Assessing the Monorail properties

What happens to the properties acquired by the Seattle Monorail Project if the project doesn't proceed? An interesting story in the current issue of the Puget Sound Business Journal acknowledges that the project could very well still go forward but reports that "real estate professionals throughout the region are beginning to take stock of the monorail authority's real estate portfolio in anticipation of a potentially unprecedented sell-off of publicly owned land stretching across Seattle."

The PSBJ's reporting included a public records request to determine exactly what the Seattle Monorail Project owns in the way of real estate: 34 properties, some of them apparently acquired for significantly less than current market value.

Hey, wait a second, says the UptownSeattle blog: "It's a little premature to be carving up the cadaver, we hope, so we'll chalk the pondering portion of the article up to the dollar-sign-bespotted daydreams of Seattle's business class."

Meanwhile, Dustin on the Rain City Real Estate Guide asks this question: "I have no numbers to back this up whatsoever, but wouldn’t be ironic if the Seattle Monorail Project was able to close up shop having made a profit from all the properties that they bought at appraised values?"