Cost to own falls below cost to rent in King County

As Featured in the Seattle Daily Journal of Commerce

Written by Marc Stiles

Image Courtesy of SDJC

"The last major condo project to start construction in Seattle was Escala in 2007, and no new starts are planned, said Dean Jones, president and CEO of Realogics Sotheby's International Realty in Seattle, which markets condos. Inventory-wise, he said, 'I think what you see is what you get.' In downtown Seattle, about 225 new condos are still unsold. Based on sales trends, Jones predicts it be two years before most of those are sold. Once that happens, the conversion of apartments to condos could restart. 'I see there being a pivot point,' Jones said, adding he wouldn't be surprised to see it happen in 2013 or 2014."