SEATTLE -- It's estimated the inventory of condos in the Seattle area will last anywhere from 12 to 18 more months. So, what happens when that supply runs out and you want to own here in Seattle? Well, the experts say your selection will be far and few between.
Post bank bailout, condo projects like the Escala are selling below cost and have had to remarket themselves to hang on. Once touted as luxurious, they are now solicited as having great value.
Last year there were 550 new construction condos available on the market. This year there are only 300. That's about a 40 percent absorbtion rate.
Not only have no new condo buildings sprouted up in Seattle since 2007, but there are no new condo construction or development projects currently in the works either.
Buyers have had a hard time selling homes and many seem to be relocating. Renting is what's popular right now.
Rent across Seattle has increased on average 10 percent over the past year, making it cheaper to buy than to rent in some buildings.
Something else realtors say will cause the selection to deplete is all of the the transportation changes, like tolling on the 520. They believe that will push even more people into wanting to adopt an urban lifestyle.
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