Recent condo project price adjustments
Blue Heron condos on Magnolia adjusted prices this afternoon on a number of their available units. Based on updated NWMLS listings, the price adjustments range from $10,000 to $40,000. www.liveatblueheron.com
Here are a few other developments that have adjusted prices this month:
The Arthaus on Capitol Hill reduced prices on their remaining inventory, ranging from $10,000 to $26,000. www.edendevelopmentco.com
The Oslo in Ballard adjusted prices up and down, about $10,000 each direction. www.ballardtrio.com
A small conversion in Ballard called Bostad recently took a $5,000 decrease on a number of their available units.
And, in the Green Lake area, the Green Lake Gables conversion also took a $5,000 price reduction.
Prices at some condo projects have dropped so low that the monthly cost of ownership is comparable to rents in the area. For example, Alki’s Lighthouse Point condominium has homes available as low as $170K with monthly dues at $143. The highest price in the building is only $299K, and you can see the lighthouse, the Olympics and the Sound from almost every unit. The finishes are nice, too.
If you guessed that I’m the listing agent for Lighthouse Point, you’re right. But it’s true that we’ve brought prices down so low that the cost of ownership is comparable to the cost of renting. We also have a lease/option purchase plan that helps people pay the initial costs associated with purchasing a home. This will certainly put downward pressure on rents.