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King5 Interview:
l was interviewed by King5 today about the condo market, particularly the state of conversions reverting back to apartments and the overall health of the market. It was my first camera interview, it went swiftly and my nervousness showed. Overall, the market has softened, coming down from a sellers market and heading towards, but not yet in, a full buyers market. Business has been picking up and we’re seeing more buyers entering the marketplace as a result of current news reports, which may actually help to maintain Seattle’s condo market at normal conditions.
One note regarding the decision by developers to revert to apartments. It’s a good thing for the condo market as it’ll help to restrict inventory levels from getting out of hand and maintain value. Though, there’s probably still too many $1 million plus units on the horizon for the market to fully absorb. Rumors have been swirling around that other condo projects may ultimately end up as apartments. The self-regulation we’re seeing from developers will keep the Seattle condo market from imploding.
It’ll be on tonight’s 5 pm broadcast on King5 between 5:15 and 5:30, so they tell me.
