Real estate advisors are confident they'll be able to sell monorail properties up and down the Green Line because the market is brimming with interested buyers.

Advisors from GVA Kidder Mathews, which claims to be the largest commercial real estate firm in the Pacific Northwest, told the Seattle Monorail Project board of directors Jan. 17 that supply and demand are both strong in the Seattle real estate market right now.

Land purchases by the Monorail Project made some properties more valuable, said Steve DiJulio of GVA Kidder Mathews.

"There's also substantial assemblage value in some properties," he told the monorail board. "Fifteenth (Avenue Northwest) and Market (Street in Ballard), for example, is incredibly valuable."

Some potential buyers have even expressed interest in purchasing all 34 of the monorail project's now-surplus properties in one swoop, from Crown Hill in Ballard to Morgan Junction in West Seattle.

Many people have wondered, since the monorail is not going to be built, shouldn't the previous owners of the properties have an opportunity to reacquire their land at the price for which they sold it?

According to DiJulio, a former owner in a real estate transaction has no interest in the old property. That means a prior owner has no right to buy the property back, neither for the price at which it sold nor an even higher price. He or she has to outbid the competition to get the property.

The monorail board decided to open the bidding process so prospective buyers can either hire a real estate agent or bid on their own.

"Anybody can bid on any property or any group of properties," said Jonathan Buchter, chief operating officer of the Seattle Monorail Project.

The monorail staff set goals concerning the disposal of property and their top aspiration is getting the highest price. Other goals include running a smooth and open bidding process and evaluating bids in mid-March.

"We decided to let the marketplace decide value," Buchter said.

Monorail board staff want to end collection of the motor vehicle excise tax as soon as possible. But they cannot stop the tax until the monorail debt is paid off. So the faster they sell the real estate, the sooner they can terminate the tax, Buchter said.

Collection of the tax began in June 2003, so all Seattle car owners will have paid the tax three times by the end of May.

If the monorail debt can be paid off in 2006, car owners who pay the annual tax from June on will have had to pay four times.

The monorail board has the power to lower the rate of the motor vehicle excise tax, which is now 1.4 percent. However, lowering the rate would lengthen the time it will take to pay off the debt. The Monorail Project also could face additional fees from the Washington Department of Licensing for altering the way the tax is applied, Buchter said.

The Monorail Project still owes King County $400,000 in fees for the election that proved to be the elevated transit system's demise.

Recently the monorail debt was approximately $110 million. With the Monorail Project's staff nearly all gone and about 80 contracts canceled, the debt now stands at about $89 million, Buchter told the monorail board.

Newly elected board member Beth Goldberg, who defeated incumbent Cindi Laws, was voted the new chairwoman of the monorail board of directors. She assumed her new duties immediately and conducted the rest of the meeting.

She recommended the board keep an eye on how much money property sales garner and how much legal settlements cost to determine later whether to lower the motor vehicle excise tax.

Goldberg also asked about a budget item of $2.2 million for professional services. Buchter replied that includes attorney fees for ongoing lawsuits and to cover property disposition costs.

She also found money in the budget to continue taping board meetings for broadcast on the Seattle Channel and for webcasts.

Incumbent Paul Toliver was elected vice chairman and Jim Nobles, who beat incumbent Cleve Stockmeyer in the November election, was elected secretary.

Tim Kerr was appointed to one of the vacant seats on the monorail board. He too participated in the Jan. 17 meeting.

The monorail board's job is to oversee the selling of the project's property so that the agency's debt can be paid and the motor vehicle excise tax ended.

Tim St. Clair can be contacted at tstclair@robinsonnews.com or 932-0300.