The Seattle Condo Blog

The WestWater, a recent condo conversion development in West Seattle is going back to its old roots, sort of. With 45% of the units unsold, the developer took them off the market last week and is now renting them out.

The WestWater hit the condo market nearly a year ago just after the market started to turn downward. And, even with other developers bailing out of conversion projects in West Seattle (the Strata and the Gables), the reduced competition wasn’t enough to boost sales activity at WestWater.

Rental prices at WestWater starts from $950 for a one-bedroom and $1,250 and up for a two-bedroom.

I can certainly see the decision on the developer’s part, to minimize the cost and drain on resources for carrying and marketing unsold products, as well as, trying to generate cash flow. But, the decision may adversely impact those buyers who purchased at WestWater. The rentals will affect potential resales as the property may not qualify for financing due to ownership level requirements. On the other hand, potential resales would have been tough anyway as owners would’ve been competing against the other 45% of the units that were still for sale.

The WestWater Condominium (website) is a recent conversion development located in West Seattle at 6960 - 6970 California Ave SW. Originally built in 1989, the two building 4-story complex contains 71 condominium homes with an expansive community courtyard.

The WestWater came on the market last year and has sold about half of its inventory, not bad considering the present market environment.

The development features 55 one-bedroom units that range in size from 575 to 700 square feet and priced between $225,000 and $300,000. The 16 two-bedroom units are 900 sq ft in size and priced from $320,000 to $370,000. Currently, WestWater is offering one of the most progressive buyer incentives I’ve seen - 6 months of paid mortgage payments (check with the sales office for full details).

Inside, the units are nicely appointed with above average finishes, definitely higher quality compared to the developer’s other projects. Home features include:

• Hardwood, marble tile and carpet flooring
• Slab granite countertops in kitchen & bath
• Wood cabinets in kitchen
• Stainless steel appliances
• Baths with marble tiled surround & floors
• Front load Maytag washer and dryer
• Fireplace, in most homes
• Parking in controlled access garage
• Decks with Sound views
• Additional storage is optional
• Pet friendly

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