Press Apartments to be converted to condos

Carl sent me a note that the Press Apartments are now going to be the Press Condos and pointed me to this article in the Puget Sound Business Journal, :

Earlier this week, Wysong and Granite Peak paid developer Harbor and partner Heath $33.4 million for the Press 1 and 2 Apartments on Capitol Hill’s Belmont Avenue in Seattle.

Carl asks if I think I agree that these will be the most affordable units downtown. Taking a quick look at the math: $33.4 million / 141 units = $237,000 avg purchase price per unit and then grossing that up for marketing and profit I’d guess that it isn’t likely to be the most affordable downtown but it will be reasonable compared to new construction (not that I’m an expert).

Another interesting quote from the article:

The most recent Apartment Insights researchfrom Cain Inc. and RealData shows condo conversions in the second quarter of 2006 outpaced new apartment construction in the Puget Sound area, with 223 new apartment units built, compared with 401 units converted.

And as always, it’s fun to look at ApartmentRatings.com for these conversions. The Press Apartments are only recommended by 28%.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

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    goodluck to them in converting the aprments int condos

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    really? that's great and very low price.. thanks for sharing that information..

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    That is such a good idea. For in my opinion condominiums are better than apartments. How I love to move into a condo unit.

  • http://www.mysecuremovers.com/ boston moving companies

    That is such a good idea. For in my opinion condominiums are better than apartments. How I love to move into a condo unit.

  • msaiwn

    I'm on a waiting list for a condo and I can tell you that's more affordable than most of the < a href=”http://localdirectory.nydailynews.com/new-york+ny/apartments.zq.html” rel=follow>apartments in New York NY that I saw. The price is bigger but it compensates with the amenities and the luxury of the unit.

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    What’s the best neighborhood (Waldo, Brookside?) for a single, young professional to live in Kansas City?
    I work in south K.C. so the Northland and inner-city apartments are off the table. I have a nice-paying job so cost of an apartment isn’t that big of an issue.