Remember SeventyOne, the condo-converted 1-bedroom apartments south of Morgan Junction, once proclaimed by signage as “midcentury retro”? A similar complex less than a mile north on Cali has just appeared in for-sale listings: The Cal-Ray Apartments at 6000 California, offered for $1,995,000. Its official flyer (photo below is from that flyer, created by the listing-holders at Summerfield) doesn’t mention conversion but does suggest “strong potential for redevelopment.”
Jeez. Is anybody doing anything do preserve affordable rental housing in West Seattle?
I am pretty sure that the Cal-Ray management company also managed the Watermarke, which also is in conversion.
Kayleigh…there’s the problem. There are those that feel that if you can’t afford the market, then move to where you can. It seems that people are just out of luck if their income doesn’t keep up with skyrocketing housing prices. That “me, me” attitude that says that obviously you’ve done something wrong if you can’t keep up just sucks. I agree, someone needs to slow things down a bit…
I LOVE living here, but real estate prices are insane. The median home price here recently hit just over 500K. The median annual household income in Feb ’07 was $65K. Crazy.
http://www.metrokc.gov/exec/news/2007/0201housing.aspx
I agree, Jan. So discouraging. I certainly can’t afford to buy a home out here.
But at least I can afford to rent…for now.
Don’t worry, there’s a huge housing crash coming. That’s good. The market is out of balance. It happens. And every single time in our nations history it corrects. The ‘out of balance’ is the house prices rising far faster than income. Since there isn’t a supply problem really (nationwide) the inflation is artificial. The market is currently being driven on investment speculating. That’s all nice, and works for optional commodities like gold, but housing is a little different. While the investors who flip housing are buying/selling/buying/selling and shoving up the values, there is also a segment of the market represented by real ‘home owners’. These are the folks who actually have to pay mortgages and who’s ability to buy is based on income, unlike a group of speculative investors. This income based ‘real’ group has seen median income go by about 5% in the last few years, while housing rate far far higher. That can’t happen too long. When the music stops, there will be ‘investors’ who find they have a $5 million 1000 square foot condo that’s worth real market of $300,000. Eventually if everyone tries to sell their house/condo for $25 million, there simply won’t be any buyers. The market will correct. You just don’t want to be the last guy holding that crazy overpriced investment property when it does. If you own a house long term, you’ll be ok, this will just be a blip to you.
I actually don’t think a housing “crash” is going to hit WS until they tear the viaduct down. Then we’re going to see a good long plateau until it re-opens again, driving prices right up. Perhaps that closure will be beneficial for rents too, Jan. And you a non-commuter to boot, we’ll all be wishing we had your life ;)
GenHillOne…my commute…from the bedroom, to the bathroom, to the kitchen, to the computer. My get up time is usually around 9am, and my clients come here, and can park on the street, no problem. I live across the street from Safeway, down the street from Met Market, PCC is 1.5 blocks away, I have Circa, Royal India, the Admiral Theater, and a bus that goes downtown 2 different ways….what’s not to love? hehehe…now, as long as the landlord keeps the rent down, I have it made :)
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Genius! Why if not for this type of wisdom put forth with such conviction I would not be inspired to do what I am now about to do…
Effective Nov 1, 2007 I will be lowering the rents on all of my rental units by 1/2!!! In fact I will be paying my current tenants back 1/2 of all of the market rent I have charged them all these years, $100 per month at a time each, PLUS interest of course until it is all given back just because…
Market rents be damned! Price fixing is what we need and I’m just the landlord to do it. Look for my ads everywhere and for all of fellow landlords to do the same over time. Yep, how could I have have not seen the light all these years?!!!
Only problem then is that when David’s armageddon comes and housing crashes by $$millions as he says my reduced rents will be market again. Damn… I suppose the only way to fix that will be for me to start paying my tenants to actually live in my rentals. I suppose if I paid their room AND board AND throw in a car allowance then it would all be fair again…
Yes. Peace on earth and neighbors like Jan and Kayleigh. Life IS good.
hey…you could do worse than Jan and Kayleighfor neighbors, that’s for damned sure. What kind of a nasty crack was that? Is this “House” in disquise? Who said I wanted a car allowance…I own mine outright…paid cash…sheesh…although a nice dinner every now and then would be appreciated ;-)
Yeah, why would we want teachers, artists, students, blue collar workers (do we HAVE blue collar workers in Seattle any more?) or “those” kinds of people renting in West Seattle?
We should eliminate low interest student loans and health care subsidies and low-income housing protection and food stamps and consumer protection and anything else that will help others….
oh…wait…the neo-cons are already doing that….
Sorry, comment time is over.
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