According to Marco Kronen, research suggests that condos in downtown Seattle will exhibit less then half the median price correction experienced by the greater region because a glut of inventory is less likely. Why?
- No new construction has broken ground since Summer '07.
- No additional new construction inventory is expected in '10 or '11. This will create demand.
- Most new construction has required buyers to qualify under stricter guidelines since '06.
- Vast majority of presales are w/ principal residents and second homes- far fewer speculators.
- Most developers have restricted investor purchase & resales.
- Wait-and-see buyers are renting investor condos which is reducing available inventory.
- Foreclosures are very few in the city compared to other regions.
For a copy of our complete media release please email us at info@urbancondominiums.com
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