Buy, or bye-bye

As mentioned about halfway through the plentiful comments on this post three weeks ago, a big Delridge apartment building is going condo. (Odd little blip on the city website about the complex “failing” an “inspection” this week, related to all this.) The Weekly features the project in this story (by photo, not by name) and links it to a company whose website simply notes “West Seattle, coming soon.”

11 Replies to "Buy, or bye-bye"

  • WSRenter March 8, 2007 (6:35 am)

    I live at West Ridge Park (the buildings going condo) and the most frustrating thing is that nobody has told us about it. You have to have heard the rumors and asked them, and then they admit it to you. Or read about it on the DPD website, which is how I’ve been tracking info.

    Well no, the *most* frustrating thing is having to move out. I’ve loved living here and had no intention of moving. Now, even if I buy one, I still have to move so they can gut it. There really are no comparable properties in this section of West Seattle and anywhere else I move in WS will cost me a lot more than I pay here.

    We’re allegedly being invited “soon” to an informational meeting where we’ll hear all this (probably deal with a lot of drama and panic, understandably so – the first people supposedly need to be out in a few short months) and then get the offer on our apartments.

    However, I guarantee you that a majority of the tenants here will not be able to buy (ourselves possibly included – depends on how much they want) and there are 239 apartments here. So probably 200+ people looking for new apartments in WS. That’ll be fun .

  • eric March 8, 2007 (9:59 am)

    I know some people that lived in condo conversions. They were offered a really good price to stay put. Hopefully, you’ll be able to do it if you can. Owning beats renting any day – especially in this area. The soone you can do it, the better – it just gets more painful the longer you wait.

    Best of luck to you.

  • WSRenter March 8, 2007 (10:09 am)

    Yes, Eric, they said that current tenants will get a “good” offer for the place (compared to open market later). However, most people living in apartments that cost less than $1,000 a month are not in a position to double that payment to buy a home (no matter what a good deal it is) – if they could so, they generally wouldn’t be renting in the first place. I just wish they’d tell us already and stop the suspense; let me know that it’s something I can finally afford and I can be excited about it, or tell me that I can’t and I can make plans to get on with my life and find a new place to live.

  • The House March 8, 2007 (11:01 pm)

    Ahhhh, WSRenter. I see why you’re still renting in life. You feel victimized. Read the writing on the wall, the’re knocking your building down to sell more expensive units (there isn’t any suspense). If you want to get excited about some cheap housing look in Tacoma, WA, Houston, TX or Atlanta, GA.

  • WSRenter March 9, 2007 (7:04 am)

    Victimized? Hardly. I know Seattle is a much better cost of living than the large east coast city I came from. But there’s only so much one can do with the money they have. I don’t blame anyone for that, nor for housing costs. Not all of us were lucky enough to be able to buy years ago, and I certainly don’t begrudge those who did; we all make choices. Mine has been to rent, rather than be smug and have my worth defined by the fact that I own a home.

  • Jo March 9, 2007 (7:43 am)

    “Not all of us were lucky enough to be able to buy years ago, and I certainly don’t begrudge those who did; we all make choices. Mine has been to rent, rather than be smug and have my worth defined by the fact that I own a home.”
    Well said WSRenter. I have found that some who frequently comment on this blog are soooo judgmental.

  • The House March 9, 2007 (8:29 am)

    Yes, WSRenter. If truly are making the choice to rent then that was well said. I’m sure you’re well aware that your $1000 per month is going towards making a landlord fiscally wealthy. The alternative would be purchasing a property (house, condo, etc) and have the $1000 go towards your fiscal wealth and eventually your family. This is not being judgemental, it’s a fact. Do I define my wealth by owning a property? Yes, I definitely define my fiscal wealth by property, 401k, IRA, etc. It does not define my personel or mental health as you and Jo were so quick to judge (eat your words). You seem like an intelligent individual, my advice to you would be to get out of your renting situation TODAY and taking control of this aspect of your financial life. There are still plenty of properties (townhomes, condos) that are under $200,000 in this area. Good Luck.

  • WSRenter March 9, 2007 (10:10 am)

    Yes, it would be nice to spend my $1,000 on mortgage rather than rent. However, it’ll cost a lot more than $1,000 a month to pay for a mortgage, taxes, repairs, etc., even on the lower cost properties you mention – probably double. If I had $2,000 a month to spend on that, it would be likely that I wouldn’t be renting to begin with.

  • Jo March 9, 2007 (12:56 pm)

    Come on, The House, get real.
    There’s also the matter of initial cost in buying like down payment, et al. Right? It isn’t just about $1,000 a month.
    Not everyone can come up with a large outlay of cash: single parent income, supporting kids, putting kids through school, going to school yourself, etc. etc.
    AND making a statement like, “Ahhhh, WSRenter. I see why you’re still renting in life. You feel victimized,” was pretty cold and arrogant in response to WSRenter’s concerns.

  • Jan March 10, 2007 (6:43 pm)

    I want to know where these houses/condos for under $200,000 are in West Seattle. I have 3 real estate brokers as clients, and I can guarantee you they can’t find properties like that for their clients..unless you want a little shack…oh, rather, a “quaint” 1-bdr. cottage, that need TLC. I owned a home in West Seattle on Genessee Hill for 20 years, and had to sell because of divorce 9 years ago. I sold it for $190 K back then…and now, with almost no improvements, it’s worth almost $500K. I sympathize with WSRenter…

  • WSRenter March 11, 2007 (8:32 am)

    Jan, they’re out there, but not ones you’d like to buy (I’ve looked) – either run down, really bad neighborhood, or way too small. There’s one in Highpoint I just saw on – it’s $170,000 and probably lovely (since it’s new). But it’s also 420 square feet. My townhouse right now is 1100 square feet. Not really close to being comparable.

Sorry, comment time is over.