Comments on: September ’08 condo market update

By: Barry Cox

Barry Cox — Thu, 23 Oct 2008 23:53:46 +0000

Wow, Seattle’s numbers are great in comparison with ours here in the Phoenix area. I wish our year over year decrease was around 6%. Although the steeper decline has definitely brought investors back into the mix.

By: AS

AS — Thu, 23 Oct 2008 04:01:55 +0000

if you end up having second thoughts, i’d take it from you at that price.

By: condoboy

condoboy — Wed, 22 Oct 2008 20:29:43 +0000

remember that every floor you go up, the price goes up anywhere from 10k to 20k

By: The MD

The MD — Wed, 22 Oct 2008 18:31:36 +0000

I am scratching my head wondering how you were able to swing $470/square foot in that building, even if you were one of the first to buy. Most starting prices in that building on the South side the day of opening were starting about $570/square foot on the LOW side.

By: The MD

The MD — Wed, 22 Oct 2008 18:29:26 +0000

Quite honestly, looking closer, even if your view were blocked, I would still stay in at $470/square foot. That’s a pretty good deal in downtown Seattle at a nice building with hotel underneath. Even with the prices tanking, I doubt you would lose anything at that price. I say WAY TO GO!

By: condoboy

condoboy — Tue, 21 Oct 2008 03:34:43 +0000

MD- when you say the south view will be blocked, are you reffering to the building proposed at 8th and pine (where the old building was demolished ) or ava or both. because even with those two buildings a large southern view “corridor” will still exist. Unless they tear down and build a new highrise where the paramount hotel sits, I will be fairly happy with my view ( it wont be a million dollar view, but still ok )

By: ADS

ADS — Mon, 20 Oct 2008 23:49:43 +0000

condoboy, i think $470/per ft is a great deal. those prices are alot better than what some units are trying to sell for (ie. $700+/psf) in the building. i say you got a nice cushion if condo prices continue to fall. there are a number of condos in seattle like olive 8, such as 1521, cristalla, etc that average $700-900.

By: The MD

The MD — Mon, 20 Oct 2008 23:34:32 +0000

Condoboy, at $470/square foot, I would say that is a FAIR price. It isn’t terrific, but it certainly isn’t terrible. If you bought into Olive8 on the first day, and you aren’t looking to flip the condo, then I would say stick with it. You’re not going to make a gain much, but you also get to take advantage of the mortgage interest expense as a tax write off each year. Also, your HODs can be written off as well, depending on circumstances. That’s a HUGE bonus to owning. Can I ask which unit, which floor? That can also dictate whether or not I would back out as views are going away in that building on the East and South.

By: o8 2

o8 2 — Mon, 20 Oct 2008 22:44:03 +0000

at a price like that you’ll be able to rent it out and come close to your mortgage

olivian across the street will rent at about $3 PSF

By: condoboy

condoboy — Mon, 20 Oct 2008 16:50:09 +0000

technically I have p&s, with a deposit, I just meant I have not closed yet, and could still walk away ( loosing the 5%… ouch ) and I am trying to gauge the point at which it would make sense to do so. I bought/reserved on the first day they were available, and got a great price( just shy of $470 sqft ), but the the price is becoming less great day by day. I am not buying as an investment, but I dont want to pay twice what a rental costs on a depreciating asset. any thoughts anybody?