Is This The Dawn of Big Condo Development In Downtown Seattle?
Just two blocks from where Amazon is planning a 3.3-million-square-foot office project, another ambitious real estate development is underway. Canadian real estate developer Nat Bosa is building a 41-story, 700-unit condominium complex at Fifth and Sixth avenues and Bell and Battery streets. But some observers wonder if Bosa is stepping in at the dawn of downtown’s golden era or if he is simply making a bad bet. But experienced developer isn’t ready to fold his hand yet, he’s confident that this new project is right in time for another real estate boom.
“You have to have guts in this game,” said Bosa. “You have to have the right instinct…You have to be ahead of the curve.”(source)
Housing prices and values are slowly creeping upward in the Seattle-area, but we’re still not completely out of the woods. Only a few years ago the downtown real estate market was devastated by the foreclosure crisis, so we probably won’t emerge from depressed housing values quickly. Unemployment needs to continue to improve and credit availability must loosen if the various condominium developments under construction will gain residents.
For buyers who are ready to dive in, some deals may be found in the condo market. Because many condominium developments took a serious price beating during the crisis, buyers may find bargain basement prices. But proceed with caution, condos are known to lose value rapidly during downturns and can be difficult to sell if you need to exit the market immediately.
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