Exit133.com: Not Everything is Crazy Expensive...

Not Everything is Crazy Expensive... (28. February 2007, 08:36 by Derek Young) ~ Are You Ready To Buy?

So I’ve been accused of being way too focused on the higher end of our Tacoma market. Not so… the last week has simply had a few good gems in the higher end. There are some interesting things in the more realistic for most of us end too.

Here’s a decent looking home for $265k in the North End. Yeah, it’s a little rough around the edges, but the core architecture is nice and, unlike some places I looked at once upon a time, it does appear liveable. 3 Bedrooms. 1 Bath. Nearly 1600 square feet. Listed with Windermere.

So you think all the condos in, or near, downtown Tacoma are out of this world expensive? How does $138k sound? It’s on St. Helens right in the middle of all things changing in Tacoma. Yeah, it’s not brand new and it’s not big, but it is affordable and oh-so-convenient to Doyle’s, Stadium Bistro, Infinite Soup, St. Helens Cafe, and all things downtown. 565 square feet. Listed with RE-Max .

Are you ready to buy?

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I am not, but that’s because I’m bearish on the RE market, something which places me firmly in the minority in the NW. So we can discount my crazy hermit ramblings for now.

In addition to location, I just wanted to mention that studio on St Helens does have the advantage of being originally built in 1969. I don’t believe that ’69 was a huge boom year so the folks building it wouldn’t have been in a hurry to complete it and get to the next job. So, yeah, it’s not new, but it may be pretty well put together.

1 | Posted by Erik S | Feb 28, 09:29 AM

I don’t think the condo being across the street from a new hotel/grocery store/apartments/condos won’t hurt its value too much in the future ;)

2 | Posted by Jake | Feb 28, 10:21 AM

I rented in that building for 3 years before I bought a unit. One of my deciding factors in buying here was the build quality. It’s very solid. I’ve sat through many windstorms here and the building doesn’t make a peep. I can’t say that about some other apartment complexes I’ve lived in.

3 | Posted by mellroc | Feb 28, 11:04 AM

Some quick notes on property no. 1:
-1,014sf main floor, 360sf upstairs, 468sf basement (must be partially finished)
-Purchased for $139,900 in 2000
-Assessed at $221,900 (so mid-200’s is probably priced about right)
-Looks like it’s currently a rental
-Est. rent on a 3BR/1BA in this neighborhood is ~$1250/mo
-Est. mortgage @ 7.5% blended 30yr, no money down, plus taxes is ~$2050/mo

4 | Posted by DavidS | Feb 28, 01:53 PM

There are some interesting things in the more realistic for most of us end too.

Great post. There are still a number of condos in cool historic brick buildings in the 100s in the up and coming Stadium district. I don’t know how long that will last with the renewed interest in the area.

5 | Posted by Erik | Feb 28, 04:26 PM

There are still a number of condos in cool historic brick buildings in the 100s in the up and coming Stadium district.

There aren’t that many people that call the Stadium District up and coming… And by “a number” in the 100s, where? I see three in the Dorothy… and that’s about it. There are a few more in the North Slope, but most of those aren’t exactly in ‘cool historic brick buildings’. They’re in places ‘of character’, but a different sort of character than what comes with clinker bricks.

6 | Posted by Derek | Feb 28, 05:51 PM

And by “a number” in the 100s, where? I see three in the Dorothy… and that’s about it.

Yep. Three left in Dorothy.

There’s also a brick condo on I street.

Looks like there’s still a couple on Broadway as well but non-brick.

7 | Posted by Erik | Feb 28, 06:32 PM

Fine post, David S. A very rational look at the financial aspects of the property. Not the only thing to consider, of course, but one that many agents might overlook from time to time.

As for the condos, studios aren’t my thing (got to put the ironing board somewhere…) but I guess people with very dependable lifestyle characteristics can make them work. Or folks with a ton dough can do the whole pied a terre thing. Either way, more power to them.