Aug 21 2008
Affordable Condos in Seattle Gone?
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.  Â
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