{"id":736,"date":"2007-03-26T20:10:00","date_gmt":"2007-03-27T03:10:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=736"},"modified":"2007-03-26T20:10:00","modified_gmt":"2007-03-27T03:10:00","slug":"condomania-in-tacoma","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/03\/26\/condomania-in-tacoma\/","title":{"rendered":"Condomania in Tacoma!"},"content":{"rendered":"

Tacoma: Your mission, should you choose to accept it, is to sell 1,500 high-end condos in 14 months<\/a>:<\/p>\n

Hundreds of new, pricey condominiums exclude young singles needed for a thriving city core, according to the author of a study analyzing the downtown housing market.<\/p>\n

Builders and developers say land costs and water views push prices beyond the mid-$200,000 range generally considered doable for the first-time buyer. And even though the number of unsold units remains high in some neighborhoods, they say demand is strong for high-end condos. Tacoma\u2019s average new condominium price, according to the study, was $348,893 at the end of last year.<\/p>\n

The 149-page report, finished last week, identified three kinds of future condo buyers: female baby boomers, young professionals, and married folks with no children at home. It recommended adding edgy lofts and more small spaces that Generation Y buyers can afford.
…
As of December, all six neighborhoods surveyed averaged 14 months of condominium inventory, which measures how long it would take to sell everything built and approved.<\/p>\n

A healthy market for new construction tends to be in the six- to 12-month range, said Deanna Sihon, the study\u2019s author.
…
Since 2004, nearly 400 condos have been sold downtown with another 525 for sale and about 1,500 proposed, according to the study.
…
A year ago, a hot market meant condo shoppers had to make rapid buying decisions, said RE\/MAX real estate agent George Pilant.<\/p>\n

Not so now.<\/p>\n

\u201cBuyers have so many choices they don\u2019t feel a sense of urgency,\u201d he said.
…
As in any type of residential real estate, demand is driven by population and job growth, said Paul Turek, an economist with the state Employment Security Department.<\/p>\n

But condos are a niche product that at higher inventory levels, he said, raise this question: Will good-paying jobs needed to sell such downtown housing continue to be created?<\/p>\n

\u201cI suppose that\u2019s where the gamble is,\u201d he said. \u201cIn the Tacoma area, we have some high-paying jobs. Whether there\u2019s enough to support the building of the condos remains to be seen.\u201d<\/p><\/blockquote>\n

Good luck with that. Seriously.<\/p>\n

(Devona Wells, Tacoma News-Tribune<\/a>, 03.25.2007<\/i>)<\/p>\n

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

Tacoma: Your mission, should you choose to accept it, is to sell 1,500 high-end condos in 14 months: Hundreds of new, pricey condominiums exclude young singles needed for a thriving city core, according to the author of a study analyzing the downtown housing market. 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