Channel 13 just did a evening special on the Seattle condo market (Condo Crunch I think is the link). Building starts slowed after the recent mortgage market crash and although inventory right now is pretty high, as Buyers begin making their buying decisions that inventory will slowly decrease and we will again see the condo prices slowly begin to increase making the Seattle condo market a great investment!

Also taking gas prices into consideration, I feel that more people will be making the move into the city to take advantage of public transportation- so make sure the condo you consider has secure parking!

Good luck on your decision!

Sun May 11 2008, 11:33

Capitol Hill has always been a desirable area in which to live because of the location and community flavor. Close to downtown business district, hospitals and medical facilities, colleges and quick to everywhere, condos in Capitol Hill have been selling quickly in the past several years. There have been several conversions of apartments and most have been made into state of the art homes with great art, finishings, and rooftop decks for all around town views. This has increased the number of owner homes and decreased the number of apartments. This has been aided by the great mortgage rates.

Trends are to keep building all over downtown Seattle. Some conversions from apartments have been slowed slightly which will shorten the inventory. A few builders are still going full blast. They see solid markets, especially since interest rates for qualified buyers are still in the low 6's. Increased employment in the Seattle core is also driving this trend, as venture capitalists continue to see the value of Seattle companies. I must mention, I currently have a studio condo listed in the center of Capitol Hill, NWMLS 27156541. Take a look at it and compare.

Tue Oct 2 2007, 20:17

The Seattle U area is close to three neighborhoods - First Hill, Capitol Hill and the Central District. There has been significant movement with new condo developments as well as conversion projects (apartments to condos) in the vicinity around SU, offering a fairly wide variety of styles, size and price range.

The Capitol/First Hill markets have been rather buoyant throughout the year. We have seen increase in unit sales every month, no doubt attributable to the increasing inventory options. However, median sale prices have been fluctuating, though through the first six months, the median price is up moderately compared to the prior year. Currently, the median price for Capitol/First Hill condos is about $300,000.

I'll be providing 3rd quarter results in a week or so, though I suspect more of the same. As we move into the 4th quarter the combination of the seasonal market, rising inventory and constricting mortgage programs, we may see more tempered results.

A good bit of news, though, is that developers for a number of proposed condo projects in the area have shifted toward developing apartments instead. This will help to maintain inventory levels as we head into 2008.

Tue Oct 2 2007, 13:39