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Downtown Seattle Condo Inventory.

EconEEconE
edited June 2007 in Seattle Real Estate
Yeah...I know that the marketing firms etc. hate my intense following of the inventory but...oh well.

I'm burned out on following 2200 and the Cosmo.

Who should I watch next?

Lumen?

Parc Belltown?

any other suggestions?

no more than 2 at a time please....health issues are slowing me down right now.

Comments

  • deejayohdeejayoh
    EconE -
    you got me curious. At one point, I was seriously considering a place in Lumen, but I just couldn't stomach the prices.

    I swear I looked at this very place:

    http://seattle.craigslist.org/see/apa/351464446.html

    the asking rent on this place is $2195/month

    As I recall... the price was in the range of $550k + $0.60/sqft for HOA.

    The total nut was over $3600 with a 30yr fixed mortgage.

    Can you say "money pit"? Plus the building ended up looking like a big QFC. yuck.
  • acurawsuacurawsu
    I for one am interested in how the Parc Belltown is doing.
  • EconEEconE
    OK...Lumen and Parc Belltown it is.

    Cosmo & 2200...you guys are off the watch list now...you may all take a deep breath of relief.

    I think that those two will be nice as they are the ones coming on line soon.

    I'll be quite interested to see what the investor inventory turns out to be. I have a feeling that flippers were all over every presale in the last couple years...which condo/unit they chose I would assume was pretty much dictated by their financial standing.
  • EconEEconE
    Parc... 14 units...408 307 707 306 823 309 1205 609 ph06 ph05 1111 621 ph08 ph11. listed in order of ascending price (don't worry...I keep price records also)

    Lumen... not interesting enough to follow yet...give it a week or so.
  • acurawsuacurawsu
    I believe the project started with about 180 units. If they are down to 14 now, we have about 7%-8% unsold. I know the Parc went on sale months ago. It would be interesting to see how prices fluctuate for the remaining units as the project gets closer to completion and certificates of occupancy are issued.

    EconE, thanks' for checking it out.
  • MatthewMatthew
    EconE,

    What are you noticing in terms of resales in the downtown area? Not flips of recently built inventory, but some of the older buildings? I live in an older Belltown condo complex, and it seems as if more and more units are coming onto the market faster than I can keep track.
  • financefinance
    Matthew - In my condo building (built in 2001, converted to condos in 2006) right behind the convention center (on First Hill) about 6 of the 75 units have resold in the past year (not too bad, at least 4 were for job relocation reasons that I know of).

    Prices have appreciated approx 10% since last June. A recent unit sold that was 4 sqr ft smaller with a worse view & worse layout for 10% appreciaton, so my corner unit probably increased by ~12%.

    The ironic part is that mortgage rates just jumped about 1 - 2 weeks ago and looking to refi to get rid of my 2nd mortgage (save me ~$200 - $300 per month, depending on how I structure the loan). This will cost me about $44 to $88 bucks more per month due to higher rates than about a month ago (prelim est). The reason I waited so long was that my 41% raise at work just kicked in (which put in in a better LTV category)...the ironic part is that it will be a wash with the higher mortgage rates. How about them Apples?
  • EconEEconE
    finance wrote:
    Matthew - In my condo building (built in 2001, converted to condos in 2006) right behind the convention center (on First Hill) about 6 of the 75 units have resold in the past year (not too bad, at least 4 were for job relocation reasons that I know of).

    Prices have appreciated approx 10% since last June. A recent unit sold that was 4 sqr ft smaller with a worse view & worse layout for 10% appreciaton, so my corner unit probably increased by ~12%.

    The ironic part is that mortgage rates just jumped about 1 - 2 weeks ago and looking to refi to get rid of my 2nd mortgage (save me ~$200 - $300 per month, depending on how I structure the loan). This will cost me about $44 to $88 bucks more per month due to higher rates than about a month ago (prelim est). The reason I waited so long was that my 41% raise at work just kicked in (which put in in a better LTV category)...the ironic part is that it will be a wash with the higher mortgage rates. How about them Apples?

    How bout them apples? Let me guess...Epic Condos? I can't find any other "conversions" in the date range that you state. "Right Behind the Convention Center" IMO would be Elektra but they were built long before Epic.

    Am I warm? :lol:
  • EconEEconE
    Pm'd you Matthew.
  • financefinance
    EconE - I will neither confirm nor deny which building I live in, yet do know where both of the buildings you talk about are located.

    I plan to live in my condo for 2 years (depending on when I need more space to live), then rent it out for 3 years before I sell to get the tax free mortgage benefit.
  • EconEEconE
    Finance...you don't need to "confirm nor deny" anything publicly. :lol:

    You do know that rent's are negotiable as HELL here now. sheesh. I called and emailed CL listings and beat people down so much before I took the place I have...and no...I didn't take the "best deal" I could get. I just wanted to test the market and see how desperate people were. I follow the market closer than you guys since I don't work. All the time in the world...well...almost.

    And they are F-ing desparate. You just have to know how to negotiate. I have a special way.
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