NPR's Marketplace is talking about a guy who has moved into his storage unit (which is equipped with a restroom?!) Hopefully his rent will be cheaper than a 30 year fixed mortgage with 20% down on this hovel.
Speaking of which, the current housing marketplace in Seattle makes me glad that me & my significant other aren't in a position to purchase a house at this time. We could afford a nice condo or a decent townhouse, but the prospect of price depreciation scares me off from buying at this time. A friend who presumably thought she had to "get into the market" picked up a condo in this complex in a bucolic city within commuting distance to downtown. I've been reading a great local housing bubble blog, and I can only wonder how far this condominium will drop in price before housing bottoms out.
Not convinced that the housing market is completely overheated? I offer you this as an example:
From the Seattle PI:
"Park two of GMC's biggest Sierra pickups next to each other. That's a lot of truck, but a small condominium -- at least by Seattle standards.
But a local developer is betting Seattle urbanites are primed to carve out their own two-truck chunks of Belltown. The moda condos, set to break ground in October, promise "New York-style living," with units as small as 296 square feet that start at $149,950."
"Rick Hooper, policy director for Seattle's Office of Housing, noted in a moda news release that city officials want more affordable homes downtown, close to jobs and transportation.
"To find a developer who's able to put an attractive product on the market that hits that lower price range is fantastic," he said.
The building's 251 condos will range up to two-bedroom, two-bath units selling for more than $400,000. All of the condos will have such luxury touches as appliances with stainless-steel finishes, granite or limestone countertops, floors finished with cherry or walnut and tile bathrooms."
Mr. Hooper, these condos aren't homes. These are the size of hotel rooms.Finally, Seattlest has a great reason not to buy a VW Passat.
