The Seattle real estate market over the last few years has seen an impressive uptick in activity versus where we were only a few short years ago. One of the best places to invest in Seattle real estate right now is purchasing a condo of your very own. For a young professional, a condominium is the perfect place to call home as you begin to build a career and life that will eventually support a family (if you aren’t already). In fact, during October, Condos showed a surprising improvement in sales with available inventory falling to its lowest level in years and the price spiking to its highest price (an improvement of 21% year over year) this year. With the additional units scheduled to be built and opened in Ballard in 2014, prices should stabilize in anticipation of that well ahead of their openings.
Currently, there are some great places to find available condos in Seattle, some of the more promising areas include:
Ballard: Right now, there is a glut of apartment building in Ballard. All this construction is scheduled to be completed by 2014 and open up nearly 1,500 new rental units in the market. This will help alleviate pressure on renters who are spending too much money on their rent and enable them to save money for a down payment. This means that there will soon be upward pressure on condominium prices based on the amount of inventory that will be left.
Downtown Seattle: The famous Seattle Skyline contains more than a few buildings with some incredible condominiums available for a price. Because of the close access to many businesses and retail locations, along with the incredible views they offer, Downtown Seattle has some of the best condominiums available to those looking to get into a place that offers luxurious amenities as well as a space of their own. These condos start in the higher end of prices (around $350,000 and higher), so be prepared for a bit of sticker shock if you decide to look for property downtown.
Belltown: Located on Seattle’s city waterfront, Belltown was former arts district and industrial district that now offers a walkable neighborhood with just about anything you might need. With a variety of residential towers, warehouses and art galleries, Belltown offers a great place for young professionals who need a place close to work with a lower price than you might find within Downtown proper. It’s a beautiful area that you shouldn’t pass up on any tour of condos.
Queen Anne: Located northwest of downtown Seattle, the neighborhood sits on the highest hill in the city and looks down on most of Seattle proper. Here, there are many affordable options for single young professionals who are looking to find a quieter neighborhood while still maintaining the feel of a community with their condo. Queen Anne is disproportionately young adults, so this is the place where many people make their first purchase with a starter home/condo. There are a lot of great deals if you watch this market closely!