{"id":241,"date":"2006-05-23T08:30:00","date_gmt":"2006-05-23T15:30:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=241"},"modified":"2006-05-23T08:30:00","modified_gmt":"2006-05-23T15:30:00","slug":"video-report-condo-craze","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/05\/23\/video-report-condo-craze\/","title":{"rendered":"Video Report: Condo Craze"},"content":{"rendered":"

When you get some time, check out this King 5 video report on the condo craze<\/a>. Robert Mak kicks off his report by focusing on a 23-story building full of $330,000+ condos going up in Bellingham. On his blog, he explains some of his thinking behind the report<\/a>.<\/p>\n

Don’t get me wrong\u2014Bellingham is a beautiful place to live. I’ve spent a fair amount of leisure time in the area. And no doubt, a 23-story building is going to have some spectacular views of the ocean and mountains. But you have to wonder\u2014can Bellingham support condos from $330,000 to a couple million dollars? The answer apparently is yes\u201450% are reserved, including the most expensive penthouses.<\/p>\n

It’s just a sign that the condo craze is everywhere. One expert used the phrase, "a perfect storm." Demand from baby boomers trying to downsize, combined with young, more affluent buyers and investors looking for second homes have really pushed demand from all age groups. But here’s what makes some people nervous. Is the condo market overheated? If the market tanks, are you safer investing in a single-family home, where you own a chunk of land? Are people going to get tired of the condo lifestyle after a few years?<\/p><\/blockquote>\n

Personally, I don’t "get" condos. I mean, the monthly mortgage payment on a $330,000 condo (after putting 20% down) would be nearly $1,800. And most condos I’ve looked at have $200-$300 per month association dues. So why on earth would I spend $2,000+ per month on what is basically a glorified apartment, when I can rent a dang nice apartment for $1,500 or less?<\/p>\n

I think that kind of reasoning is probably why condos historically are the first to fall in value when housing falters. Because I think a huge factor that influences people’s decision to purchase a condo is the speculation\u2014the thought that when they sell in three years, they’ll walk away with $100,000 profit. Take that away, and what is the draw of a condo?<\/p>\n

(Robert Mak, Up Front Blog<\/a>, 05.19.2006<\/i>)
(Robert Mak, King 5 News<\/a> (video), 05.19.2006<\/i>)<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

When you get some time, check out this King 5 video report on the condo craze. Robert Mak kicks off his report by focusing on a 23-story building full of $330,000+ condos going up in Bellingham. On his blog, he explains some of his thinking behind the report. 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