{"id":17239,"date":"2011-09-30T15:25:22","date_gmt":"2011-09-30T22:25:22","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=17239"},"modified":"2011-10-21T10:09:39","modified_gmt":"2011-10-21T17:09:39","slug":"friday-flashback-half-million-dollar-condos-in-puyallup","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2011\/09\/30\/friday-flashback-half-million-dollar-condos-in-puyallup\/","title":{"rendered":"Friday Flashback: Half-Million-Dollar Condos in Puyallup"},"content":{"rendered":"

Came across this one in the Seattle Bubble archives<\/a>, from March 2006 in the Tacoma News Tribune:<\/p>\n

After several years of public investment in downtown Puyallup, private money is now pouring into multilevel condominiums around Pioneer Park.<\/p>\n

It appears to be money well spent. Some units are expected to sell for around $500,000.<\/p>\n

“When we started, we were not predicting prices that high,” condo developer Bill Schuur said. “It\u2019s clear that there\u2019s a strong housing market in downtown Puyallup.”<\/p>\n

In recent years, Puyallup has brought pedestrians and shoppers back downtown with its new library, farmers market and businesses that have replaced empty storefronts. But some say a sure sign of downtown revitalization is when people choose to live there.<\/p>\n

“Seattle, Bellevue, Tacoma \u2013 everybody is moving downtown,” said Tony Benson, 52, who was having early dinner with his wife, Julie, at a picnic table at Pioneer Park on a recent afternoon. “That\u2019s the way to the future.”
\n\"Pioneer…
\nDevelopers say the demand shows no sign of abating.<\/p>\n

“Our experience in marketing Pioneer Park Condominiums tells us, anecdotally, that demand will continue to increase, and prices will rise steadily,” Cochrane said.<\/p><\/blockquote>\n

At right I have embedded a chart of sales history at this particular condo complex back through late 2009. Note the 56% drop in value from the high point in 2006 to the low point to date in February. Ouch.<\/p>\n

The top-floor corner unit penthouse in this complex—presumably the nicest unit available—sold just last month for $275,000<\/a>. Not quite<\/em> half a million.<\/p>\n

Hmm. I wonder what happened to the “strong housing market” and demand that showed “no sign of abating,” and the certainty that “prices will rise steadily”?<\/p>\n

The purpose of our Friday Flashback series<\/a> is to remind people why it’s never a good idea to base your home purchase decisions on the word of someone with a vested financial interest in selling as many homes as possible for as much as possible, no matter what. If you’ve got a good example of local home salespeople or other industry shills on record making fools of themselves in the years before the bubble burst, shoot me an email<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

Came across this one in the Seattle Bubble archives, from March 2006 in the Tacoma News Tribune: After several years of public investment in downtown Puyallup, private money is now pouring into multilevel condominiums around Pioneer Park. It appears to be money well spent. 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