The Downside of Moving Up

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!