Ok, I’ll admit. The title of this post is a little dramatic.
With that said, if you have been following the real estate market in Downtown Seattle you would know what I’m talking about. A new condo project took reservations this weekend. The project, named KODA is designed to target a affordable price point for buyers. According to our source, 95% of the entire project was reserved in the first weekend. Why? I’ll get into more of that below. Bottom line is, there is not enough inventory in Seattle.
What if I told you that New York (Manhattan specifically) had 469 condos for sale under $500,000? That Miami had 403 condos under $500,000. Would you believe me? What if I told you that Seattle, which is one of the best domestic markets in the entire country, had just 1 (one) condo priced under $500,000? Well, its true. I pulled the numbers yesterday for a post on the Seattle real estate market and I must say, I was not surprised.
Here are 10 Specific Reasons People Want To Buy A Seattle Condo:
- Traffic Patterns – they continue to get worse. Buyers want first homes, a second home or in a lot of cases an investment property in Seattle.
- A tax on foreign investment is driving buyers out of Vancouver BC and into the Seattle Real estate market (Lots of international buying and speculating)
- Seattle has the best domestic economy in the United States.
- Wages/Salary – Have you seen what a Seattle tech worker gets paid?
- Washington (Seattle) doesn’t have an income tax.
- Parents want a place for their kids while they go to school (UW raked 18 best public school in the US)
- Direct flights from Seattle to Asia (Beijing, Seoul, Tokyo, Shenzhen, Hong Kong, Taipei, etc….)
- Still on sale? With median sales price being just $631,250, Seattle is still considered affordable compared to other major US Cities.
- Due to limited inventory, prices are still expected to climb.
- Seattle has a clean environment, lots of high paying jobs, its safe place to live, has great food and incredible weather (for 4-5 months out of the year) :-).
Here is a slide show of the infographic my team built to draw the comparison between affordable condos in Seattle and affordable condos throughout the rest of the country.