Compass Seattle
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Written By Chris Doucet
New condo presales are springing up everywhere. The Seattle area has gone from only resale condo inventory for many years to a vast selection for those buyers willing to wait for buildings to be out of the ground or finished.
These new buildings are sexy and shiny and, for the most part, offer or promise to provide, a vast array of concierge services and enticing community spaces.
As always, condos offer a wonderful option for the first time (often millennial) buyer desirous of a simplified solution in a residence; and with the aging of the baby boomers, empty nesters in hoards are looking to condos to downsize and free themselves from home maintenance and upkeep.
So you have decided on a condo. Do you buy new or invest in a resale?
Price is a major consideration. Buildings under construction are listed in the $1,500 range per sq ft in presale. Resale homes in urban Seattle and Bellevue are typically in the $800 to $1000 sq ft range. Older buildings may not have the latest in technology but they may have more living space. They may also have dated systems that may require updating with potential assessments and higher home owner dues. If price is a consideration, resale is more affordable.
It is always nice to live in a brand new dwelling. Like a vehicle with that new car smell, it can be intoxicating. Waiting for completion of that new project can be an issue. Is it worth the wait on a building that may not be ready when you are? Are you overpaying? What will the housing market appreciation be until then? Will the amenities be up to expectations? What about the developer warranties?
How about views? Since Seattle has become “crane city”, lots of condo views have been impacted. Be sure that the view that you are paying for will not get compromised. Seattle in Progress is a great site to research as are city sites on rezoning boundaries (Housing Affordabilty and Livability) and the LID (Local Improvement District) for upcoming Seattle city assessments to help fund our new waterfront park.
Do your research. Armed with the right information, you can make the best decision for your future condo home.
As challenging as some transactions are, I get to meet some wonderful and fascinating people. I was fortunate to close the 6th transaction for one of my favorite couples. They are the nicest, most loyal and gracious clients ever.
We met at an open house at a Capitol Hill condo many years ago. Then we sold their fabulous home in Washington Park, moved on to Eastlake and then Belltown. That condo is now sold and they are relocating to a retirement community. They have also referred me to multiple friends and colleagues whom I have helped buy and sell. That chance meeting at an open house has proven to be an enduring relationship. Congratulations to them and thank you for the confidence that you have shown towards me. Wishing you the very best in your new abode.
After King County home prices fell to a two-year low in January, the market is already showing signs of a rebound. With more inventory available, buyers now feel like they have something to shop for. Inventory = Opportunity. Not shown in the year-over-year stats: February saw multiple offers returning in some areas. While prices are down from this time last year, the current market is healthy for both buyers and sellers, and having an experienced agent who can translate year-over-year stats vs. real-time conditions is critical. Want to know more? I also have reports for Snohomish and Pierce counties as well.
By Chris Doucet
I start every morning (early, about 4:30 am) by jumping on the Multiple Listing Service and checking on new inventory for all of the many market areas where I work. This area encompasses north to Mukilteo, south to Normandy Park and Seattle east to Sammamish. A broad area, I know, but one where my clients take me. It has been a point of discussion in many of my agent groups that the pickings are slim and the spring listing rush has not yet begun. It is widely known that, historically, spring is the best time to list and sell a home. Flowers are popping up, lawns are green and we are favored with a few more hours of daylight. Every year there are more people who get an early start and list in February. So far, that hasn’t happened and we are now into the 3rd week. Granted, we have been digging ourselves out of a historically long snowfall but this is unusual.
Yesterday, in 9 market areas there were 3 new listings in a 24 hour period.
Why should this be so when the interest rates have decreased and the buyers are out of the holiday hiatus? Prices have stabilized to a more balanced market so perhaps greedy sellers are not as predominant, but this is crazy.
It is the old adage of Supply and Demand. We have buyers but not sellers. The few properties that I have listed over the last few weeks are getting tons of interest and multiple offers. Multiple offers are not a thing of the past, they are happening RIGHT NOW.
If you are a seller, get that home listed NOW before everyone else does who is dragging their feet and waiting for spring to arrive. Take advantage of the demand without the competition that will invariably appear in mid March and April.
The early bird gets the best buyers
