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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.

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.


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