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No One Is Looking At Condos

May 11th, 2009 · Comments · By Matt

The most popular listings in Seattle continue to be dominated by homes.

If we skip over that cool boat (I’m on a boat!) and #402 at Trace Lofts, but I think that’s cheating since I linked to it last week. Fourth on the list is the Kindle unit at Madison Lofts. Fifth is 1136 13th Ave #104. A studio co-op for $159,000.

In other news, a friend of mine had a two level co-op on Capitol Hill with great views, exposed brick, live/work allowed, etc that wasn’t moving. So they split it back into two units and they went pending right away.

Popularity: 10% [?]

Tags: MLS Watch

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  • uwp
    Don't HOAs for a co-cop include taxes?
  • Ross
    Yes normally. And co-op's often have a central boiler/heating system, so their HOAs often include heating too.
  • elizabeth
    I think I saw that co-op with the exposed brick that was two-level (on Summit maybe?). The top one was beautiful. The one below it wasn't as great, but they both went quickly.

    I've also looked at both units at that place on 13th. No parking (as I recall), which is a bummer for that location. And the building hallway is dark and narrow and smells like cigarettes. But this co-op has lots of potential if you are willing to put some elbow grease into it. I don't think it would be a bad investment over the long run.

    I live in an apartment in a well-maintained historic building on the Hill that is much larger and nicer (with a view and a short walk to Volunteer Park) for $1185 a month. It is hard to make the move from such a great apartment into a smaller and less aesthetically pleasing condo for a similar monthly cost...but I know it is time.
  • Other Chris
    Bingo. But you get the pride of ownership!
  • The MD
    once you add in taxes (roughly going to be $133/month) and HOAs (probably around $200/month), plus your Mortgages P&I at $762.63/month (20% down at 6% over 30 years), you're pushing $1,100/month for a dumpy studio.
  • mike2
    For the Co-op, with 20% down you're looking at close to $1200/month for a small 1 bedroom with no parking. Is that really a good deal?
  • uptown
    Even at 6% (the overnight average was 5.05%) a 30 year mortgage would have a monthly payment of only $763.
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