Thursday, December 13, 2007

Wenatchee: Affordable Housing IS Available

As home prices have increased at historicly high rates, there has been a loud cry from the community for "affordable housing". And, as the price of land increased, the builders said they could not afford to build "affordable" homes because the lot value ratio is just too high and it doesn't work financially for the builder or buyer.

Well, there IS, and has been, affordable housing available! Condos are the logical answer. It's not the dream home for most first time homebuyers but it IS a logical and practical first step. A condo can offer a much higher quality of living for a much more affordable price, and the tax benefits are a huge advantage over renting.

If you think you can't afford to buy a home or condo, think again. If you are a renter, you ARE buying a home... it's just that you are buying the home (apartment or condo) for your landlord. Your landlord is taking your rent check and making his/his mortgage payment. Why wouldn't you want to be making a mortgage payment for yourself... taking the tax advantages and cashing in on the equity when you're ready to move?

In seeing the need for an "affordable" option, several delopers and investors have answered the cry through condo conversions in the area. I've written about some of these conversions but here is a review of some examples of those conversions:

SunTerra condos
201 Pennsylvania have 1 bed, 1 baths starting at $92,900
2 bed, 1 bath starting at $129,900
2 bed, 2 bath starting at $138,900

Aspen Heights
220 Antles have: 2 bed, 1.5 baths starting at $129,900
2 bed, 1.75 baths starting at $139,900

River Street Condos (Cashmere)
307 River St. 2 bed, 1 bath starting at $139,900

NNA Ashland St.: 2 bed, 1.5 bath at $ 149,900

Vista Place
1100 Vista have: 2 bed, 1 bath at $170,000
3 bed, 1.5 bath starting at $174,900

Quail Run (not a conversion):
26 Quail Run: 2 bed, 2.5 bath at $189,900

Rocklund Drive
1826 Rocklund 2 bed, 1 bath $189,900

Parkside Condos (the only new construction condos under $200,000)
3 bed, 2 bath starting at $199,950

And, occasionally, there is a random condo for sale on #2 Canyon Road or Skyline Drive (at the Racquet Club). This is the only complex I know of where HOA fees are based on the size of the unit, not a set fee for all units.

So, rejoice... there is comfortable affordable housing available in Wenatchee. When you're on a limited budget you probably won't be able to get into the all American dream home with a picket fence. You can, however, buy "something" as a first step up the ladder.

Start by taking the first step and building equity in a condo... and begin to enjoy the tax benefits of homeownership!

Happy Holidays!

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Friday, December 7, 2007

New: Wenatchee Second Home & Vacation Rental Option

If you are considering a second home and are interested in a way to supplement the payments, a condo in Wenatchee could be a great affordable option. When buying a second home you will get the advantage of owner occupied financing, yet have a way of supplementing the carrying costs by renting your unit when you aren't using it.

Last week my business partner, Shelley, and I were awarded the listings at Parkside Condos in Wenatchee.

With the new events center scheduled to be completed this Fall in Wenatchee, there should be increased demand for accommodations to house these spectators and, therefore, there should be an excellent opportunity to supplement your condo payments by renting the unit on a nightly, weekly or even monthly basis through the year.

I anticipate high demand for these vacation rentals, which are so conveniently located in the northwest area Wenatchee. This is a far superior alternative to the motel scene! These will make excellent, affordable, week-end and vacation homes. AND, we can rent them out when the owners are not using them.

We will be working up some income and expense projections, but anticipate being able to rent these for between $125 - $150 per night. This will generate a significant income for the owners and offset the initial investment and monthly carrying costs of the units. Over time, I anticipate nice appreciation as well.

All units in this Parkside Condo complex are 3 bedroom (or 2 bedrooms and a den) and 2 baths. Here is a link to the full listing detail on the model unit for sale. This is an upper unit, listed at $209,950. Lower units are available for $199,950. The only real difference in the upper and lower units is the uppers have a little better view and the lowers are just slightly, but not noticeably, smaller.

I anticipate prices will go up in the Spring as the word gets out. These are an excellent alternative to the (much more expensive) second home / vacation condo rental options available in Leavenworth and Chelan.

Want to come over this winter and ski at Mission Ridge or do some cross country skiing? Buy now and you can still take advantage of all our winter activities. Come summer there is a whole new set of recreational opportunities to enjoy!

These condos are also available to purchase as a primary residence.

For the latest info on availability, contact the TOP Team:
Carol Williams
Shelley Granger

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