Aug 21 2008

Affordable Condos in Seattle Gone?

Published by Michael Kass at 9:00 am under New Construction, Seattle Condos

The Moda condominium entry level condo development in the Seattle Area was switched from condos to rental apartments as reported in the Seattle Times.  The building was offering 250 condominiums that were as small as 296 sq ft and started at approximately $150,000.  Many building slated for condominiums are switching to apartments or are not being built .  In my opinion in the long run if this continues it will cause a shortage of available condominiums in the area with projected regional area growth predictions.  Vacancies in the area are quite low and rents are rising.  Rent in one of the condominiums I own in Downtown Seattle increased about 20 percent from last year and.  Buyers are currently waiting for prices to drop significantly and in a growing area like Seattle with new supply being eliminated has to ask will that happen.   


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2 Responses to “Affordable Condos in Seattle Gone?”

  1. Downtownon 06 Sep 2008 at 8:53 pm

    So, you really think your place is worth 20 percent more than last year? Really? I’ve got a bridge to sell you…

    Try to put it on the market. Really.

  2. Michael Kasson 29 Jan 2009 at 10:49 pm

    This is not an opinion, but a fact which can be checked on the NWMLS which indicates the condo was rented for 20 percent more than last year.

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