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- Rich - Nov 16 2007 | real estate, seattle real estate, seattle, deals, housing
Novell is a condo conversion of an older building in the U District.
These units have been on the market for a few months now, but the developer probably didn't plan for the sudden slowdown in the market. In an effort to sell the units, prices were just dropped by as much as $20,000/unit.
This is just one example of pricing adjustments to come - especially among new and conversion projects - as developers struggle to move property in a changing market.
Quoted: NOVELL - A Modern Classic. These exceptional homes offer great lifestyle, local amenities, and convenient transportation right on Roosevelt.
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most of the units are still available: http://www.novellseattle.com/availability.html
how big is the largest unit?
Yup. There are some things about the building that don't help with its marketability (lack of in-unit laundry, age of building, no parking with purchase).
Biggest one I can see is a 1 BR/1 BA ~650 sf. There appears to be a one-off unit on the 1st floor that is bigger, maybe closer to 700 sf?
Good for rentals - not so great for owner occupied.
no in unit laundry?! i can live without the parking (as the u district is very walkable) but no laundry... that sucks.
I know, it sucks. One of the big things that separates a condo from an apt, in my mind, is in-unit laundry. Units without laundry also tend to appreciate less and take longer to sell.
Hang tight, there will be better deals to come.
do you think real estate is still a good investment in the current market place?
Yes, but it is heavily dependent on the location, particular complex/property, and the price one pays. Although we have a lot of buyers on the fence, there are also a lot of buyers who cannot currently qualify for a loan (e.g. due to restrictive lending terms). Most of my investors have been able to increase rents, sometimes substantially (25%+).
My teahouse owner friend told me that certain commercial spots on Market St will be going up in rent by nearly 40%.
Certain locations, such as NE Seattle, close to Comm Colleges/schools.... also tend to have more stable tenancy and demand. Areas with lots of manufacturing or industries also tend to have stable tenancy BUT can be affected if there are heavy shifts in the industries (e.g. if Boeing were to lose plane orders).