Comments on: Epilogue Books looking for a new location

By: Meghan O'Connor

Meghan O'Connor — Mon, 22 Jun 2009 22:25:57 +0000

Even if Epilogue leaves Ballard, I won't shop at Secret Garden. My mom was looking for a book on lighthouses and the clerk in there couldn't be bothered to help her. Epilogue pointed her to the shelf and even asked if she wanted West Coast or East Coast info.

By: Silver

Silver — Sat, 20 Jun 2009 07:10:12 +0000

Epilogue is looking to expand. They need more space. Because they're doing well.

By: Meghan O'Connor

Meghan O'Connor — Fri, 19 Jun 2009 22:44:29 +0000

I severely hope they manage to stay in Ballard. not only would that leave us without a decent used bookstore, I am sick of all the “yuppie” replacement shops that have no unique draw.

By: Amy

Amy — Thu, 18 Jun 2009 21:24:45 +0000

Well, I don't know him and you may be right about his luddite-ness. However, on paper, what is wrong with a person who wants to make money on his/her assets? Don't we all do that to some degree? Does an owner of a building have a moral obligation to keep a tenant regardless of their ability to pay market rate for a lease?

By: david t.

david t. — Thu, 18 Jun 2009 20:19:59 +0000

I hope Barnes and Noble moves in.

By: Fauxnothing

Fauxnothing — Thu, 18 Jun 2009 01:57:02 +0000

Why do you say it's stinky? Have you ever been inside? It's the cleanest used bookstore I've ever been to. No cats. No mildew smell. Really nice store.

By: chopper_74

chopper_74 — Thu, 18 Jun 2009 01:16:52 +0000

I'd be the first to admit that I'm not a expert at many things.
It just seems short-sided to insist on inflated values.
Just as short-sided as those seeking to increase taxation, whether through property taxes, sales taxes, or income tax.
This state and county is screwed, and it will take monumental changes soon, and a great deal of time afterword to recover.
Or, we continue to allow this current model to be propped up, and, I loose the place that has always been my home.
That's not an expert talking, that's someone who sees what is happening, and finds it to be unacceptable.
Thanks to all of you that have opted out of keeping our 'leadership' accountable. Thanks a lot.

By: Ballard_Rocks_Now

Ballard_Rocks_Now — Thu, 18 Jun 2009 01:05:11 +0000

Stay current!? Is Oscar Wilde releasing new stuff!? Color me excited!

By: Ballard_Rocks_Now

Ballard_Rocks_Now — Wed, 17 Jun 2009 23:44:13 +0000

Comical it is that you're telling others to get a grip when you don't know the basics. I'm always amazed that those that know the least are the first call out "B.S". Shouldn't you be tracking down meth users because clearly youre out of your element when discussing economics.

Do you even know what present value is without using "the google". (hint a 20 story building is effectively 20 different cash flows -discount the 20 cf's and leases clauses to get a present value.) Care to guess what floor pays the most effective and average rent? -hint it's not the penthouse but the opposite..the ground floor. The cheapest floors would midlevel, the first couple floors can compete with the penthouse levels on occasion.

Worry not, the retailers are getting out of dodge, the owner may or may not lose the property and the bank will take it over. In order to cut their losses they may rent it out at the rates the previous owner could not afford to as they would have violated their financing commitments.

P.S. prospective value is a newbie figure -ask an appraiser, and the only to make money on your primary residence is to dramatically shift, not trade, bid rent curves. (this means move to a cheaper city for those that make hand signs for avatars)

By: KB

KB — Wed, 17 Jun 2009 23:34:50 +0000

It's not stinky, although it is not as cool as it was before it changed owners (she brought her dog daily, they had a back area where they bought books, they had espresso…). “Stay current”? What do you mean by that? It's a USED BOOK STORE.
And if they didn't have a business model they would not be in business. Duh.

By: KB

KB — Wed, 17 Jun 2009 23:31:29 +0000

Damn it, that sucks!!!

By: jules

jules — Wed, 17 Jun 2009 22:41:11 +0000

between this and abraxus, secret garden must be feeling pretty lucky now!!

By: Trix

Trix — Wed, 17 Jun 2009 21:59:32 +0000

I could see that working. I know I'd be in there even more often if he wore a speedo.

By: Silver

Silver — Wed, 17 Jun 2009 21:27:52 +0000

OOOOooo! Nathan in a speedo!

Be careful what you wish for – I wouldn't put it past him! ;-)

By: Stripper

Stripper — Wed, 17 Jun 2009 20:45:38 +0000

One tip to help sales: girls in bikinis.

By: Fauxnothing

Fauxnothing — Wed, 17 Jun 2009 20:33:10 +0000

The owner of this building inherited it from his father and has absolutely no mortgage on it. He's just out of touch with the reality of small business owners. I know him, and he's an absolute luddite.

By: SPG

SPG — Wed, 17 Jun 2009 20:12:44 +0000

Have you ever been to a great, but cheap little shop/restaurant/bar in a very expensive neighborhood and wondered how they've made it in business for decades? The answer is usually that they own the building, and usually that they've owned the building for decades and don't owe a mortgage on it.
If you have a building in a old neighborhood where the values go up and you sell it anywhere close to “market value” the new owners are going to be paying a mortgage on it that is going to be much much higher than the old owners. The only way for the new owner to pay the mortgage is to raise the rents. A lot of the old owners don't always need to keep the rent increases in line with the rise in market value to pay their old mortgage, so that's also a factor in why you wind up in this scenario.

By: jules

jules — Wed, 17 Jun 2009 19:55:46 +0000

this is a huge bummer!

By: milo dakkat

milo dakkat — Wed, 17 Jun 2009 19:49:44 +0000

When I talk to the owners there, I get the feeling that they are sick of all the bullshit that happens around that block…as we all are. They are stuck there all day watching the shenanigans and have probably had enough, as did the camera store, scream and every other business within view of meth house alley.

By: megan noel

megan noel — Wed, 17 Jun 2009 19:41:35 +0000

epilogue is my favorite used book store in seattle and i love living so close to them! i hope they DO find a place in ballard. long live epilogue!

By: Barney Stinson

Barney Stinson — Wed, 17 Jun 2009 12:05:23 +0000

Why not? Amazon is a local business as well.

By: Deco

Deco — Wed, 17 Jun 2009 11:21:42 +0000

You can't "price Ballard out of the market." It is simply a market.

Landlord bets on higher rent.
Tenant balks.
Landlord assumes risk.
Tenant finds more value elsewhere.

You see, the market works great when you let it.

By: chopper_74

chopper_74 — Wed, 17 Jun 2009 10:45:47 +0000

how do you say…bs?
We are dealing with prospective value, right?
What about honoring present value?
The banks, the feds, the idiots, even know that.
Get a grip, get reduced rent, or get the 'f' out of dodge.
oh, and you will see a cycle occurring….

By: Ballard_Rocks_Now

Ballard_Rocks_Now — Wed, 17 Jun 2009 10:23:31 +0000

Well that would require the previous owners to sell it at below market rate. If you owned a strip of retail in Ballard, would you sell it at below market rate? Remember if you do, the next owner is still going to raise rents in-line with what neighboring comps do, so essentially you are leaving money on the table. The reason you can't lower your existing rents in this scenario to help out your tennant, is because you have a debt to the bank you need to pay off (I doubt the previous owner sold to you below market rate, if he did you would have had to raise rents to keep in-line with the market) while maintaining a reserve ratio to keep to the terms of the loan.

(let me know if you see a cycle occuring)

By: Shane dillon

Shane dillon — Wed, 17 Jun 2009 09:58:21 +0000

Can't the local churches help these guys and give them a place to stay. They don't seem to mind helping all the homeless and setting up shelters where they are not wanted.

By: Silver

Silver — Wed, 17 Jun 2009 09:29:57 +0000

I spend tons of money there because of their selection, trade policy, and the fact that it's a family owned business.

Do we even know if money is the main issue? Could it be they just want a different space?

I hope they stay close by!

By: FreeBallard

FreeBallard — Wed, 17 Jun 2009 08:40:49 +0000

Funky space. Friendly, informed staff. Great selections new and used.

Yep--they changed owners: from one sister to another sister. Ya got a problem with that?? And, Nate is a pro!!!

It's MY bookshop of choice. I've been with them since the very beginning when Sharon and Rebecca had a space farther south on Market. If they leave Ballard, part of the love of things Ballard will go with them.

You want chrome and glass and bling and noise??? Go to a chain bookstore. Ya know, one with a Starbucks attached at the hip.

By: Sweet Rose

Sweet Rose — Wed, 17 Jun 2009 08:08:06 +0000

Unfortunately they changed owners a year or so ago and the place went downhill. Nothing but current best selling paperbacks and they had a crappy trade policy. Not to say that the used book business is an easy one to make a profit in. To make any money at all you need to also sell some new stuff or have SUPER cheap rent.

I gave up on used stores and now use Amazon or the library.

By: jm

jm — Wed, 17 Jun 2009 07:55:36 +0000

Aren't there a few empty stores to choose from in that area? I noticed an empty space over near the U-Frame it store.

By: Bark more, Wag Less

Bark more, Wag Less — Wed, 17 Jun 2009 07:39:56 +0000

Things you can't say in Seattle, #88:

I buy my books from Amazon.