What is the word on the street regarding condo inventory in Downtown Seattle?
Ben Kakimoto did a great analysis of the Seattle condo market. There has been some price stability in condos. My own personal take is that there are deals to be had out there, but many developers are offering deals as incentives, rather than price reductions. They like to maintain their listing prices, so may be willing to offer upgrades, closing costs, loan buydowns or increased agent commissions to reduce the inventory. It is also interesting to note that quite a large number of projects are converting to apartments, rather than selling as condos. I also think you won’t see any new downtown condo projects starting anytime soon. Some analysts actually predict a coming condo shortage if the plans for density in Seattle come true. Though realistically I think we are a couple years away from that sort of issue.
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