There aren't many of em in Seattle, Co-Op that is. But I think that they are a little under rated. Here at 7 Harrison in Seattle, one block from popular Key Arena and when you face the other direction.
You can see the Puget Sound.
Ok So this Building isn't the newest in town, but for the price it is great. I have shown Studio and On Bedroom units in this building for 150k and 220k, in Lower Queen Anne. WOW. Were talking a steal of a deal. More often you will see them priced at 300-400k in this area.
But it is a Co-Op. This brings a whole new level of complexity to the situation. With a Co-Op your don't actually own any REAL property rather you own shared in a corporation that owns the building. And therefore you are subject to there rules and mindings. For this building that means it is 100% owners occupied, No Renters. But hey this should be a good thing, shouldn't it. Owners take better care of their property. It does make it difficult to get financing, few lenders specialize in Co-Ops in Seattle due to the rarity of them. They require a larger down payment, this ruled out the few buyers that I have shown in the building. Often the lender wants at least a 20% down, not much for only a 150k asking price. But, still to high for a couple of my first time buyers, tough in Seattle.
In other Cities like New York, so I have heard, Co-Ops are quite common. I haven't closed a Co-Op transaction yet, but with deals like this I am sure to see them again in my future. Do you have Co-Ops in your community? If your an agent what have your experiences been?
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For Seattle Real Estate Statistics and Seattle Listings visit www.GuideToSeattleRealEstate.com a blog for First Time Buyers
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