Perhaps the most disappointing condo appreciation result was in West Seattle which managed to eek out a 1% increase in annual median price for 2007. West Seattle had a tough year with two developments converting to apartments. As for 2008, it's a toss up as to what will happen. On one hand, the overall softening of the market will certainly affect West Seattle as will further reports on the fate of the Viaduct. On the other hand, with the "repartmenting" of two conversion projects, the condo inventory will have a chance to stabilize. Hopefully, that'll keep the market afloat for 2008.
Source: NWMLS. Appreciated rate based on closed sales reported as of 01/16/08.
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