The problem with Eastlake

The problem with Eastlake isn't a glut of condos or CRE.  It's that this glut is about to be buried by yet another glut.  The existing residents are jumping ship trying to escape the area, before all of this comes online:

Another very large project.  IIRC, this one takes up most of a full city block.  Make no small plans!

Meanwhile, the amenities that actually made Eastlake once a fun neighborhood are disappearing.  Here's the old Daly's, once a great place to get a burger and a tasty shake.  In a world of IO/ARMs, all real businesses and places of high and low culture must make way for debt-leveraged RE ventures.

So what's the problem with Eastlake?  

I think I found it.

Eastlake is in trouble - CRE

Walk through Eastlake, and see the flurry of FOR LEASE signs up for commercial RE.  Oh my.

Another.

Two more.  Photoblogging at its best!

And another.

Both residential and commercial RE are in desperate straits in Eastlake these days.

Eastlake is in trouble

Condo for-sale signs everywhere on Eastlake just south of the University Bridge.

Here's some more.  The fliers advertise a mix of units, cheap and expensive.  Well, they're all overpriced, of course.

Meanwhile, the next wave of supply is ready for market soon:

NOW LEASING.  Hmm, was this the original plan?  I honestly don't know.

Conclusion from a Saturday morning walk: Eastlake is in trouble.

The bulls are gored!

As a tribute to the bulls on Wall Street, here is a bull elk I saw in Olympic National Park yesterday.

This is just west of the Elwha trail, about 1/4 mile before the spur trail to the Lillian River.  I was day-hiking to the end of the Lillian trail, about 12mi RT.

See the hoof up in front?