Here are some choice quotes for those of you who can’t watch the video:
Host: “Because of the abundance of new construction, it’s a great time for wise investors like Christopher Togawa to get in the market.”
Christopher Togawa, wise investor: “I definitely don’t want to miss this market, because this opportunity now in Seattle is like… no other place in the country.”
Olga Dyckman, Real Estate Agent: “Seattle is a wonderful city. The housing market is extremely strong.”
Togawa: “These countertops are nice. These are granite, right?”
Dyckman: (Enthusiastically) “It’s actually glass, and that’s more expensive than granite! Very dramatic. Very contemporary.”
[Spoiler Alert] Mr. Togawa ended up paying $400,000 for unit #605 at 5th & Madison, a building that just so happens to be auctioning off their remaining inventory this month, with starting bids at $195,000. That advertised starting bid is for two units the same size as and directly above the one Christopher bought. One is on the 17th floor, the other is on the 18th floor.
Regarding his Queen Anne house, Togawa noted that “three and a half years ago, I paid $480,000, and the market value today is approximately $700,000.” I guess he waited a bit too long to sell (he still owns it now). Zillow guesses it’s now worth just $20,000 more than he paid in 2004. That’s a 4% gain in six years.
Hat tip: ivan