We’re ready to downsize. Option 1: The Condo

Sound familiar?  More and more couples and individuals are noticing a 10-15 year span between empty nesting and retirement (or at least retirement homes).  The 50 and 60-somethings are ready to take on a new stage of life before the  grandchildren arrive, and before the retirement home comes calling to have fun and try on a new lifestlye.   It’s a stage of life that does not get a lot of press, certainly in the real estate world!  So I’m here to fill you in!

I have noticed some fun real estate trends for this group, which I’ll address in this posting and others to come.   Here’s option #1:

1.  Sell the “ol’ house”.  Buy a condo. 

This is probably the most  popular option.  When the kids move out, suddenly the house you raised them in seems too big or just too much work.  You’re ready for something more manageable and potentially in a fun new neighborhood you’d like to experience.  Enter the condo.

If you’ve lived in Laurelhurst or Windermere for some time, and are ready to step out (and down) into a smaller condo or home, here are some things to know:

TOP CONDO NEIGHBORHOODS

Belltown/Downtown Seattle:  Condo central!  And what a time it is to buy!  Over the past few years, developers  jumped at the chance to build lots of luxury condos, lofts and eco-friendly units to satisfy the “growing” condo market.  The result?  Lots of great, brand new, completed buildings at discount prices!  There are deals everywhere.

What about the neighborhood itself?  Well, you’re downtown!  What you lose in greenery and quiet, you gain in convenience and choices.  Most buildings are within walking distance of great restaurants, Pike Place Market, Benaroya Hall, etc. 

Belltown, Seattle

South Lake Union: No doubt you’ve seen all the cranes in this area!  Paul Allen and Vulcan Real Estate have been busy; unfortunately for them (and fortunately for you) sales have not been what they expected.   Projects like “Rollin Street Flats” failed to sell quickly, so the building was converted to apartments.  However there are still some great options.  “2200 Westlake” is on the corner of Westlake and Denny, and caters to individuals wanting a lifestyle of luxury and convenience.  The project is comprised of 3 buildings, one of which includes a hotel!  If you purchase a condo unit here, you would have access to the Pan Pacific Hotel services like housekeeping, room service and even massage therapy right at home.  The main level of the building is retail, including Whole Foods, a Bank of America, dry cleaner, cigar shop, and clothing boutique. 

2200 Westlake

Madison Park/Leschi:  If you’re ready for the convenience of a condo, but not willing to move to a bustling downtown neighborhood, this may be the choice for you. 

“The Lakeside” is a great new project that, in my opinion, fits this age group to a tee.  True to its name, the building sits on the waterfront just near Leschi Park, Daniel’s Broiler, Blue Water Cafe and Starbucks.  Pet friendly too! The building is comprised of just 6 units (all still on the market), ranging from 1407 to 1950 square feet, and starting just under $1.4 million. 

The Lakeside

What should I know before buying a condo? 

1. Condo ownership is not like home ownership.  You own the “walls in” of the unit you buy.  Everything else (the building’s roof, exterior, lobby, etc.) are maintained by homeowner dues.  This is a monthly payment you make to the condo association that helps with the upkeep, contributes to the savings account (or “reserve” account) for the building and pays for things like landscaping and a concierge.

2. Getting a mortgage can be tricky.  With the downturn in the market, lenders are much stricter than they used to be, and that goes double for condos.  Most will require a 10% down payment.  An exception to this is FHA loans (with 3% down payment), but not all condo buildings are FHA approved.  If you’re able and willing to pay cash for a unit, however, this will be a snag you can avoid.  If you have questions, give me a call (206-799-9176).

3. Views are not protected.  If you purchase a condo with a great view of the Space Needle or the Sound, it may not stay that way.   Truly “protected” views don’t really exist.  That’s not to say you can’t be a savvy shopper, though.  For example, ”the Bellora” (on Elliott and Clay) is a building that sits above the piers and across from the SAM Sculpture park.  The piers have very strict building codes that do not allow them to build up.  We can also bet the Sculpture Park won’t be compromised anytime soon.  Thus, view units in the Bellora, while not “officially” protected, will probably stay view units for some time to come. 

A View from The Bellora

4. Parking may or may not be included.  Most units come with a parking space.  Larger, penthouse units could come with 2 or 3.  If you need more parking, you may have to pay extra.  Other owners in the building may not use their space, and be willing to rent it to you monthly.  This could range between $100 and $500 a month, generally.  If you are purchasing a new construction condo (it isn’t finished yet), you can sometimes purchase a 2nd or 3rd space.  Prices for parking spaces can range between $30,000 and $40,000.

5.  Not all buildings are pet friendly.  Some allow just cats, or dogs under a certain weight (25 pounds is a typical cut-off).  There could be breed restrictions, like “no Dobermans or Rottweilers”.   If you have a pet, make sure the building allows your type and breed before you make an offer.

 That is just a brief description of the world of condos, and some options available to you.  If you’d like more information, call me at 206-799-9176 or check out my condo blog at www.condoblogo.com!