Washington REALTORS® (WR) has made the improvement of condominium construction financing a top priority in 2021. Demand for new condominiums continues to exceed available supply, especially for first-time homeowners and those seeking to downsize. According to NWMLS, the median price for a condominium was $430,000 in 2020, for the 6,884… Read more

HUD has recently released its revised rule on FHA insured condominium loans. The new rule allows FHA borrowers to obtain “single unit approval” on non-FHA approved condominium properties that meet certain requirements. Such approvals had been suspended during the recession. The revised rule makes additional changes that hold the promise… Read more

Despite recent growth in new listings, first-time home buyer opportunities in our market are scarce. Buyers know it, and brokers with frustrated clients who can’t afford to break into the Puget Sound region’s market know it too. James Young, Director at the Washington Center for Real Estate Research (WCRER), visited… Read more

In March, hopeful homebuyers camped out overnight to reserve a unit in Bellevue’s forthcoming luxury condo tower, One88. Those prospective buyers committed to condos that won’t be ready until 2020. Very few condos are being built in our region, which has driven prices and demand to historic highs. That’s just… Read more

Condos that open homeownership options to buyers are a much-needed missing piece of inventory in our market. Due to Washington’s laws around constructing them, however, they’re just not being built. The good news is that the condo ball is rolling – and picking up speed. REALTORS® have plans to keep… Read more

A bill that would revise the Washington Condominium Act to create opportunities for developers to work with homeowners’ associations on fixing construction defects instead of facing lawsuits did not make it to the House floor last week. Seattle King County REALTORS®, Habitat for Humanity, the East King County Chambers Coalition,… Read more

Seattle King County REALTORS® President Shane Davies traveled to Olympia this morning to testify in front of the House Judiciary Committee on a new condo law reform bill. “There are zero condominiums under half a million dollars in King County for sale that are less than five years old,” Davies… Read more

The Seattle Times recently reported that in November, there were only around 350 condominiums on the market in King County – a record low when compared to the same month in previous years. Because of low inventory, condo prices continue to rise. Of the (only) 58 condos listed for sale… Read more

The Runstad Center at the University of Washington has released its much anticipated study of factors that impede the construction of affordable condominiums in the Puget Sound region. The study concludes that “insurance costs and the risk of litigation, if mitigated, can contribute toward the delivery of more affordable for-sale… Read more

The U.S. Senate has approved the “Housing Opportunity Through Modernization Act”, which streamlines and improves the condominium purchase and sale process.  The bill previously passed the House unanimously and now goes to the President for his signature. “I want to thank our members for urging the Senate to pass this… Read more