Politics, protesting, poor city governance and the Coronavirus-epidemic have all contributed to a 130% increase in Seattle condos for sale in the Downtown core. I’ve written about this in the last 4 months. So the real question is, where do we go from here.
Today marks a very important day when looking at historical references in the Seattle condo market. We now how the most inventory of condos for sale since 2010. For those of you living in Seattle, 2009, 2010 and 2011 were tough times for condo sellers. There just wasn’t buyer demand because of the post recession hangover, an over-supply of new construction and an enormous number of short sales and defaults that slowed the progression of monthly sales.
Today is different. Even though we are going through an epidemic, rates are historic lows and the reason why condo inventory is climbing can be reversed. It is an incredible opportunity for buyers to take advantage of current conditions and to a negotiate a great price.
Let me be honest – I recognize the flight to the suburbs and the desire that people have to get off the grid. With all that being said, major cities all over the world, thrive in Urban Density. It gives its residents great access to healthcare, restaurants, grocery stores, proximity to airports and more…Recently some very notable CEO’s have weighed in on the work from home culture and if it will continue. I think it is important to remember that trends can swing in one direction and then slowly swing right back.
What do you think? Do you envision the changes since the pandemic being permanent or is this a trend that will slowly reverse where residents find themself moving back to the big city? Will the romanticism of being off the grid last? Would access to wifi, restaurants, proximity to family and schools change peoples minds over time as well? Share your thoughts below. I hope you enjoy the video!