On Friday the Seattle PI covered the condo market in, They’re practically giving away condos, right?
It depends on how much you plan to spend.
“The situation in the high-end market is lots of cancellations and fall-throughs,” said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University. “This is the market segment stealing the headlines, but for most condo buyers and sellers, it doesn’t reflect their reality.”
So if you’re looking for a downtown penthouse and have well over $1 million to spend, then yes, this is a great time to buy.
However, the lower end of the market is behaving much like any housing market would be expected to behave. There is a lot of supply out there — more than 12 months worth. But that doesn’t mean drastic markdowns and auctions for the more affordable units.