A reader in the forums lays out his current situation as well as his wish list then asks for help in the thread need some advice on which projects to check out:
With so many options and the market offering such a vast array of pricing depending on the area, I find myself confused on where to begin my search.
I currently own a 1bedroom unit with a rather nice full city view on cap hill and while I enjoy it a lot, i’d like to find something bigger. Living in this build i’ve also decided there are a few more requirements I would like to focus on rather than just the basics..
so i would like to get some feedback from Matt and his well informed readers.. where should I start my search and/or should I wait for an upcoming project rather than lock in now..
Do you have some advice? Leave a comment in the forums.
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10 responses so far ↓
1 EconE // Apr 5, 2007 at 12:59 pm
Is a view needed?
If not…one unit that comes to mind is W101 at the 2200 complex. I can’t tell from the pics if it has a deck or terrace but I sure would hope so…if not it would be an instant deal killer for me.
Both bedrooms are “open” so to speak…but when you look at many of the 1br+den…the dens are usually not what was called a den in years past but more of a “niche” to be used as an office area. Some of these “dens” look like they *may* be large enough to fit a wall bed but I’m not positive.
Note…
To the owner of unit #W101. If this guy buys your unit…I think that Matt should get a referral bonus…or at least a nice fruit basket.
2 chris // Apr 5, 2007 at 1:01 pm
If you’re not already in love with anything - wait. More new product is coming online and more is just breaking ground. Its becoming a buyers market so you can be selective. There is a strong chance there will be some real deals to be had in a year or two. Rushing to buy now, IMHO, is not advisable as the market is cresting
3 Matthew // Apr 5, 2007 at 1:14 pm
I agree with Chris, there will be a lot of new projects finished in 2008 that look very interesting.
4 tomb // Apr 5, 2007 at 1:46 pm
thanks for posting this on the main blog.. I’ve just been thinking a lot about whats out there and realized that without getting into the first batch of presale ops that the pickings are somewhat less than ideal..
while I have a nice view now.. a view is secondary to space/interior/balcony/steel+concrete construction..
I’ve never lived in a first floor unit.. anyone have any past experience with this? I’ve often tried to avoid them but I know they’re often not as bad as you would think with regard to noise and privacy..
with regard to the other properties coming up.. any names that you would recommend I keep an eye out for?
last year I had put in a reservation for a 2bedroom at the parc but ended up changing my mind due to a ridiculous price hike once I finally went in to sign the papers.. I’m regretting it now a bit as this seems to be a decent price a year later..
5 Foster // Apr 5, 2007 at 2:00 pm
If you must have a new home, then keep an eye out for presales coming this spring and summer. As previous posters have stated, there is a grip of inventory about to come online.
I have known several people who bought at the Meridian (I think its 5 years old now) who love it. Its steel & concrete and the quality seems alright.
6 Matthew // Apr 5, 2007 at 3:16 pm
Tomb,
I live on a first floor unit (2nd story). I have had no problems with noise (I’m on 2nd Avenue in Belltown). I can also turn my subwoofer up as loud as I want and there is no one below me to complain about the noise.
7 mhays // Apr 5, 2007 at 3:29 pm
I’m not sure about waiting. On one hand, prices aren’t going to rise much in the short term, so waiting isn’t very risky. But I also don’t think they’ll fall much if at all. My best guess is a rise of a few percent per year — because urban neighborhoods get more attractive as they grow, because traffic isn’t getting smoother, because construction costs are still rising quickly, because our prices and supply/demand aren’t out of whack like Miami and San Diego, because the rental market is tightening, etc.
8 Matthew // Apr 5, 2007 at 3:39 pm
Mhays,
Seattle had a serious lack of condos, but now I feel they are seriously in danger of overbuilding. The inventory your currently see will be nothing compared to what we will see at the end of 2008-2009.
I think we have only seen a small taste of whats in store in the coming months. Stay tuned.
9 Matthew // Apr 5, 2007 at 3:41 pm
For example, condo inventory is currently up 54% YOY. Many more projects are coming online at the end of this year and beginning of 2008. With inventory already up 54%, I do not think Seattle can absorb that many condos without some form of price reduction.
It would seem that the single bedroom units appear to be the most inflated. I think they will get hit the hardest.
10 PhilW // Apr 6, 2007 at 5:05 pm
Assuming you are going to sell your current unit, or plan to rent it out and don’t need the cash, price changes shouldn’t matter to you as much.
The trend in new construction is towards smaller units, so you may want to focus on older buildings (should be cheaper/sq ft, too). As has been pointed out, there is plenty of inventory in the works through ‘09 - so if you’re not in a hurry, take your time and find the perfect unit.
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