Wednesday, September 12, 2007

The Lock Vista Drama

There is quite an uproar here in Ballard about the Lock Vista being converted to condos. Our little neighborhood paper has a great article on this.

And the tidbit that stands out to me: Ballard has experienced 242 condo conversions in the last two years. I'm not sure if that's units or buildings, but either way, there's a ton of people who were give 90 days and $500 to find a new place to live. Oh sure, the tenants are given the option to purchase the new condos but those are going to go for $300,000. For 500 square feet.

And, along those lines, there was an article in the Seattle Times yesterday that was just deflating. The median single family home price in Seattle has now topped $500,000. A person would have to earn $119,000 a year to be able to afford to buy a home here. Even condos are at $250,000.

Are you kidding me?

Seattle is fabulous and all, but it looks like if I want to ever buy a home, it's going to be somewhere else. Asheville, NC perhaps........

4 comments:

Mom said...

Asheville, NC is a heck of a lot closer to WV than Seattle - you need to think about that in another year or so!

Anonymous said...

Yep, that's how it is around here in Northern VA too. I'm in the process of buying a condo and it's ridiculous. The one I'm going after is on the market for $260,000. yikes!!

-Kristin

Dee said...

Seattle seems to be quite comparable to the DC/VA area. Ridiculous. I guess there are 2 sides to every story though. If there were no condos to buy, some people could never afford to be a homeowner b/c they could never afford a single family house. Not that I agree with forcing people out of their homes with 90 days to find somewhere else to live. And NC is a great place to live. I may consider that one day myself when we retire! Maybe we could be neighbors!! ;>)

Heather said...

My parents just moved to Asheville NC. Apparently it's one of the top places for retirement. Just something you might want to keep in mind. If you moved there, I'd see you whenever I came to visit my parents. :-)