<Begin Segment 8>

[Ed. note: standing out in the parking lot, looking up at new Fujisada condos]

TM: We bought this sliver of land thirty years ago or something, 60 x 120. And it was a parking lot, and we bought it just because it was kind of available, and we used it for parking. And we started to get offers for the property, so we said, oh gee, if it's worth something to somebody, it must be worth something. And then, coupled with that, I like real estate development. And also we start to think that a lot of the housing in this area is subsidized or low income or... we said, you know, for this area to become -- I don't know how you say it -- more viable, then you have to provide moderate or higher-end income. So we talked to a couple of developers and they invariably wanted it either subsidized or small housing units. And get a lot of density, because that's how you make the money. And we said, no that's not what we want. So we decided to put in twenty-five kind of luxurious, more upscale housing, and sell it as condos. Then make big bucks, and then get rid of the property, but also to see if there's a market. Because we were in the best position to gamble or to risk, see if that high end was there. Because we could always sell down, lose money, and then sell something. But, so we, it took us a long time. We kept going to the bank, and they said, "Oh yeah, we'll lend you money, but fifty percent," or you know. And finally the housing market in general in the Seattle area, it became good. Number two, there was a lady that was working for the mortgage company, that became very active in the community serving on different boards. She became very convinced that this was a viable area, and when we talked to her, she was able to convince her company to give us a standard loan. Nothing favorable, but at least a standard ratio loan. So we took that money, and we spent a little bit more than we wanted to, so but this is the product...

BF: So you feel that part of the future of the ID relies on bringing little higher-end...

TM: Market rate housing.

BF: Yeah.

TM: And people -- the other element with a condo is ownership. If you own property and you live here twenty-four hours, you tend to hopefully keep a better eye on it and if there's -- and this area has it's bad elements, but hopefully if there's enough people living here and keep calling the police, and putting political pressure, and then if also, that type of element you hope won't come around to a place where there's people living with higher income and things like that.

BF: Is it similar to like what is occurring in the Belltown area and other areas?

TM: Definitely. We're probably, twenty years later. And fortunately, hopefully we don't have the same learning curve and the economic problems they had over there. But definitely we're benefiting from the boom in the Belltown area. The downtown living interest...

BF: Right. Becoming much more desirable and reasonable.

TM: But, like I say, this is not a new idea. Five, six years ago banks, very courteous, but they're saying we'll lend you forty percent, or sixty -- fifty percent or something. But they weren't willing to talk to us as a normal...

BF: So in your mind, do you think it's a gamble? Or do you think it's a pretty sure thing?

TM: Well, it was a risk, but the risk was not, I was confident we'd never lose everything. But the risk of not to make money, it would have been more profitable to sell the land. But we learned a lot, and we feel we have a good product.

BF: And the name Fujisada?

TM: Oh, Fujisada. You know, my father's name is Fujimatsu, and my mother's name is Sadako. So my oldest sister, who by the way was raised in Japan, one time she was doodling and she says, "Oh..." -- and those are the informal times you're having dinner, and we're talking this and that -- she says, "Oh, why don't we mention it, Fujisada."

<End Segment 8> - Copyright © 2000 Densho. All Rights Reserved.