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October 31, 2008

Best places to buy New Condos

 

A recent article on Forbes.com highlights the top Real Estate markets in the United States, most likely to rebound. Forbes believes that watching the commercial market can be a great indicator of where the Residential market is headed, thus the perfect place to move into a new condominium. Here is the surveys criterion:

“The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don’t have a glut of condos or office space.

Based on this criterion, Seattle was ranked as the #1 city most likely to rebound. Essentially, this is where you want to purchase New Condos for either investment or residence. As the article stated:

“Apartment vacancies are low and there aren’t too many new buildings going up, meaning the market won’t be oversupplied. The same is true in the retail space.

So if the same is true for retail space, and the commercial market and economy are improving and/or doing well, then these urban and mixed use properties should benefit the most. Not to mention that both will be LEED Certified.

Rollin Street: Across the street from a Starbucks and Whole Foods Market, with easy access downtown on the new Seattle Streetcar line that runs directly in front of the property.

5thand Madison: Surrounded by some of Seattle’s best hotels and restaurants including the Fairmount, the W Hotel, Hotel 1000, the Metropolitan Grill and the new Purple Café and Wine Bar.

August 15, 2008

Oh The Villas In Seattle

Filed under: Seattle Condos — Schnitz44 @ 8:50 am

villaswww.newcondosonline.com would like to introduce The Villas, inspired Seattle riverfront living in a gated community in the heart of Woodinville’s Wine and Tourist District. The Villas at Woodinville Village are is a spectacular place to live.

Located on the Sammamish River Trail in the heart of Woodinville wine country, The Villas represents a once-in-a-lifetime opportunity to own a home so close to the river and right on the trail yet a very short drive from the best employers in the State.

Because current zoning does not allow new construction this close to the river, you simply won’t find another home like those at The Villas. The 39 former apartment homes have been completely re-imagined from the foundation up as contemporary two-bedroom Seattle condo retreats. Register today on www.newcondosonline.com.

July 10, 2008

Seattle Builders Continue to Build

Filed under: Seattle Condos — Schnitz44 @ 8:50 am

Despite the slow market and one of the worst mortgage crisis situations in over two decades, the Seattle condo market continues to see more new development. Here at NewCondosOnline.com we continually monitor regions where developers show no signs of slowing down and Seattle is one of these major metro areas that keeps on trucking. Take Rollin Street from Vulcan Real estate. This Seattle condo project is currently under construction at the northeast corner of Westlake and Denny in Seattle’s South Lake Union neighborhood, Rollin Street is an 11-story condominium project featuring 208 SOHO style flats. The building and homes are modeled after unique condominium projects in New York City and the Pearl District of Portland. Rollin Street residents will be moving into their homes in early 2009. Residents will enjoy living across the street from all of the amenities of 2200 including Starbucks and Whole Foods Market, with easy access downtown on the new Seattle Streetcar line that runs directly in front of the property. Rollin Street is one of many Seattle condo projects expected to earn a LEED Silver Certification by the U.S. Green Building Council. The LEED program, which rates buildings on their sustainable or “green” features, takes into account factors like the use of natural and recycled products, wood harvested from well managed forests and the use of non-toxic paints, adhesive and sealers. It’s good for the environment and great for your family.

Units at Rollin Street will range in size from 700 – 2,000 sq.ft. and price from the High $300,000 – To Over $1,000,000. Rollin Street and many other Seattle Condo projects can be viewed and researched on www.newcondosonline.com.

June 19, 2008

The concrete jungle — Big business in condos show a softer side in Seattle

In my last New Condos Online blog I talked about the recent growth that the Seattle condo market was experiencing. The Seattle condo market is doing very well with sales when compared to general trends domestically. A somewhat recent hotspot went cold, the condo market in Miami has seen a very drastic recession in the last 2 years and that has mainly been due to a declining market, a weakening economy and too many units flooding the market — too many units for not enough interested buyers. While stats and figures are fun to toss around, I wanted to get to the deeper side of life today.

Imagine, if you will….. you live in a old run down neighborhood in Seattle and amid a spurt of gentrification by the cities partnership with corporate condo builders, you were given the option to move out for a nice cash settlement. You might be tentative at first but after seeing your neighborhood transform from old and wilted to tower concrete edifices, you might take the offer.

Not Edith Macefield.

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Not with the first offer of a place to live and hundreds of thousands of dollars for the inconvenience.

Would you do it for a million? Ms. Macefield turned down roughly 1 million dollars to stay in her 1 bedroom house that sports a charming yet precarious lean. An 86 year old woman who lived through World War II who currently spends time watching soap operas during the day. Ballard condos opted to build AROUND her house. She is quoted as remarking that she has lived through bombing raids in London during WWII so a little construction noise wouldn’t hurt. Personally, I’d take the money and stick it in the bank and laugh at the interest i’d make and then probably purchase a place in Seattle — take the seattle condos project, Olive 8.

I’d live in the penthouse and drive an M5.

Ms. Macefield liked to live her way, and forged a very unique relationship with the construction superintendent. There was no bad blood between the two, they actually became good friends but after a series of critical illnesses, she succumbed recently and died this year. Plans are set for a memorial park that would take the place of her humble abode.

March 4, 2008

Seattle Condos – A Local Perspective on the Market

Filed under: Seattle Condos — Frogman235 @ 8:50 am

During a recent forum with local real estate agents, the topic of the night was the state of the downtown Seattle condo market amidst the national housing turbulence. The following is a collection of some of the forum’s most frequently asked questions as addressed by Dean Jones, a principal at Seattle-based Realogics, Inc.:

Is there a condo bubble in downtown Seattle?

No. Housing bubbles suggest that property values have ballooned beyond sustainability and are subject to a severe correction (devaluation), which is not the case in the Puget Sound region. Seattle was a late bloomer to the “urban renaissance” trend, so it didn’t experience the same kind of investor exuberance that inflated market values in cities like Miami or San Diego. Having learned from what occurred in these other markets, most Seattle condo developers placed restrictions on investor presales, curbing the potential for future fallout based on shaky speculation. Seattle has strong demand from owner-occupiers and second home buyers. Despite recent slowdowns, property values in Seattle have been consistently rising, and the housing market is deemed the most stable in the U.S.

Won’t the housing slump affecting much of the U.S. reach Seattle, too?

Not in the same way – the law of supply and demand cannot be ignored. Any lull in local sales can be blamed squarely on weakened consumer confidence, thanks to a subprime mortgage meltdown and a barrage of negative headlines that began in the third quarter of 2007. Unlike other markets that are overbuilt, overpriced and now experiencing a housing correction, the greater Seattle area has excellent real estate fundamentals, but it currently does suffer from a consumer psyche issue that will eventually resolve itself. Of the 28 major metropolitan markets across the U.S., Seattle has the lowest rate of overdue loans and defaults, the lowest relative supply of housing and the second-fastest marketplace appreciation rate in the U.S. Provided that job and wage growth continues, Seattle should hold its own against the trends described in the national headlines.

How Seattle condos insulated from the larger economic concerns facing the U.S.?

All real estate is local. The Puget Sound is among the strongest regional economies in the country, consistently posting 25,000 new jobs and 40,000 new residents annually. Many foreign trade-dependent corporations, such as Boeing, thrive when the U.S. dollar is devalued against foreign markets. At the same time, a second boom in the tech sector is seeing rapid expansion in companies like Microsoft, Expedia, Yahoo, Google and Amazon.com. With so many positive indicators, the Seattle area is consistently listed among the top markets for investment nationally and is the fourth-fastest growing metro area in the U.S., with 22.7 percent growth anticipated by 2012.

What is driving the demand for condos in downtown Seattle?

A combination of job growth, lifestyle preferences, improved residential design and new amenities is driving buyers to choose to live downtown rather than in surrounding suburban neighborhoods. According to a recent Harris poll, Seattle is the third most desirable U.S. city to live in, nudging out San Francisco for the first time and trailing behind only Manhattan and San Diego. Like Manhattan, Seattle is the economic and lifestyle center for the region, is surrounded by water and growth management restrictions, and has historically proven to be a prudent investment. With several million square feet of new office development, there will be more than 10,000 new jobs added to the 200,000 already existing jobs downtown. With no viable mass transit solutions available, living in downtown has become a preferred alternative to living in suburban areas and spending hours in commuter traffic.

Won’t downtown Seattle become overbuilt and experience a price correction?

No. Although there has been a significant increase in development in recent years, projections for total new condominiums downtown are relatively nominal compared with the perceived demand. Presales in downtown Seattle are keeping pace with supply as new condominium deliveries for 2007, 2008 and 2009 are posting impressive presales of 88 percent, 66 percent and 28 percent, respectively. Each year, about 2,000 condos are sold downtown, split fairly evenly between existing resale and new-construction inventory. Currently, there’s about a five-to-six-month supply in resale inventory, and already half of the 4,100 new units expected to deliver before 2010 have been pre-sold.

What explains the drop in both sales velocity and median home prices that’s been reported in the media?

A higher percentage of buyers have been choosing new construction properties, which are not always listed and, therefore, are not getting included in the reports that drive these headlines. As more buyers are now choosing in-city condos over the more expensive single-family alternatives, the media home values for the region will lower as condos are typically sold at lower price points. Lastly, with unprecedented media attention regarding the national economy, the mortgage industry and the softening U.S. housing market, many would-be buyers have adopted a “wait and see” investment philosophy. Fortunately, the strong real estate fundamentals in the Seattle marketplace will eventually take hold and repair the consumer psyche.

Why should a qualified buyer choose to purchase right now?

The downtown Seattle condo market is only going to get tighter. The first quarter of 2008 will offer the best convergence of choice, price, incentives and historically low interest rates. Yet, given the relatively low number of additional projects likely to secure financing to move forward, downtown Seattle will eventually revert back to a seller’s market. The current consumer sentiment will correct itself once the strong real estate fundamentals are showcased in the headlines and buyers sense a greater urgency to purchase. The problem with “wait and see” is once sales start increasing, like they already are, sidelined buyers tend to rush back in, hence the cycle repeats itself. Generally speaking, the Seattle area doesn’t suffer from the same symptoms described by the national housing market trends, but it will certainly benefit from the prescribed remedies. It’s a buyer’s market for now but not for long.

For more information on the urban housing market and to explore new communities, visit www.UrbanCondominiums.com.

NOTE: Information was obtained from sources deemed reliable but cannot be guaranteed. Individuals are encouraged to consult with real estate professionals and perform their own market research before relying on any information contained herein. E&OE.

January 8, 2008

Online Success for Selling Seattle Condos

Filed under: Seattle Condos — Frogman235 @ 8:50 am

Below is a new press release going out about some recent successful efforts made in online markets and sales for Seattle condo developments:

The condo market has slowed a bit due to the nature of the national housing industry, a decrease in sales, and the high volume of inventory. Many markets are in a state of crisis while others are surviving the storm. Cities such as Seattle, Washington were never overrun with investors and speculators which helped keep values stable and absorption rates healthy. Seattle has continued to redevelop the downtown area with fantastic residential growth, more retail, and a sound infrastructure. Downtown Seattle is quickly becoming a true urban core.

The Internet has become the fastest, most cost effective method for real estate marketing and advertising for agents and home builders alike. Two of the most visited websites that feature new Seattle condos, UrbanCondominiums.com and NewCondosOnline.com, have formally partnered to further bridge the gap between builders and condo buyers. Approximately 80% of home buyers use the Internet to search for new homes and use online resources as a primary tool before ever contacting an agent. Internet-based marketing is one of the only mediums that offer detailed analytics so the advertiser knows exactly what they are getting for their money. One of the largest challenges is to track the results of online advertising for real estate all the way through to the close of a transaction.

New Condos Online and Urban Condominiums together have been able to overcome that challenge and are showing the Seattle condo market outstanding results. NewCondosOnline.com is the largest and most visited condo advertising website in the country that focuses on major metropolitan markets in the United States and Internationally. UrbanCondominiums.com features new and pre-construction Seattle condos. Together the companies have created the most effective online advertising tool for marketing Seattle condo developments to the public. Recent reporting showed that the partnership was responsible for up 13% of the sales in just one condo building. This is an overwhelming success especially when considering the cost of the advertising is only a few hundred dollars per month. This is just one more testament to the importance of online advertising for real estate, especially during slower market conditions.

About New Condos Online and Urban Condominiums:

New Condos Online and Urban Condominiums provide a global market place for home buyers and investors to gather information about new Seattle condos. They provide pictures, detailed information, virtual tours and aerial imagery for the downtown and great Seattle condo markets. Learn more by visiting www.newcondosonline.com and www.urbancondominiums.com

December 29, 2007

Seattle Condos – NCO Partners with Urban Condominiums

Filed under: Seattle Condos — Frogman235 @ 8:50 am

EscalaNCO has launched a new partnership with the sales and marketing group Urban Condominiums in Seattle, WA to promote new urban condo developments in the greater Seattle area as well as internationally. Urban Condominiums has chosen NCO as their premier online lead generation portal to provide exposure and an accelerated sales process. Together, the companies are rolling out a presentation package for builders and developers. The marketing opportunities offered by Urban Condominiums and NewCondosOnline.com include Internet marketing, email marketing, lead generation, etc.

Urban Condominiums approached NCO about providing the online platform for their program and give a value added component to thier overall pitch to the builders. The projects involved in the new program include Escala, The Residences at the Bravern, Fifteen Twenty One, and about 20 other developments including a resort project in Mexico called Pacific Bay.

The two companies will be offering more Seattle condos soon. Stay tuned!!

Luxury Living in Blaine, WA!

Filed under: Seattle Condos — Thimble @ 8:50 am

The Pacific Northwest has a charm that is undeniably quaint and special. Bay View at Drayton Harbor is a luxurious new condo community being built in Blaine, Washington that exudes the very essence of this charm. With affordable price points and desirable amenities, I doubt these units will remain unsold for very long.

Located right below the border of Canada and about an hour north of Seattle, this condo community has an unbeatable location. Go skiing in Whistler-Blackcomb, party in Vancouver or simply enjoy the great outdoors of Blaine! You can also take advantage of the close proximity to Seattle! Come satisfy your intrigue and check out more at NewCondosOnline.com.

The Downside of Moving Up

Filed under: Seattle Condos — Frogman235 @ 8:50 am

As in most cities that have undergone massive urbanization and vertical construction, the buzz around new Seattle condos started a few years ago. Many people started buying into the new lifestyle and the conveniences of the true urban center. However, the people who bought early, though seeing great appreciation in value, are now looking out their windows at another condo building. What used to be waterfront views and clear skylines is now over-run with high-rises. It is a beautiful sight to see but for the buyers and residents who were thinking they would enjoy a great view for years to come, there is some frustration.

Many buyers have done their research and looked at city plans for adjacent lots so they know what was coming. Unfortunately, city plans can change quickly. What at one time might be a plan for a 12 story office building, can quickly become a 40 story condo tower! For a buyer looking at a condo for sale on the 15th story, they might see these plans and buy with the assumption that they will be locked into a fantastic view for the duration of their ownership. When those plans change, the perceived value of their fancy new Seattle condo will go down a bit.

This comes as a surprise to many buyers who place deposits down early in the pre-construction phases but are not aware of changing city plans, increasing height guidelines, and new commercial and residential development. Many buyers who have placed deposits down and later find out that there will be another building 20 feet away, turn to renting their unit and buying somewhere else. Backing out of the purchase is not usually feasible as most buyers are not willing to forego their deposit amount.

Regardless, there are many new amazing Seattle condos that have redesigned the city skyline and brought new urban vigor to the downtown area. Many long time residents are not as pleased with the changes simply because they do not like “change”. Many of their favorite old markets and historic buildings have been demolished to make way for new residential high-rises. I say accept change and redevelopment – its better for the city in the long run and will improve the overall quality of life!

Arrington Place emerges in Seattle

Filed under: Seattle Condos — FISH @ 8:50 am

Seattle – home to the Supersonics, Mariners, exquisite coffee and now a new condo conversion…Arrington Place. Equity Residential has gone above and beyond with converting this former apartment community into an extremely desirable place to live. Set amongst peaceful and serence settings, residents will enjoy a relaxing and stress-free lifestyle. Prices start at $214,900 and range up to a little over $300K and unit sizes start at 681 sq ft. Located right outside Seattle in Issaquah, these condo convesions will be sure to turn many heads of potential buyers. Although there are roughly 130 units, I have no doubt these condos will go fast. Check out more Seattle condos on NewCondosOnline.com.


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