Local condo enthusiast Matt made an interesting observation in a post on Urbnlivn Tuesday. Apparently in many of the recently-opened Seattle condo projects there are, in Matt’s words, “re-sales galore.” 33 units at 2200, 19 at Cosmo, and 5 (of 48) at Meritage. Plus, anyone who bothers to spend a little time searching on Craigslist can see quite a few more units in these projects up for rent.
I thought that all these projects had “strict limits” requiring that units be owner-occupied, which would supposedly eliminate flipping. It would appear that these rules are being disregarded.
So much for all the alleged protections against speculation in the local condo market…
(Matt Goyer, Urbnlivn, 04.03.2007)