. Not a stop on the way to the Mukilteo ferry. A city center. Mosaic is one more brick in that argument.

    Frequently Asked Questions

    Where is Mosaic Apartments being built in Everett?
    Mosaic is being built at 1702 Pacific Avenue in downtown Everett, WA 98201. The seven-story building sits on Pacific Avenue in the heart of the downtown commercial district, within a short walk of Hewitt Avenue and the Everett Public Library.

    How many units does Mosaic Apartments have?
    The building is a seven-story, 102-unit apartment community. It also includes a 106-stall parking garage.

    Who is developing Mosaic Apartments?
    Skotdal Real Estate is the developer, with Craig Skotdal as applicant of record. The project architect is Johnson Oaklief Architecture & Planning, LLC. The project received City of Everett approval in August 2024.

    When will Mosaic Apartments open in Everett?
    Skotdal has listed the project as “coming soon” with construction underway. The company has not published a specific opening date as of May 2026. Mosaic is the company’s newest downtown Everett development.

    What amenities does Mosaic Apartments offer?
    Mosaic’s announced amenity package includes EV charging stations, a fitness center, a co-working space and club lounge, and a 106-stall parking garage. The building also features public artwork on blank wall areas and a fifty-foot planter at the base of the Pacific Avenue facade, celebrating Everett’s public art scene.

    What other apartment buildings does Skotdal Real Estate own in Everett?
    Skotdal’s downtown Everett multifamily portfolio includes Peninsula Apartments, Library Place, Library Place South Stack, Aero Apartments, Marquee Apartments, Olympic Park Apartments, the Port Gardner Collection, and The Residences at Colby Center. The company has been buying and building in Everett since 1968 and shifted to ground-up new construction in 2004 with the Peninsula Apartments.

    Why does Mosaic emphasize public art?
    Mosaic is positioned as an art-infused community that celebrates Everett’s burgeoning public art scene. The design includes artwork on the building’s blank wall areas — both as a community-design feature and as a city design review condition. Skotdal’s other downtown projects have used similar themed-art approaches (aerospace at Aero, literary motifs at Library Place, theater design at Marquee across from the Village Theatre).

  • Snohomish County Leads the Region in Inventory Growth: What NWMLS’s Official April 2026 Numbers Mean for Everett Buyers and Sellers

    Snohomish County Leads the Region in Inventory Growth: What NWMLS’s Official April 2026 Numbers Mean for Everett Buyers and Sellers

    Q: Is inventory really up 58% in Snohomish County?
    A: Yes — that’s the official NWMLS figure for April 2026. Active listings rose from 1,325 to 2,094 year-over-year, the largest percentage increase of any county in the 23-county NWMLS region. More homes are available than at any point in recent memory, but high mortgage rates are keeping a lid on closed sales.

    By every measure that matters to people trying to buy or sell a home in Everett right now, April 2026 delivered a split verdict. More homes hit the market than at any point in recent memory — Snohomish County added inventory at a rate of 58% year-over-year, the fastest growth in the entire NWMLS region, which spans 23 counties across Washington state. But fewer homes actually changed hands, and the median price ticked down for the first time in years, suggesting that the inventory flood hasn’t yet turned into a buying spree.

    The official numbers came from the Northwest Multiple Listing Service, which published its April 2026 Market Snapshot on May 7. Here’s what they show for Snohomish County — and what they mean for anyone watching Everett’s real estate market.

    The headline number: 58% more homes available

    Active listings in Snohomish County jumped from 1,325 in April 2025 to 2,094 in April 2026 — a 58% year-over-year increase that led every county in the NWMLS coverage area. Walla Walla (+54%), Okanogan (+52.4%), Skagit (+44.5%), and Thurston (+43.3%) were the next closest, but none matched Snohomish County’s pace.

    For context, we’ve been tracking Snohomish County inventory steadily this year: in March, the NWMLS showed a 51.8% inventory surge; the Madrona Group’s April Sales Activity Intensity report came in at 54.9% per our earlier housing market update. April’s official NWMLS count shows the trend isn’t just continuing — it’s accelerating. Buyers have more to choose from than they have in years.

    The price picture: flat to slightly down

    The median sales price in Snohomish County came in at $750,000 in April 2026, down slightly from $755,500 in April 2025. That’s a modest -0.7% decline year-over-year, but it’s notable because it’s the first time in recent cycles that prices have moved down on an annual basis rather than up.

    At $750,000, Snohomish County ranks third-highest among NWMLS counties — above the NWMLS-wide median, and above where many buyers expected the county to be given the economic uncertainty of the past year. Prices haven’t collapsed. They’ve quietly, gradually softened.

    What does that mean on the ground in Everett? Sellers who listed with aggressive pricing expectations six months ago are finding that buyers are no longer obligated to stretch. It doesn’t mean deals — it means more honest conversations about what homes are actually worth.

    Fewer buyers are closing, but more are going under contract

    Here’s the tension that defines this spring market: closed sales in Snohomish County dropped 15% year-over-year — 104 fewer completed transactions than April 2025. That sounds alarming until you see the other side of the ledger.

    Pending sales (homes under contract but not yet closed) were up 2% year-over-year across the NWMLS region. Buyers are active. They’re writing offers. They’re going under contract. What they’re doing less of is getting all the way to closing.

    The most likely explanation is the mortgage rate environment. Rates sitting at 6.45% are not prohibitive, but they’re high enough that some buyers — particularly those relying on proceeds from a previous sale to qualify — are pausing at the final step. The “lock-in effect” is real: homeowners who refinanced at 3% in 2021 are still choosing to stay put rather than take on a 6.45% mortgage on a new purchase, which suppresses the resale pool even as the overall inventory count rises.

    35 days on market and 2 months of supply — still not a buyer’s market, technically

    Average days on market in Snohomish County came in at 35 days in April 2026. That’s longer than the sub-20-day paces we saw during peak 2021-2022 frenzy, but still far from the 60-90 day markets that characterized the 2008-2012 correction.

    Supply stands at 2.0 months for residential resale — a number that still technically favors sellers (a balanced market is generally considered 4-6 months). But 2.0 months is a world away from the 0.5-0.7 month readings that produced the multiple-offer chaos of 2021-2022. Buyers have real negotiating power for the first time in years. They just have to qualify.

    What this means for the Everett market specifically

    Everett’s market has been one of the most interesting in the county to watch this year. We’ve covered the three-price-band split — Downtown and NW Everett moving in different directions from southeast zip codes — and the rental market’s softening, with apartment rents down 2% year-over-year to an average of $1,849 per month.

    The NWMLS April data adds a layer: even as more homes come available, Everett buyers are navigating a market where the homes that sell quickly are the ones priced correctly from day one. With inventory at 2.0 months, sellers have less margin for optimistic overpricing than they did even six months ago.

    For buyers, the calculus is real: more options, lower median, but 6.45% rates eating into purchasing power. A $750,000 home at 6.45% with 20% down carries a monthly principal-and-interest payment of approximately $3,770 — a number that limits who can comfortably qualify without significant equity or income.

    For the Everett development market, the housing data matters because it sets the backdrop for the 300-plus waterfront apartments coming in the Millwright District Phase 2, the Econo Lodge conversion of 124 studio apartments at 9602 19th St SE, and other multifamily projects in the pipeline. Softer for-sale absorption means more households staying in the rental pool — which is actually a tailwind for Waterfront Place’s apartment occupancy (currently at 95%) and for the new units coming to market in 2026-2027.

    The Sounder North ending in 2033 and the Sound Transit May 28 board decision will add another data point to the transit-oriented development picture around Everett Station, with implications for what gets built and where.

    The takeaway for May 2026

    More homes. Slightly lower prices. Fewer completions, but steady demand going under contract. That’s the April 2026 picture in Snohomish County. It’s the most balanced spring market we’ve seen in years — not a buyer’s market, not a seller’s market, but something closer to a market where both sides have to come prepared and priced to the moment.

    The next NWMLS monthly release will cover May 2026 data, typically available in the first week of June. By then we’ll have the Sound Transit May 28 board decision on Everett Link, which will add one more long-term data point to the development pipeline around Everett Station and the waterfront.

    Frequently Asked Questions

    What is the current median home price in Snohomish County?

    The official NWMLS April 2026 median sales price in Snohomish County is $750,000, down slightly from $755,500 in April 2025.

    How much did housing inventory grow in Snohomish County?

    Active listings grew 58% year-over-year, from 1,325 to 2,094 — the largest inventory increase of any county in the 23-county NWMLS region for April 2026.

    How long are homes sitting on the market in Snohomish County?

    The average days on market in April 2026 was 35 days — longer than the sub-20-day pace of 2021-2022, but far from distressed-market territory.

    What is the current mortgage rate environment?

    As of April 2026, the NWMLS reports an average mortgage rate of 6.45% in the area, which is limiting the pool of buyers who can comfortably complete a purchase — even as more inventory becomes available.

    How many months of housing supply does Snohomish County have?

    Residential resale stands at 2.0 months of supply — technically still a seller’s market, but significantly improved for buyers compared to the 0.5-0.7 month readings of 2021-2022.

    Are home prices falling in Snohomish County?

    The official NWMLS April 2026 data shows Snohomish County median prices down 0.7% year-over-year ($750K vs. $755.5K in April 2025) — the first year-over-year decline in recent cycles. Prices are softening, not collapsing.

    Is it a buyer’s market in Snohomish County?

    Not technically — 2.0 months of supply still favors sellers in most definitions — but buyers have significantly more negotiating leverage than they’ve had in years. More choices, lower median, and sellers who are increasingly priced-to-sell rather than priced-to-wish.

  • Living in Valley View-Sylvan Crest-Larimer Ridge: Everett’s Hilltop Neighborhood With One Road In and Views That Make It Worth It

    Living in Valley View-Sylvan Crest-Larimer Ridge: Everett’s Hilltop Neighborhood With One Road In and Views That Make It Worth It

    What is the Valley View neighborhood in Everett like?
    Valley View-Sylvan Crest-Larimer Ridge is a small, tight-knit hilltop neighborhood in southeast Everett with approximately 680 residents. The neighborhood sits on a plateau with panoramic views of the Cascade Mountains and Snohomish Valley. It has only one road in: 75th Street Southeast, over an Interstate 5 overpass. Homes sell in an average of 12 days — far faster than the national average of 55 — with a median sale price of $675,000.

    Living in Valley View-Sylvan Crest-Larimer Ridge: Everett’s Hilltop Neighborhood

    There’s only one road into Valley View. That one fact explains everything about it.

    You cross the Interstate 5 overpass on 75th Street Southeast, and then you’re in. Quiet, curved streets. Cul-de-sacs that dead-end into tree canopy. Homes with views of the Cascades to the east and the Snohomish Valley below. The plateau that the City of Everett officially designates as Valley View-Sylvan Crest-Larimer Ridge doesn’t announce itself. It doesn’t need to.

    Valley View is one of the last neighborhoods in the desk’s coverage rotation — and one of the most distinct in south Everett.

    A Triangle on a Plateau

    The City of Everett groups three sub-areas — Valley View, Sylvan Crest, and Larimer Ridge — as a single neighborhood because that’s how residents experience them: one continuous, well-kept plateau community in the southeast corner of the city, roughly five miles from downtown Everett. The city’s official neighborhood page is at everettwa.gov/559.

    The shape of the neighborhood is almost literally triangular, defined on two sides by natural terrain and on the third by Interstate 5. The highway that most Puget Sound drivers barely register is, for Valley View, the defining boundary — the feature that keeps the neighborhood separate and quiet. Only one way over: 75th Street SE. Nobody passes through Valley View en route to somewhere else. Everyone who’s there chose to be there.

    The Housing Market Tells the Story

    Homes in Valley View sell in an average of 12 days — versus a national average of 55. The median sale price over the last year is $675,000, down 9% from the prior year’s peak, which actually makes this one of the more watchable entry points into a south Everett plateau neighborhood if you time it right.

    Most of the housing stock was built between 1940 and 1969 — mid-century bones, established lots, mature trees, real yards. A number of more recently built homes fill out the mix. The neighborhood ranks in the top 15% of highest-income neighborhoods in America and in the top 10.9% of family-friendly neighborhoods statewide — a combination of high homeownership rates, above-average school quality, and low crime.

    Who Lives Here

    Roughly 680 people call Valley View-Sylvan Crest-Larimer Ridge home, making it one of Everett’s smaller neighborhood units by population. That scale matters: neighbors actually know each other here. The intimate headcount is part of why the neighborhood consistently appears on lists of Everett’s most community-oriented places to live — there’s enough density to sustain a real association, but not so much that faces blur.

    English is spoken in about 68.8% of households. Vietnamese, Spanish, Arabic, and Tagalog are the next most common languages — a reflection of the broader southeast Everett demographic mix that runs through Pinehurst-Beverly Park, Cascade View, and Evergreen. The neighborhood’s diversity is baked in quietly, without being its defining public identity.

    The Neighborhood Association

    Valley View-Sylvan Crest-Larimer Ridge has an active neighborhood association that meets on the third Tuesday of each month at 7:00 PM at the South Precinct Police station, with no meetings in July, August, or December. For new residents, this meeting is the fastest way to understand what’s actually happening in the neighborhood — what’s being proposed, what longtime residents care about, who to call when something comes up.

    The City of Everett’s Council of Neighborhoods coordinates across all neighborhood associations, and Valley View-Sylvan Crest-Larimer Ridge is fully part of that structure.

    Parks and Getting Outside

    Rotary Park sits close to the neighborhood — a fishing and recreation park with a public boat ramp, one of the few spots in south Everett where you can launch a kayak or fish from shore on a weekday morning. For longer trail time, the Japanese Gulch Trail offers a forested escape with wildlife and quiet that surprises people who don’t know it. Forest Park — Everett’s 197-acre crown jewel with trails, an animal farm, and playgrounds — is a short drive north.

    The neighborhood’s own streets double as walking routes given the near-absence of through traffic. If your definition of a neighborhood park includes “my street at 7 AM with almost no cars,” Valley View delivers consistently.

    Schools

    Valley View-Sylvan Crest-Larimer Ridge is served by Everett Public Schools, which posted a record 96.3% graduation rate for the class of 2025 — one of the highest rates in Washington State. Jefferson Elementary and Eisenhower Middle School serve families in this portion of southeast Everett. The district’s strong college and career readiness programming and the proximity to Everett Community College give Valley View students real post-secondary options close to home.

    What to Know Before You Move

    Valley View-Sylvan Crest-Larimer Ridge is not for people who want city energy immediately outside their door. There are no coffee shops on the corner, no walkable commercial strip. The appeal is something else: real quiet, genuine mountain views, neighbors who wave, and a housing market that’s been overlooked because the neighborhood doesn’t advertise itself.

    The one-road-in geography is a feature for most residents — it keeps the plateau private. I-5 access via 75th Street SE puts you on the freeway in under two minutes. Community Transit serves the area for riders who don’t drive.

    For families comparing south Everett seriously — looking at Glacier View, Cascade View, or Pinehurst-Beverly Park — Valley View belongs on the list. It’s the one most people drive past without ever knowing the plateau exists above them.

    Frequently Asked Questions

    Where exactly is Valley View in Everett?
    Valley View-Sylvan Crest-Larimer Ridge is in southeast Everett, approximately five miles from downtown. The only road access is via 75th Street Southeast, which crosses an I-5 overpass into the neighborhood.

    What is the City of Everett’s official name for this neighborhood?
    The city designates the combined area as Valley View – Sylvan Crest – Larimer Ridge, recognizing the three sub-areas as one neighborhood unit. The official page is at everettwa.gov/559.

    What is the median home price in Valley View?
    The median home sale price over the last 12 months is $675,000 — down 9% from the prior year. Homes sell in an average of 12 days, well below the national average of 55 days.

    Does Valley View have a neighborhood association?
    Yes. The Valley View-Sylvan Crest-Larimer Ridge Neighborhood Association meets the third Tuesday of each month at 7:00 PM at the South Precinct Police station. No meetings in July, August, or December.

    What schools serve Valley View?
    The neighborhood is served by Everett Public Schools. Jefferson Elementary and Eisenhower Middle School serve the area. EPS posted a record 96.3% graduation rate for the class of 2025.

  • Moving to Everett in 2026? Here’s What the Tightest Retail Market in Puget Sound Means for Your Neighborhood, Shopping, and What’s Coming

    Moving to Everett in 2026? Here’s What the Tightest Retail Market in Puget Sound Means for Your Neighborhood, Shopping, and What’s Coming

    Q: What should someone moving to Everett know about the retail and shopping environment in 2026?
    A: Snohomish County has the tightest retail market in Puget Sound (3.4% vacancy, Q4 2025), which has two practical implications for new residents: good news (the city’s existing retail is stable and occupied, not full of empty storefronts) and realistic expectations (major new retail amenities are coming slowly — Waterfront Place is growing, Millwright Phase 2 is in pre-leasing, and the riverfront grocery anchor isn’t arriving until 2030). Here is the shopping landscape by neighborhood and what’s coming when.

    What the Tight Retail Market Means for Your Daily Life in Everett

    If you’re moving to Everett, the retail market data has two practical implications for your daily life — one reassuring and one requiring patience.

    The reassuring part: 3.4% vacancy means that Everett’s existing retail is overwhelmingly occupied. The stores and restaurants that are here are here because they’re viable. You won’t find the endless empty storefronts that characterize struggling commercial districts in other cities. The businesses you discover in your first weeks will still be there in year two.

    The patience part: that same tightness means the major new retail amenities that make urban neighborhoods feel complete — grocery options in new neighborhoods, a broader restaurant scene on the waterfront — are arriving on slow timelines. The riverfront grocery anchor doesn’t open until 2030. Waterfront Place is still building out its restaurant row. If you’re moving to a new Everett neighborhood expecting walkable urban retail from day one, you may need to adjust expectations based on where you land.

    Grocery and Everyday Shopping by Area

    North Everett and Downtown

    The QFC on Colby Avenue is the primary grocery option for downtown and North Everett residents. Fred Meyer on Casino Road serves the broader South Everett corridor. Safeway on Broadway is another downtown-adjacent option. Whole Foods is not in Everett (the nearest is in Lynnwood or Redmond); Trader Joe’s is in Lynnwood. For everyday grocery needs, North Everett residents have workable but not walkable options — most require a short drive.

    South Everett and Casino Road Corridor

    The Casino Road corridor has significant retail density serving the area’s large residential population, including several ethnic grocery options (Vietnamese markets, Filipino stores, and international food retailers serving the area’s diverse communities). Fred Meyer is a major anchor. For families who cook internationally, South Everett’s food retail is actually more interesting than North Everett’s in terms of variety.

    The Snohomish River Waterfront Neighborhood

    If you’re moving to one of the Shelter Holdings residential buildings on the Snohomish River waterfront, be aware that the grocery anchor has been delayed to 2030. You’ll be relying on the QFC on Colby for grocery runs — about a mile from the waterfront site. The neighborhood has ground-floor commercial space that is being built out, but the full retail program is several years from completion. The Interurban Trail makes the neighborhood excellent for walking and cycling; the car remains necessary for grocery shopping for now.

    What’s Coming: The Retail Development Pipeline

    Waterfront Place at the Port of Everett

    The most exciting new retail corridor in Everett is the Port of Everett’s restaurant and dining cluster. Jetty Bar & Grille, Marina Azul, Scuttlebutt Brewing, and others are building a genuine waterfront dining district along Port Gardner Bay. This is already partially open and worth exploring as a weekend destination. The Waterfront Place guide covers every tenant and what’s there now.

    Millwright District Phase 2

    The next major mixed-use development at the Port waterfront — adding residential units and ground-floor retail — is in pre-leasing. It’s the next-generation version of the Waterfront Place district, with higher residential density that will make the commercial program more sustainable. Timeline: several years out.

    The Snohomish River Waterfront

    Grocery store in 2030. Eclipse Mill Park by spring 2028. The full waterfront guide is the most complete picture of what’s coming and when on the riverfront site.

    The Farmers Market and Seasonal Retail

    The Everett Farmers Market opens Mother’s Day 2026 and runs through the summer on Wetmore Avenue in downtown Everett. It’s one of the city’s best weekly retail experiences — local produce, food vendors, crafts, and community. For new residents, it’s one of the first things to put on your calendar. It’s also where you’ll meet a cross-section of Everett’s community in a way that no strip mall can offer.

    The Bigger Picture: Everett Is Under-Retailed, and That’s Changing

    Snohomish County’s tight vacancy reflects a structural reality: the county has grown faster than its retail has. That gap is exactly why the waterfront projects are being built. The city’s population — 114,070 in Everett proper, with the county at over 800,000 — is large enough to support significantly more retail than currently exists. The development pipeline is beginning to fill that gap, slowly but genuinely.

    For new residents, the practical advice is: get comfortable with a car for big-box and grocery runs, explore downtown Everett’s independent retail and dining for your everyday life, and watch the waterfront corridors over the next 3–5 years. The city’s retail story in 2030 will be substantially richer than it is in 2026. You’re arriving at the right time to be part of that change.

    Frequently Asked Questions for New and Relocating Residents

    Is Everett a walkable city for shopping and errands?

    It depends heavily on your neighborhood. Downtown Everett has a walkable core with restaurants, cafes, specialty retail, and the farmers market. Most grocery shopping requires a short drive. The waterfront neighborhoods (Port and Snohomish River) are growing but not yet fully retail-complete. South Everett has good density on the Casino Road corridor but is car-dependent.

    Where is the nearest Trader Joe’s or Whole Foods to Everett?

    The nearest Trader Joe’s and Whole Foods are in Lynnwood, approximately 10–15 miles south of downtown Everett on I-5. Lynnwood’s Alderwood Mall and surrounding retail corridor is the nearest major shopping destination outside Everett itself.

    What new retail is coming to Everett in the next few years?

    Waterfront Place at the Port of Everett is already partially open and continuing to add tenants. Millwright Phase 2 (Port waterfront mixed-use) is in pre-leasing. The Snohomish River waterfront grocery anchor arrives in 2030 and Eclipse Mill Park opens spring 2028. Downtown’s Broadway and Hewitt corridors continue seeing independent retail turnover.

    Is the Everett Farmers Market worth checking out?

    Yes. The Everett Farmers Market opens Mother’s Day 2026 and runs through the summer season on Wetmore Avenue downtown. It’s one of the best weekly community experiences in the city for new residents trying to meet neighbors and explore local food.

    How does Everett’s retail compare to Bellevue or Seattle?

    Everett has significantly less retail density per capita than Bellevue or Seattle. It’s a working city with a strong employment base (Boeing, Navy, healthcare) that has historically prioritized industry over consumption. The city’s retail footprint is growing — the waterfront projects represent the biggest retail investment in Everett’s recent history — but the gap with Seattle’s retail depth will persist for years. Everett’s comparative advantage is affordability and community character, not retail variety.

  • For Everett Business Owners and Retail Tenants: What Snohomish County’s Tightest-in-Puget-Sound Market Means for Your 2026 Lease and Location Decisions

    For Everett Business Owners and Retail Tenants: What Snohomish County’s Tightest-in-Puget-Sound Market Means for Your 2026 Lease and Location Decisions

    Q: What does Snohomish County’s tight retail market mean for Everett business owners looking to lease or expand in 2026?
    A: The county’s 3.4% retail vacancy rate (Q4 2025, Kidder Mathews) means space is scarce and competition for prime locations is real. Existing tenants have strong leverage at renewal. Prospective tenants seeking new space face limited options and must move quickly when locations become available. Q1 2026 is showing early softening — vacancy is “creeping higher” and tenants are “growing more selective” — which gives new entrants slightly more options than 12 months ago, but the market remains landlord-favorable overall.

    You Are Operating in the Tightest Retail Market in Puget Sound

    If you own or operate a business in Everett — or if you’re looking to open one — you’re in the tightest retail market in the Puget Sound region. Snohomish County’s retail vacancy rate was 3.4% at year-end 2025, according to Kidder Mathews data. Seattle was at 4.0% and rising. Portland was at 4.8%. Your competition for the same quality commercial spaces is across the entire Puget Sound market, and Snohomish County is where they all want to be right now.

    Understanding that context changes how you think about leasing decisions. Here’s what the 2026 data means for your specific situation depending on where you are in the business lifecycle.

    If You Have an Existing Lease Coming Up for Renewal

    In a 3.4% vacancy market, your landlord knows they can fill your space if you leave. But they also know that finding a replacement tenant takes time, carries leasing commissions, and risks a gap period. You have more leverage at renewal than the vacancy number alone suggests — especially if you’re a quality tenant with a track record of on-time payments.

    The Q1 2026 softening data is your friend at the negotiating table. Vacancy is “creeping higher” and tenants are “growing more selective.” That trend gives you a factual basis for asking for concessions — tenant improvement allowances, free rent periods, or rate stabilization — that would have been harder to win 12 months ago. Renewals signed in mid-2026, while the market is softening but still tight, likely represent a better deal than renewals signed at the peak.

    If You’re Actively Looking for Space to Open or Expand

    At 3.4% vacancy, “available retail space in Everett” is not a long list. Move quickly when something becomes available that fits your requirements. The 60-year Bank of America corner on Colby and Everett Avenue is one high-visibility example of a space that came to market in early 2026 — that kind of prime downtown location in a sub-4% vacancy market gets attention.

    Emerging corridors to watch for lease opportunity:

    Waterfront Place at the Port of Everett

    The marina district’s restaurant and retail corridor is still being built out. Tenants who secured early positions in Waterfront Place locked in favorable terms in a less competitive moment. Pre-leasing for Millwright Phase 2 is now underway — that’s the next Port of Everett waterfront development and represents an opportunity to get in early on a corridor with strong long-term fundamentals. The full retail market guide covers the countywide context.

    Snohomish River Waterfront (Shelter Holdings)

    The riverfront development has ground-floor commercial vacancies in completed residential buildings. It’s an early-stage neighborhood — the grocery anchor is delayed to 2030 and the park doesn’t fully open until spring 2028. But for businesses that can build a residential customer base before the full retail program arrives, rents are likely more negotiable than in established Everett corridors. The riverfront business owners guide covers that specific opportunity and its risks in detail.

    Broadway and Hewitt Corridors Downtown

    Downtown Everett’s primary retail corridors continue to see turnover — both new openings and departures. Spaces in this zone benefit from the foot traffic of downtown workers, transit users at Everett Station, and the event audience from the performing arts venues. Competition for the best Broadway and Hewitt locations remains real.

    What the Q1 2026 Data Tells You About Timing

    Kidder Mathews’ Q1 2026 data (Registry Pacific Northwest, April 8, 2026) shows vacancy creeping higher and tenants growing more selective. This is a marginal softening from the extreme tightness of 2023–2025 — not a market shift. But timing matters for lease negotiations. A market that has been at 3.4% for three years and is beginning to soften is one where landlord patience for vacant space is starting to increase. That shifts negotiating dynamics slightly.

    If you’ve been waiting for a market moment that’s slightly more tenant-favorable before locking in a new location or renewal, mid-2026 may be that moment. The structural supply constraint in Snohomish County — almost no new retail being built — means the vacancy floor won’t drop dramatically. But the marginal improvement in negotiating position is real and may not persist.

    Frequently Asked Questions for Business Owners

    How tight is the Snohomish County retail market for new tenants?

    Very tight — 3.4% vacancy at year-end 2025 means roughly 96.6% of retail space is occupied. Available spaces move quickly and landlords have pricing power. Q1 2026 shows early softening, but the market remains landlord-favorable. Finding quality available space requires acting quickly and working with a local commercial broker.

    Should I renew my current Everett retail lease or look for new space?

    This depends heavily on your specific location and landlord relationship. The general market context (3.4% vacancy, beginning to soften slightly in Q1 2026) means renewal is typically the lower-friction path. If you’re renewing, negotiate now while vacancy is softening — you have slightly more leverage than you would have had 12 months ago. If you’re looking to relocate to a better location, be prepared to move quickly when your target space becomes available.

    Are there any retail opportunities in Everett where lease terms might be more flexible?

    The Snohomish River waterfront (Shelter Holdings) has early-stage ground-floor commercial availability where landlords may be more negotiable — the neighborhood hasn’t yet reached full density. Pre-leasing at Millwright Phase 2 represents an early-entry opportunity at the Port waterfront. These locations require patience on foot traffic; in exchange, lease terms may be more favorable than in established Everett corridors.

    What is the asking rent range for Everett retail space in 2026?

    Specific asking rents vary significantly by location, size, and condition. For current market rate guidance, consult a Snohomish County commercial real estate broker. Kidder Mathews, Colliers, and CBRE all track this market actively.

  • Snohomish County Has the Tightest Retail Market in Puget Sound: A Complete 2026 Guide to the 3.4% Vacancy Rate, Q1 Signals, and What It Means for Everett

    Snohomish County Has the Tightest Retail Market in Puget Sound: A Complete 2026 Guide to the 3.4% Vacancy Rate, Q1 Signals, and What It Means for Everett

    Q: What is the current retail vacancy rate in Snohomish County and what does it mean for Everett?
    A: Snohomish County ended Q4 2025 at 3.4% retail vacancy — the tightest rate in the Seattle-Puget Sound metro, according to Kidder Mathews Q4 2025 data cited by the Everett Herald. For comparison: the broader Seattle metro finished 2025 at 4.0% and was climbing; Portland was at 4.8% in Q1 2026. Q1 2026 data from Kidder Mathews (published by The Registry Pacific Northwest on April 8, 2026) shows vacancy “creeping higher” as tenants grow more selective — a softening at the margins, not a market in distress. The tightness creates both opportunity (for existing landlords) and challenge (for major new retail projects like Waterfront Place and Millwright Phase 2 that need to recruit quality tenants).

    The Number That Defines Snohomish County Retail in 2026

    3.4 percent. That’s Snohomish County’s retail vacancy rate at the end of Q4 2025, per Kidder Mathews’ regional retail market data. To understand what that number means, you need the comparisons. The broader Seattle metro ended 2025 at 4.0% and was trending upward. Portland hit 4.8% retail vacancy in Q1 2026. King County’s retail vacancy was rising through the back half of 2025. By every regional measure, Snohomish County is the tightest retail market in Puget Sound.

    That’s been true for most of the past three years. And it’s driven by a simple physical reality: almost no new retail square footage has been built in Snohomish County. The last major new shopping center project was years ago. When no new space enters the market, vacancy stays low regardless of whether new tenants are eager to enter.

    What Q1 2026 Is Showing: The First Signs of Softening

    Kidder Mathews’ Q1 2026 retail market data, published by The Registry Pacific Northwest on April 8, 2026, introduced two new phrases into the Snohomish County retail conversation: vacancy is “creeping higher,” and tenants are “growing more selective.”

    These are measured words. This is not a distressed market. But they signal that the absolute floor-tight conditions of 2023–2025 are beginning to soften at the margins. More tenant options are emerging. Lease negotiation dynamics are shifting slightly toward the tenant side. Existing landlords still have strong occupancy and pricing power, but the trend line is worth watching.

    The Q1 2026 data comes against a backdrop of visible vacancy events in downtown Everett. The Bank of America branch on the corner of Colby Avenue and Everett Avenue — occupied for 60 years — went vacant in early 2026, leaving one of downtown’s most prominent corners empty. That one departure doesn’t make a market. But it’s the kind of anchor-tenant exit that shapes perceptions of downtown retail health.

    What This Means for Waterfront Place at the Port of Everett

    Waterfront Place — the Port of Everett’s emerging restaurant and retail district on the marina — opened several tenants in 2025 and 2026, including Jetty Bar & Grille and Marina Azul. The tight countywide market provides context for the pace of tenant recruitment: quality food and beverage operators in Snohomish County have options and are being selective. Waterfront Place competes with downtown Everett, Lynnwood’s retail corridors, and emerging Millwright District space for the same pool of prospective tenants.

    The advantage Waterfront Place has is differentiation — there is no other marina-adjacent dining district in Snohomish County. That uniqueness gives it a claim on tenants who want that specific positioning. The challenge is that the universe of tenants who specifically want a marina location is smaller than the universe of tenants who would consider any well-trafficked Everett location. The Waterfront Place complete guide covers the full tenant roster and what’s coming.

    What This Means for Millwright District Phase 2

    Millwright Phase 2 is the Port of Everett’s next major mixed-use development at the waterfront — adding residential density and ground-floor retail to the marina district. It’s in pre-leasing. The countywide tight market is a genuine asset for its retail program: when you’re trying to recruit tenants, being located in the tightest retail market in Puget Sound is a better starting position than being in the loosest.

    The Q1 2026 softening trend is worth watching for Millwright’s pre-leasing timeline. If vacancy continues to “creep higher” through 2026, the window of maximum landlord leverage will narrow somewhat. Getting pre-leasing commitments signed during the current tight conditions is better than waiting until the softening becomes more pronounced.

    What This Means for Downtown Everett’s Broadway and Hewitt Corridors

    Downtown Everett’s retail health is more complex than the countywide number suggests. The Hewitt Avenue and Broadway corridors have seen both openings and closures in 2025–2026. The Bank of America departure left a high-visibility corner dark. New entrants like Butter Notes Cafe on Broadway — specialty coffee with jazz programming and a podcast studio — represent the kind of independent retail that fills in where national chains won’t go.

    The tight countywide vacancy means that if you have a viable downtown retail concept, finding space is still the challenge — not finding demand. The riverfront retail analysis covers the Snohomish River waterfront retail picture, which is part of the same countywide story.

    The Broader Context: Why Snohomish County Stays Tight

    Three structural factors keep Snohomish County’s retail market tighter than its neighbors: population growth (the county has grown consistently, adding household demand), limited new supply (almost no major new retail development for years), and an employment base anchored by Boeing, the Navy, and Paine Field that generates stable household incomes. Those factors don’t disappear with one quarter of softening. They’re the durable engine underneath the 3.4% number.

    The Q1 2026 data is a signal to watch, not a signal to act on in panic. Snohomish County retail is not in trouble. It’s at the end of an unusually tight cycle, normalizing toward regional equilibrium. That’s a healthy market movement.

    Frequently Asked Questions

    What is Snohomish County’s retail vacancy rate in 2026?

    3.4% at year-end Q4 2025, per Kidder Mathews data cited by the Everett Herald. Q1 2026 Kidder Mathews data (Registry Pacific Northwest, April 8, 2026) shows vacancy “creeping higher” but remains below the Seattle metro’s 4.0% and Portland’s 4.8%.

    Why is Snohomish County’s retail vacancy so low?

    Primarily because almost no new retail space has been built in years. When supply doesn’t increase, vacancy stays low regardless of demand conditions. Consistent population growth and a stable Boeing/Navy/Paine Field employment base provide steady retail demand on top of the supply constraint.

    How does Snohomish County compare to Seattle and Portland for retail vacancy?

    Snohomish County (3.4% Q4 2025) is tighter than the broader Seattle metro (4.0% Q4 2025, climbing) and significantly tighter than Portland (4.8% Q1 2026). It is the tightest retail submarket in the Puget Sound region.

    What does the retail market data mean for Waterfront Place and Millwright Phase 2?

    The tight market provides leverage for landlords recruiting tenants into new developments. However, the “more selective” tenant dynamic from Q1 2026 means quality tenants have options and aren’t rushed. Major new developments benefit from the overall tightness but need to differentiate on location and amenity to compete effectively for the best tenants.

    Is Snohomish County retail market heading toward higher vacancy?

    Q1 2026 data shows a “creeping higher” trend — a marginal softening after years of extreme tightness. This is a normalization, not a downturn. The structural supply constraint (very little new retail built) and population growth continue to support low vacancy. Watch for continued Q2 and Q3 2026 data for more directional clarity.

    What is the source for Snohomish County retail vacancy data?

    Kidder Mathews quarterly retail market reports. Q4 2025 data was cited by the Everett Herald in February 2026. Q1 2026 data was published by The Registry Pacific Northwest on April 8, 2026.

  • Snohomish County Apartment Sales Hit $640 Million in 2025 — Here Is What the Investment Recovery Means for Everett

    Snohomish County Apartment Sales Hit $640 Million in 2025 — Here Is What the Investment Recovery Means for Everett

    How is the Snohomish County apartment investment market performing in 2026?
    Snohomish County apartment sales reached $640 million across 32 deals in 2025 — more than doubling from 2023 transaction volumes — as flat rents and stable vacancy created entry conditions that yield-focused investors found compelling. Average pricing settled around $294,557 per unit, and with 17,089 units still under construction regionally, capital is moving before the next supply cycle closes.

    Snohomish County’s Apartment Investment Market Hit $640 Million in 2025 — And the Capital Is Still Moving

    Most of the housing market coverage you’ve read about Snohomish County this year has been about buyers, sellers, and mortgage rates. That’s not the whole picture.

    While the for-sale residential market has been digesting a 51% inventory surge and buyers have been navigating 6.4% rates, a parallel story has been unfolding in the investment market — the institutional and private capital that buys, holds, and sells apartment buildings. And that story has a very different tone.

    Snohomish County apartment sales hit $640 million in 2025, according to a Kidder Mathews analysis reported by The Registry Pacific Northwest. That’s across 32 deals. The volume more than doubled from 2023 levels — the trough of what had been a significant pullback in multifamily transaction activity driven by rising interest rates and reset expectations.

    The question worth asking now: what do those investors see in Snohomish County, and what does their move back into the market mean for Everett specifically?

    Why the Market Reset the Way It Did

    To understand where we are, it helps to understand where we came from.

    The 2021-2022 apartment investment boom was driven by cheap debt and outsized rent growth. Cap rates compressed dramatically. Then the Federal Reserve raised rates, borrowing costs spiked, and sellers who bought in 2021-2022 at aggressive prices couldn’t hit the numbers that 2023-2024 buyers needed to see. Transaction volume crashed nationally, and Snohomish County wasn’t immune.

    The recovery that’s now playing out isn’t a return to 2021 pricing. It’s something more durable: a market where seller expectations have adjusted, where buyers can underwrite deals to current rent levels and get a yield, and where the operating fundamentals — occupancy, rent trends — are stable enough to justify putting capital to work.

    The Kidder Mathews data point on average price per unit illustrates this. At approximately $294,557 per unit with a 4% year-over-year decline from 2024 levels, pricing is off the peaks but far from distressed. That’s a reachable entry point for buyers who couldn’t compete in 2021-2022 and have been waiting.

    What Makes Snohomish County Attractive Right Now

    Apartment investors look at fundamentals first: vacancy rates, rent trends, and the supply pipeline.

    On vacancy, Kidder Mathews’ Q4 2025 Seattle-Puget Sound regional data shows multifamily vacancy holding at 7.4% year-over-year. That’s not tight — but it’s not distressed either. For a county where the job base is anchored by Boeing, Paine Field aerospace, the Naval Station, and a growing tech cluster along I-5, that vacancy rate reflects a market with durable demand drivers.

    On rent, the story for 2025 was flat. Everett’s rental market saw rents down roughly 2% year-over-year in 2025, to an average around $1,849 according to prior market data. That’s the downside. But for investors, flat rents in a well-employed market with a constrained land supply are different from flat rents in a market with weak fundamentals. Investors who can buy at current prices and hold for a rent recovery cycle are making a different bet than investors who overpaid during the growth phase.

    On supply, the regional construction pipeline is thinning. Roughly 17,089 units remain under construction across the Seattle-Puget Sound metro — a 23% decline from the prior year. That contraction means the supply overhang that compressed rents will start to clear in 2026 and 2027. Capital that moves now is positioning ahead of that clearing.

    What This Means for Everett Specifically

    Everett is not a monolith in this investment market. The specific submarkets attracting attention are worth understanding.

    The premium waterfront product — the Sawyer and Carling at Waterfront Place — has been holding occupancy at roughly 95% even as broader rents softened, with $2,202-$2,800 monthly rents demonstrating that the waterfront premium survives a soft market. For institutional investors, that occupancy and rent spread is a data point about the durability of location-driven demand.

    Lincoln Properties is underway on Phase 2 of Millwright District — 300-plus units in a mixed-use waterfront setting that will be the first large new-to-the-market supply at the Port of Everett waterfront in this cycle. When those units come online, they’ll reset the comp set for waterfront multifamily in Everett.

    Further south, the adaptive reuse pipeline is active. The Sage Investment Group conversion of the former Econo Lodge at 9602 19th St SE into 124 studio apartments (Phase 1 leasing August 2026) represents the workforce housing angle that Kidder Mathews noted in its investment outlook: value-add and workforce housing offer compelling yield opportunities where class-A development doesn’t pencil.

    The downtown core and the corridors adjacent to the new stadium site are also drawing attention from development capital, though in earlier-stage planning. The city’s approval of the $10.6 million stadium design package in late April sets a September 2026 construction start target for the 5,000-seat Outdoor Event Center — and stadium-adjacent development is a real category of investment thesis that capital is starting to evaluate.

    The Investor’s Lens vs. the Resident’s Lens

    It’s worth being honest about the tension here.

    When apartment investment capital flows into a market like Everett, it’s not always aligned with what existing residents need. Yield-focused buyers have incentives to optimize revenue per unit. Workforce housing conversions can displace existing tenants if not managed carefully. Rising investor interest in a market can precede rent pressure once the supply overhang clears.

    The city’s tools to manage this tension — the Affordable Housing Trust Fund, inclusionary zoning in new developments, the Housing Hope ecosystem, the EHA pipeline — matter precisely because the market is now active enough to require them.

    The $640 million in 2025 transaction volume tells us that capital has made a judgment: Snohomish County is on the right side of the Puget Sound affordability gradient, close enough to Seattle employment to benefit from overspill demand, with enough job diversity to hold occupancy through economic cycles. That judgment drives development, drives transactions, and ultimately drives the housing conditions that Everett residents live inside.

    Understanding how this capital thinks is part of understanding where Everett’s housing goes next.

    Frequently Asked Questions

    How much did apartment sales reach in Snohomish County in 2025?
    Snohomish County apartment sales reached $640 million across 32 deals in 2025, according to a Kidder Mathews analysis, more than doubling transaction volume from 2023 levels.

    What is the average price per apartment unit in Snohomish County?
    Average pricing was approximately $294,557 per unit in the most recent market data, down about 4% year-over-year from 2024 — reflecting pricing adjustments from the 2021-2022 peak.

    What is the apartment vacancy rate in the Snohomish County area?
    Kidder Mathews’ Q4 2025 data showed multifamily vacancy holding at 7.4% year-over-year across the Seattle-Puget Sound region. Everett’s specific figures track roughly with the broader market.

    Why are investors buying apartments in Snohomish County now?
    Flat rents, stable vacancy, and adjusted pricing from the 2021-2022 peak have created entry conditions that yield-focused buyers find workable. The thinning construction pipeline also suggests supply overhang will clear in 2026-2027, giving investors who buy now exposure to the next rent recovery cycle.

    What new apartment projects are coming to Everett?
    Lincoln Properties is underway on 300-plus units at Millwright District (Waterfront Place). Sage Investment Group is converting the former Econo Lodge on 19th St SE into 124 studio apartments with Phase 1 leasing targeting August 2026. Stadium-adjacent development opportunities are also being evaluated as the downtown Outdoor Event Center advances toward a September 2026 construction start.

    How does Everett’s apartment investment market compare to King County?
    Snohomish County typically offers lower per-unit pricing than King County submarkets like Bellevue or Seattle proper, while maintaining access to the same labor market. That affordability gradient is part of what draws yield-focused capital — investors can enter at lower basis points while capturing similar demand dynamics.

  • What the Theler Wetlands Restoration Tells Hood Canal Property Owners About Their Own Shoreline

    What the Theler Wetlands Restoration Tells Hood Canal Property Owners About Their Own Shoreline


    If you own waterfront property along Hood Canal, the project happening at Theler Wetlands in Belfair is worth understanding closely. It is one of the most carefully engineered shoreline restorations in the south Puget Sound, and the principles behind it — tidal reconnection, undersized-culvert replacement, set-back levee design — are the same principles increasingly showing up in shoreline permits, county code updates, and property-value assessments across Mason County.

    This is what Hood Canal property owners should know about the science, the timeline, and the policy direction Theler signals.

    What WDFW and HCSEG Actually Did at Theler

    The earthwork phase, completed in fall 2025, was substantial. The Hood Canal Salmon Enhancement Group (HCSEG) and the Washington Department of Fish and Wildlife removed a failing levee that had cut off roughly seven acres of estuary from Hood Canal’s tidal flow for decades. They replaced a 12-inch metal culvert — far too small to handle natural tidal exchange — with a 15-foot-wide concrete box culvert. They dug a new sinuous tidal channel through the rehabilitated wetland. And they raised a section of Northeast Roessel Road to serve as a set-back levee, moving the line of flood protection landward instead of armoring the original shoreline.

    The summer 2026 phase is the visible one: a 1,200-foot piling-supported elevated boardwalk through the restored marsh.

    Why It Matters for Your Shoreline

    The mechanics of what Theler does — restoring tidal connectivity, replacing undersized infrastructure, and using set-back rather than armored levees — match what Mason County and Washington state regulators are looking for when shoreline owners apply for permits today. If you have a bulkhead, an undersized culvert under a private driveway, or a failing seawall, the next round of permit conversations is increasingly going to look like the conversations that produced Theler.

    Three takeaways for property owners:

    • Undersized culverts are the single most common shoreline restoration target. A 12-inch culvert blocking tidal flow is the kind of feature that gets flagged on more than half of Hood Canal property assessments. Replacement, not repair, is the direction of policy.
    • Set-back levees protect property value better than armored shorelines. A bulkhead that fails in 20 years drops shoreline value sharply. A set-back design, like the raised section of Roessel Road, holds up because it works with tidal processes rather than against them.
    • Restored estuaries support adjacent property values, not just salmon. Healthy salt marshes filter water, dissipate wave energy, and stabilize the shoreline upstream and down. Properties next to functioning estuaries tend to require less ongoing maintenance.

    The Endangered Species Act Layer

    Hood Canal summer chum salmon are listed as threatened under the federal Endangered Species Act. That listing has direct consequences for shoreline permitting along the Union River, the canal’s south end, and any waterway with chum-bearing tributaries. Projects that improve summer chum habitat — like Theler — generally clear permits faster. Projects that may impair it face longer review timelines and more conditions.

    For property owners, the practical implication is that the closer your shoreline is to a chum-bearing estuary, the more aligned your project plans need to be with restoration-friendly design. Working with WDFW or HCSEG early in the process tends to be faster than fighting through a denied permit later.

    Public Access and Property Value

    The Theler boardwalk also matters for the broader north-Mason real-estate environment. Public-access amenities — restored trails, completed loop walks, accessible nature preserves — drive durable property values across waterfront and near-waterfront parcels. The Belfair area benefits when Theler is a complete, walkable destination rather than a half-closed construction site.

    Where to Watch the Project

    The preserve is at 22871 NE SR-3 in Belfair, off Highway 3 before the town center. HCSEG posts construction and trail-access updates at pnwsalmoncenter.org. WDFW’s Union River Estuary Restoration project page is the source for engineering and habitat detail.

    Frequently Asked Questions

    What is a set-back levee and why does it matter for property owners?

    A set-back levee is a flood-protection structure built landward of the original shoreline, allowing the natural tidal zone to function. At Theler, a section of Northeast Roessel Road was raised to serve as the set-back levee. For property owners, set-back designs typically permit faster than armored shorelines and hold up longer.

    Why are undersized culverts a target for restoration?

    Culverts that are too small — like the original 12-inch metal culvert at Theler — block tidal exchange, prevent fish passage, and tend to fail in storm events. Washington state policy has shifted heavily toward replacing undersized culverts with appropriately sized box culverts that allow full tidal flow.

    How big is the Theler restoration?

    Approximately seven acres of estuarine wetland habitat at the southeast end of Hood Canal. The earthwork phase finished in fall 2025; the summer 2026 phase will install a 1,200-foot elevated boardwalk through the restored marsh.

    Does proximity to a restored estuary affect property value?

    Healthy estuaries filter water, dissipate wave energy, and stabilize shorelines upstream and down. Properties adjacent to functioning estuaries typically require less ongoing maintenance, and public-access amenities like the Theler boardwalk support area-wide real-estate value.

    What does the Endangered Species Act mean for Hood Canal shoreline projects?

    Hood Canal summer chum are federally listed as threatened. Properties along chum-bearing waterways face additional review when permitting shoreline work. Projects designed to improve habitat tend to clear permits faster than projects that may impair it.

    Related coverage on tygartmedia.com: Hood Canal Property Owner’s Guide to Shellfish Access at Potlatch, Hood Canal Property Owners: What the Tahuya River Preserve Means for Water Quality.

  • Snohomish County’s April 2026 Housing Market Has a Number Most Reports Miss: Sales Activity Intensity at 54.9%

    Snohomish County’s April 2026 Housing Market Has a Number Most Reports Miss: Sales Activity Intensity at 54.9%

    What’s the headline number from the Madrona Group’s April 2026 Snohomish County housing report? Sales Activity Intensity came in at 54.9%, down only slightly from 56.0% the month before — meaning more than half of all listings still went pending within the first 30 days. Inventory tightened to 1.6 months. Mortgage rates moved up to 6.45%. Single-family resale prices held near $877,000 with homes selling at 99.8% of list price. The market did not slow down the way the inventory headlines suggested.

    You probably read yesterday’s coverage of Snohomish County’s April housing market — the NWMLS data showing inventory up 51.8% year-over-year, the median sale price at $738,000, the 2.8 months of supply. That is one accurate way to read this market. Here is another, also accurate, with very different implications.

    The Madrona Group dropped its April 2026 Snohomish County report this week, and it does not look like a market that lost its footing. It looks like a market that is moving slower at the top of the funnel — fewer homes coming on, fewer offers per listing, more buyer hesitation — but where the deals that do happen are happening fast and at strong prices.

    The number we want to focus on is Sales Activity Intensity — and we are going to explain it because it is not a number that shows up in every market report and most readers have never seen it framed this way.

    What Sales Activity Intensity actually measures

    Sales Activity Intensity is the share of all active listings that go pending within the first 30 days on the market. Not closed — pending. Pending is the moment a buyer’s offer has been accepted and the deal is moving toward closing. It is the moment when the market said yes.

    A 54.9% Sales Activity Intensity in Snohomish County for April 2026 means that more than one out of every two homes that listed last month had a buyer say yes within 30 days. That is a fast market. It is fast even after a small dip from March, when the same number was 56.0%.

    For comparison, a market that is genuinely cooling — homes sitting, sellers cutting prices, buyers waiting — typically shows Sales Activity Intensity drop into the 30s or below. When intensity drops below 30%, sellers start to see real concessions show up at the closing table. That is not what we have right now.

    What’s behind the number

    Three factors are working at once in the April 2026 Madrona Group data, and none of them point in the same direction:

    Mortgage rates moved up to 6.45%. That is up from earlier in the year and up enough to price some buyers out at the margin. Higher rates almost always slow demand. They have slowed it some — but they have not killed it.

    Inventory tightened to 1.6 months. A balanced market in real estate is usually 4 to 6 months of inventory. At 1.6 months, Snohomish County is still well into seller’s-market territory. Note this is the Madrona Group’s specific measurement — the broader NWMLS data on the same county shows 2.8 months because the two reports use slightly different inventory definitions and time windows. Both are true. The Madrona number is the tighter view.

    Single-family resale prices held near $877,000 with homes selling at 99.8% of list price on average. When buyers are paying within 0.2% of the asking price, they are not negotiating much. They are competing.

    Put the three factors together: rates went up, but the homes that are listed are still moving fast and selling at almost full asking. The buyers who are still in the market have stopped flinching.

    What this looks like on the ground in Everett

    Everett sits inside the Snohomish County data but does not behave exactly like the county average. The city’s median sale price runs lower than the county figure — Redfin had Everett’s most recent typical home value near $620,000, well under the $738,000 county median that NWMLS reported. The reasons are familiar: more starter homes, more condos, more older housing stock, more variation between neighborhoods.

    The Sales Activity Intensity dynamic still applies in Everett. A waterfront condo at Sawyer or Carling priced reasonably is going pending in days, not weeks. A starter home in Delta or Riverside priced at the neighborhood median is doing the same thing. What sits is what is overpriced. What sits is what assumes the market is still set to 2022.

    We have seen this pattern in our own coverage — the April 2026 condo market story we published last week showed Snohomish County condo averages up 4.4% year-over-year and Everett condos selling in a 22-day median at 99% of list. That is the same fast-but-narrow market the Madrona report is describing, just on a different property type.

    What this means for buyers right now

    If you are buying in Snohomish County in May 2026 and you have been waiting for the market to break, the Madrona data is the latest signal that a wholesale break is not coming. Specific properties will be soft. Specific sellers will negotiate. But the broad market is still leaning seller.

    A few practical takes from how this number sits:

    • Stop waiting for the price to come down before you make an offer. At 54.9% Sales Activity Intensity, the home you are watching probably already has another offer. The price you saw on Zillow last Tuesday may not be the price that closes.
    • Get rate-locked before you write an offer. With rates at 6.45% and trending up rather than down, the rate you can get this week is probably better than the rate you can get if you wait three weeks. A 0.25% rate move on a $620,000 Everett home is roughly $90 a month for the life of the loan.
    • The 99.8% of list price number is the real number. If you are writing offers at 95% of list and watching them lose, that is why. The market is not built for 95% offers right now.

    What this means for sellers right now

    If you are selling in Snohomish County, the Madrona data is telling you something sellers sometimes miss: price-to-list discipline matters more than ever.

    • Price it right and it goes pending in 30 days. Price it 5% high and it sits — and the market has been trained to read sitting as a problem. The 30-day window is the window where intensity captures your home as a fast mover. Past 30 days, you are competing with newer listings.
    • The 99.8% of list price number cuts both ways. You probably will not get more than asking. You also will not have to take much less than asking. So price it where you are happy to close.
    • Inventory is tight but moving up. The Madrona number says 1.6 months, the NWMLS number says 2.8 months — both are tighter than 4-6, but both are looser than 12 months ago. If you have been on the fence about listing, the supply side is finally giving you some company on the market. Earlier was easier. Now is still good.

    How this fits with everything else we know about Snohomish County in April 2026

    This week alone we have seen:

    • The NWMLS report showing 51.8% year-over-year inventory growth and 2.8 months of supply
    • The Madrona Group report showing 1.6 months supply and 54.9% Sales Activity Intensity
    • Snohomish County condo data showing 4.4% YoY appreciation and 22-day Everett median time on market
    • Mortgage rates moving up to 6.45%, the highest level since fall 2025
    • The Sage Investment Econo Lodge studio-apartment conversion announcement in South Everett — 124 new units coming online by August 2026

    None of those data points contradict each other. They are all measuring different parts of the same market. The market is more inventory than it had, fewer offers than it had, slower at the top of the funnel — and still selling fast and near asking when the property is priced right. That is a more complicated story than “the market is hot” or “the market is cooling.” It is the market being different things at the same time depending on which lens you bring.

    The Madrona Group report adds a useful lens: the velocity at which deals close, not just the count of homes listed. That velocity number is what tells you whether the market still works. In April 2026, in Snohomish County, it still works.

    Frequently Asked Questions

    What is Sales Activity Intensity in real estate?

    Sales Activity Intensity is the percentage of all active listings that go pending — meaning a buyer’s offer has been accepted — within the first 30 days on the market. It is a velocity measure of how fast the average home is moving. Above 50% indicates a fast seller’s market; below 30% indicates real cooling.

    What was Snohomish County’s Sales Activity Intensity in April 2026?

    54.9%, according to the Madrona Group’s April 2026 Snohomish County housing market report. That is down slightly from 56.0% in March. Both numbers indicate a strong seller’s market.

    What are mortgage rates in Snohomish County right now?

    The 30-year fixed rate referenced in the April 2026 Madrona report is 6.45%. Rates have ticked up from earlier in the year. Individual rate quotes vary by lender, credit score, down payment, and loan size.

    Why does the Madrona Group report say 1.6 months of inventory and the NWMLS report say 2.8 months?

    They use slightly different inventory definitions and time windows. The Madrona Group’s measure tends to capture a tighter view focused on actively moving listings. NWMLS uses a broader inventory definition that includes some listings the Madrona view excludes. Both are accurate; both reflect a Snohomish County market still well below the 4-6 month range that defines balance.

    What is the median home price in Snohomish County in April 2026?

    The April 2026 NWMLS report listed the county median sale price at $738,000. The Madrona Group report references single-family resale prices holding near $877,000, which uses a different scope (single-family resale only, with different geographic weighting). The two numbers describe overlapping but not identical slices of the market.

    Is now a good time to buy a home in Everett?

    “Good” depends on your specific situation — your down payment, your job stability, your timeline, the neighborhood you’re targeting. What the April 2026 data says broadly: prices are not falling, inventory is up but still tight, and rates are higher than they were earlier in the year. Waiting for a wholesale price break is currently not what the data supports. Talk to a local agent and a local lender about your specific math.

    Is now a good time to sell a home in Everett?

    Yes, if it is priced right. The market data says homes priced at the neighborhood median are going pending within 30 days at 99.8% of list. Homes priced 5%+ above the neighborhood median sit. Pricing discipline is the difference between a fast sale and a long sit.

  • Everett Mall’s Hub Vision Just Got Smaller: Brixton Capital Files for Self-Storage and Office Where Topgolf Was Going

    Everett Mall’s Hub Vision Just Got Smaller: Brixton Capital Files for Self-Storage and Office Where Topgolf Was Going

    What just changed at Everett Mall? Brixton Capital — the mall’s owner — has scheduled a May 19, 2026 pre-application meeting with the City of Everett to convert a portion of the existing enclosed mall into a self-storage facility, with a 60,000-square-foot proposed office sitting where Topgolf’s hitting bays were going to go. Topgolf was supposed to be the Hub @ Everett’s anchor tenant. Now it may not happen at all.

    For two years the story we got told about Everett Mall was the Hub. Brixton Capital — the San Diego-based real estate group that bought the property — and the City of Everett came out together in 2024 with renderings of an outdoor walkable destination, retail recolored from the inside out, and a 68,000-square-foot, three-level Topgolf as the anchor pulling everyone in. The permits were filed. The 11-acre site was mapped. The narrative held.

    That narrative is now bending.

    On the City of Everett’s permitting portal this week, Brixton Capital has scheduled a May 19, 2026 pre-application meeting for a project described as “the interior demolition of the existing enclosed mall structure and the conversion of a portion of the building into a self-storage facility. The scope also includes subdivision actions to place the proposed storage use on a separate legal parcel.”

    That alone would just be news that the demolition we’ve all been waiting for is finally getting paperwork moving. But the latest site plan that came in with the application tells a different story.

    What the new site plan shows

    Two things sit on the new Brixton site plan that were not on the Hub renderings.

    The first is a single-story building labeled “Everett Mall Self Storage.” It sits where a parking lot was going to be in the Hub vision — so it is not directly displacing Topgolf. But it is also not what anyone signed up for when this redevelopment started. There are already a dozen self-storage facilities within five miles of the mall. None of them are destinations. None of them generate the foot traffic that a mall reinvention needs to work.

    The second is more telling: a 60,000-square-foot building labeled “Proposed Office” that sits squarely on the footprint where the Topgolf hitting bays and outfield were going to go. The old LA Fitness building, which was supposed to come down to make room for Topgolf, now appears in the plan as something that will either be salvaged or replaced to provide that office space.

    Topgolf needs the area marked for the office. The office is in the area Topgolf needed.

    The two plans cannot both be true.

    Why this might be happening

    Topgolf’s parent company has been in restructuring mode since the same window the Everett permits were getting approved. Topgolf Callaway Brands announced a corporate split, then Topgolf CEO Artie Starrs left for Harley-Davidson in 2025. On January 1, 2026, private equity firm Leonard Green & Partners completed an acquisition of a 60 percent stake in Topgolf from Topgolf Callaway Brands for approximately $1.1 billion. Industry coverage has framed the entertainment chain’s recent decline as a problem of over-expansion — too many venues opened too fast, with the new ones cannibalizing the older ones.

    In other words: Topgolf is in pullback mode, not expansion mode. New venues that were promised but never officially confirmed by Topgolf corporate — like Everett — are exactly the kind of project that quietly disappears in a private-equity restructuring.

    Neither Brixton Capital nor Topgolf has officially said the Everett venue is dead. The City of Everett has not announced a change. But the new site plan does the talking.

    What we covered before — and what’s different now

    We wrote about The Hub @ Everett a week ago, on April 25, when the story was that Topgolf was stuck — permitted in January 2025, but on hold pending corporate restructuring. The construction never started. The 11-acre footprint sat untouched. At that point the question was whether Topgolf would eventually break ground or whether Brixton would have to find a new anchor.

    The May 19 pre-application meeting is the answer to that question. Brixton is not waiting on Topgolf anymore. Brixton is moving forward with a different building program for that footprint. Even if Brixton hopes Topgolf eventually shows up, the site plan being submitted to the City does not assume Topgolf shows up. That is the meaningful change.

    It is also a quiet downgrade of what The Hub was supposed to be. A self-storage building and a 60,000-square-foot office building are not the kind of tenants that bring people to a mall on a Saturday. Alderwood Mall down in Lynnwood is full on Saturdays. People circle the parking lot waiting for spots. That is what a working mall in 2026 looks like. A storage facility and a cubicle building is not in that category.

    What this means for the larger Everett Mall picture

    The Hub @ Everett sits on 11 acres in the Twin Creeks neighborhood and is the largest single retail-redevelopment project in South Everett. The mall as a whole is roughly 800,000 square feet of building on a much larger campus. Brixton’s original sales pitch for The Hub assumed Topgolf would draw the foot traffic, which would justify upgrades to the rest of the campus — Ulta Beauty and At Home are already moving into the former Sears box, and the relocated Mall Station opened in December 2025. The walkable outdoor reorientation only works if the anchor pulls.

    If the anchor turns out to be a storage building and an office, the rest of the upgrade math gets harder. Tenants pay rent based on the foot traffic they expect. Foot traffic projections that assumed a Topgolf are not the projections you get with self-storage.

    There is still room for another pivot. Brixton could find another entertainment anchor — a movie theater, a family entertainment center, a fitness destination — and the storage and office plans become the backup. The May 19 meeting is a pre-application discussion, not a building permit. Things can still change between now and the actual permit filing.

    But for right now, what the City of Everett’s permitting portal shows is a mall that planned to be a destination and is being re-planned around uses that nobody drives across town to visit.

    The May 19 pre-application meeting: what it is and what it isn’t

    A pre-application meeting in Everett is the very first formal step a developer takes with the city before submitting actual building permits. It’s a planning-staff conversation — the developer brings their concept, the city tells them what regulations will apply, what studies they’ll need, what review process the project will go through. It is not a public hearing. There is no vote. There is no decision.

    But it does signal seriousness. Pre-application meetings cost money to schedule and prepare for. Developers don’t book them for ideas they’re not pursuing. When a project shows up on the pre-app calendar, it means the developer has internal alignment to keep moving forward with that specific concept.

    So the May 19 meeting is the equivalent of Brixton telling the city: this is what we’re actually planning to build now. The Hub @ Everett brochure is no longer the operative document. The new site plan is.

    What we’ll be watching

    A few things to track in the coming weeks:

    • The actual building permit application. A pre-application meeting usually produces a building permit application within three to nine months. Whatever Brixton submits formally will tell us whether the storage-and-office concept holds or whether they pivot again.
    • Any official Topgolf statement. Leonard Green & Partners has been making public moves since taking control on January 1. A formal cancellation of Pacific Northwest expansion would clarify a lot.
    • Brixton’s leasing posture for the rest of The Hub. If self-storage and office are now in the program, the retail pitch to other tenants changes. Watch for tenant announcements that downshift from the original Hub vision.
    • City of Everett response. The original Hub deal involved zoning and permitting cooperation from the city. A meaningful program change at the site may trigger new city review — especially if the storage building requires the subdivision Brixton is also proposing.

    Frequently Asked Questions

    Is Topgolf coming to Everett Mall?

    As of May 2026, no construction has started, no Topgolf representative has confirmed the Everett location publicly, and Brixton Capital — the mall owner — has filed a pre-application with the City of Everett showing a 60,000-square-foot office building in the exact footprint Topgolf was going to occupy. The official permits from January 2025 are still on the books, but the new site plan does not assume Topgolf is happening.

    Who owns Everett Mall?

    Brixton Capital, a San Diego-based real estate firm, owns Everett Mall. Brixton acquired the property and announced The Hub @ Everett redevelopment plan in 2024.

    What is the Hub @ Everett?

    The Hub @ Everett is the marketing name Brixton Capital and the City of Everett gave to the planned redevelopment of the existing enclosed Everett Mall into a more walkable, outdoor-oriented retail and entertainment destination. The original anchor was supposed to be a 68,000-square-foot Topgolf venue.

    When is the Brixton pre-application meeting?

    May 19, 2026, with the City of Everett’s planning staff. This is a pre-application discussion, not a public hearing — there is no public comment period and no vote.

    What did Brixton apply to build?

    According to the City of Everett’s permitting portal, the May 19 application covers the interior demolition of the existing enclosed mall, conversion of a portion of the building into a self-storage facility, and subdivision of the storage use onto its own legal parcel. The accompanying site plan shows a 60,000-square-foot proposed office building in the area where Topgolf was going to be built.

    Is the rest of The Hub redevelopment still happening?

    Yes — Ulta Beauty and At Home are still moving into the former Sears box, the relocated Mall Station opened in December 2025, and other tenant work continues. The pre-application change appears specific to the Topgolf footprint and the previously-planned parking lot area where the storage facility would now sit.

    When would construction actually start?

    A pre-application meeting is the first step. A formal building permit application typically follows three to nine months later, and construction starts after the permit is issued. So even if the storage-and-office concept holds, ground-breaking is at minimum late 2026 and more likely 2027.

    Deeper coverage in the Hub @ Everett Pivot Cluster: