Second Home in the City?
By: Marco Lopez, E-Mail Marketing | August 31, 2006
I came across this interesting article in the Seattle PI that covered tiny condos being developed in Belltown, a neighborhood near downtown Seattle. The condos start at 296 square feet, which to me screams "crash pad" in the city. It’s also perfect for the person that wants to have their cake and eat it too. Why not buy a spacious house in a more affordable area miles away and stay a few nights a week near work? There’s also potential for a vacation home as Diane alluded to in a previous post. Maybe Cape Cod isn’t for you, but this little condo idea might be just the thing for a city lover.
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- Categories: Real Estate Industry, Real Estate Oddities, Zillow
Comments
4 Comments so far
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Jim Day on September 1, 2006 12:20 pm
As someone who just recently moved into an 850 square foot studio (paid exactly what these developers are charging for a third of that much space), I find it amazing that people are willing to live in such confinement - even part time. I have a hard enough time fitting my limited amount of possesions in my space without feeling chlostrophobic, so any less would be completely out of the question.
However, you gotta love the time it’d take to clean the place - a flick of the broom and swipe with the duster and you’re out the door.
Daniel on September 2, 2006 10:27 am
I really like your blog, you’re doing a great job. I’ve also been using Seeking Alpha’s write ups of the housing market, and thought you might also find them useful.
http://usmarket.seekingalpha.com/by/type/housing
C Perez on September 3, 2006 12:12 pm
These tiny condos could also be perfect for those who want to save up some cash…like the single college grad that may have just started a new job, for example. It would be likely that they’d earn a great ROI when they decide to sell them. Also, when you are used to sharing a dorm room with others, that space may not sem so small. $150 k is not bad for being in the cool city of Seattle and having it all right there-and maybe even saving on transportation costs, too.
Dr Karen Gates on September 3, 2006 12:35 pm
FYI you and/or your readers may be interested in a few facts about another area.
FYI in the second fastest growing state outside of California, it appears that the
growth in Cape Coral Florida real estate (ranked fastest growing city in US Census
2006 for pop’ns over 100,000) has not all been lost (despite it’s real estate
appreciation has dropped
to 18% from a 3 yr average of 28%).
Total Sales for 1 Week (last week) in this 155,000 pop’n city
came to $45,527,400.00.
Here are the figures…feel free to
follow through and learn more.
NON RESIDENTIAL:
1631 Del Prado Blvd sold to Coral Pointe Investment LLC $23,141,200.
125 NE Pine Island Rd. sold to Cape Croal 20 LLC $2,550,000.
3670 Del Prado sold to Talan, Corp. $675,000
Ne Pine Island Rd. sold to Pine-Andalusia LLC $369,500.
1106 NE 8th St sold to Edward Short $90,000
RESIDENTIAL:
SE Cape Coral-33904:
$3,130,500.00
N. Cape Coral-33909:
$4,895,500.00
SW Cape Coral-33914
$5,567,600.00
Central Cape Coral-33991
$3,383,900.00
NW Cape Coral-33993
$1,724,200.00
Residential Sales TTL:
$18,701,700.00
Commercial Sales TTL:
$26,825,700.00
TTL= $45,527,400.00
For any of those real estate investors or homebuyers that have any
uncertainty, it’s hard to ignore these numbers.
The market is still moving upward…one week and that much in
transactions - pretty darned good.
Check more out at http://capecoralfloridarealestate.blogspot.com/