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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Anonymous said...

how is that affordable? when wenatchee wages are not the same as seattle's? and the way of live here is totally different than there we can not have housing prices as Seattle and the rent is wa out of control here people are losing the rental to for closure so unless you are out there looking for a home or selling a home not a restate agent ether i mean a person that knows because i am going through all that sold my home for less than my real estate agent wanted me to had it on market for 15 months now that's good market yeah right my husband and i are needing to rent you know because when we bought this house 3 years ago it passed with flying colors on all inspections now could not pass same inspector funny huh so they are taking my prophet to pass inspection and leaving me with nothing for new home my husband has medical isues like conjestive heart failure how far is the reantal market for me now not so untill you liveed it you just dont know

Carol said...

Anonymous: Sounds like you've been through some challenging times. I couldn't ascertain a question in your comment, so I'm not sure how to respond.

I have no idea what your circumstances were and I wasn't involved in the marketing of your home so I can't comment on the issue of your home taking so long to sell and the problems associated with that. My experience that well priced homes (other than high end homes) were selling well.

My post was really directed at first time homebuyers trying to get started in the home buying process. Sounds like you've already been there and have had a difficult set of circumstances which required you to sell and turn to the rental market for housing.

Nevertheless, Wenatchee condos DO offer the most affordable, comfortable, opportunity to buy a home available. There are fully renovated condos starting at around $95,000. This IS affordable compared to single family homes and, in many cases, less expensive than trying to rent an apartment or home.

As for comparing our market to Seattle, there is no comparison. But, there are good paying and low paying jobs everywhere... and a full range of home (and rental) prices to serve the consumers.

If you have a specific question for me, I'd be happy to try to answer it. If you're just frustrated and need a place to rant that's fine too.

Best Regards! Carol

deirdre g said...

Thanks for the great listing, will give this information to my friends so that they will know.

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houses for sale said...

Great house to have one of them.

Arrielle P

condo Philippines said...

Oh' this seems so interesting! I am sure many will get interested with this affordable housing. I just wonder if the price is still negotiable. Anyway, thanks for sharing.