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February 2015

Zillow Market Trends

We attended Zillow's 2015 Housing Market Seminar this week, taught by one of Zillow's senior economists. The information was interesting enough that we thought our readers might enjoy seeing some of the stats. Please note these stats are not specific to condos only, but the trends and stats overall seem to be valuable indicators for condo buyers and sellers as well. 

Major Takeaways for us Based on Zillow's Data & Predictions:

  • Because the amount of rental households is steadily increasing, those who rent should expect a steady increase in their rent rates year over year VS. for those who buy with a fixed rate interest rate, their mortgage payment will not increase year over year while they own that property
  • The market will begin to stabilize with appreciation coming down to around 5-6% a year, which is considered "normal and healthy"
  • Seattle is a strong market in comparison to the nation as a whole due to job growth and in-migration

Zillow Market Trend Infographic

Please note: Zillow's stats for Seattle do refer to the Metro area of King, Snohomish, and Pierce county, and because Seattle is a stronger market overall, you can expect these numbers to be conservative when thinking only of Seattle


Life in the Wrap- What’s it really like living behind the plastic?

A three part Series about the good, the bad, the ugly and the pretty as told by our personal experience and other residents living in the wrap at the 2200 condos.

Part II –What it Actually Was Like Living in the Wrap

Wrap 5
To hear about why our condominium building was wrapped and what we anticipated it being like, please read Part I of our series here.

For some quick background, we live at 2200 Westlake, a condo building in South Lake Union. Our 3 building complex recently began a remediation (or repair) project that will take 36 total months and leave each phase of the project wrapped in non-transparent wrap for around 8 months.

About half of the project is complete so many owners have been wrapped, repaired, and now unwrapped. Now that the wrap has come down, let there be light!

Continue reading "Life in the Wrap- What’s it really like living behind the plastic?" »


Condo Review – Ballard Condominiums in Ballard

Ballard Condominiums in Ballard
1525 NW 57th St

1525_nw_57th_st_01

Ballard Condominiums is a large 163 unit condominium building located in the popular Ballard neighborhood.  It is just a couple of blocks from all of the activities and amenities of Market Street and Ballard Avenue that make this part of Seattle so popular.   Being a larger building, it does have an impressive amenities package that the condo owners can use.  For the Ballard neighborhood, there are only a couple other condo buildings that have this large of an amenities package as that is usually reserved for the larger high rise condos we find in the downtown core.

The stats:

  • 163 residential units – studios, one and two bedrooms ranging in size from 453 to 1338 square feet
  • Built in 2000
  • 6 story building
  • All units have 1, 2 or 3 parking spaces
  • Not all units have a storage locker
  • 3 units have sold in the last 6 months ranging in price from $218,000 to $315,000; None of those were 2 bedrooms.  At the time of this post there was one pending studio unit listed at $185,000 and no active units
  • HOA dues include: garbage, building maintenance, concierge, professional property management, earthquake insurance
  • Amenities: Swimming pool, hot tub, sauna, gym, party room, concierge, roof deck, business center and conference room

Continue reading "Condo Review – Ballard Condominiums in Ballard" »