{"id":1467,"date":"2008-02-04T10:49:26","date_gmt":"2008-02-04T18:49:26","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2008\/02\/04\/repartmenting-around-seattle\/"},"modified":"2008-02-04T10:50:44","modified_gmt":"2008-02-04T18:50:44","slug":"repartmenting-around-seattle","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/02\/04\/repartmenting-around-seattle\/","title":{"rendered":"Repartmenting Around Seattle"},"content":{"rendered":"

Looks like the repartment trend<\/a> has picked up enough steam in Seattle to catch the attention of the press. Specifically, the Sunday Times yesterday featured an article titled “Re-apartments” blooming<\/a>.<\/p>\n

The newest trend in the Seattle rental market is a “re-apartment” \u2014 an apartment that was converted to a condo and is now being converted back to a rental.<\/p>\n

Also called a “conversion-conversion,” the “re-apartment” trend is just starting to hit the local market as condo owners in some areas struggle to sell during the housing slowdown.<\/p>\n

“The market wasn’t strong enough or the product viable enough to allow them to sell enough of the condos to make it work,” said Tom Cain, a partner with Apartment Insights Washington, which each quarter surveys 150,000 apartment units across the region.
\n…
\nAn example of the re-apartment trend is the 153-unit Landing at Angle Lake in SeaTac, which was offered up as condos by San Diego-based developer Pacifica Companies in the second quarter of last year.<\/p>\n

By the last quarter of 2007, all 153 units were back on the market as rentals, according to Apartment Insights Washington. Pacifica did not return a call for comment.<\/p>\n

Kirkland-based developer Mosaic snapped up three apartment buildings to convert into condos last year. After converting a 62-unit building and a 111-unit building in West Seattle, the company decided in December to revert them to rentals for the foreseeable future, said co-owner Dave Kirzinger. The third building, a 239-unit complex in Federal Way, hadn’t been changed into condos yet when the decision was made.<\/p>\n

The reason was simple: condo sales are slow.<\/p><\/blockquote>\n

Hmm. But I thought that the condo market was still hot, hot, hot. What about the “strong condominium price growth<\/a>” this very paper was telling us about just last month? Why wouldn’t every developer in the country want to get a piece of this action? How odd.<\/p>\n

In related news, it turns out that the Lock Vista apartments in Ballard (which have been mentioned a few times here before<\/a>) won’t be converting to condos after all<\/a>.<\/p>\n

The Lock Vista Apartments in Ballard will not be converted into condos \u2014 at least for now \u2014 owners told tenants Friday.<\/p>\n

The affordable-housing complex in Ballard was slated to be sold to a condo-developer this year, but the sale fell through when the buyer was unable to meet its end of the deal, according to a statement by Dominion Real Estate, which manages the property.<\/p><\/blockquote>\n

That is excellent news for the residents there.<\/p>\n

(Kirsten Grind, Seattle Times<\/a>, 02.03.2008<\/em>)
(Amy Rolph, Seattle P-I<\/a>, 02.01.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Looks like the repartment trend has picked up enough steam in Seattle to catch the attention of the press. Specifically, the Sunday Times yesterday featured an article titled “Re-apartments” blooming. The newest trend in the Seattle rental market is a “re-apartment” \u2014 an apartment that was converted to a condo and is now being converted…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[166,19,31],"coauthors":[],"class_list":["post-1467","post","type-post","status-publish","format-standard","hentry","category-news","tag-repartment","tag-seattle_pi","tag-seattle_times"],"yoast_head":"\nRepartmenting Around Seattle \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/02\/04\/repartmenting-around-seattle\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Repartmenting Around Seattle \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Looks like the repartment trend has picked up enough steam in Seattle to catch the attention of the press. 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