How to Invest in Real Estate, North Seattle Condo Edition

Are Condos a Good Investment?

Condos can be a fantastic investment. They often come at a lower price point than single-family homes, making them an affordable entry into the real estate market. Condos also require less maintenance since exterior upkeep is typically managed by the homeowners’ association. (Side note: Ensure the exterior of a condo building is in great shape before considering a purchase.)

Location is Everything

Condo investments make the most sense in prime urban areas with high demand and access to public transit, ensuring strong resale value and rental potential. For example, people investing in downtown Seattle condos saw excellent returns in the early 2010s, with property values doubling in under six years (2012-2018). However, since 2018, Seattle’s downtown has lost some of its momentum, and condo prices have remained relatively flat.

In contrast, the area around the Northgate light rail station experienced significant growth. The Northgate condo market stayed flat for years starting in 2018, but this changed in late 2021 with the opening of the Northgate light rail station. Since then, prices for condos in the area have increased by 34%. It stands to reason that the area around NE 130th St in Pinehurst will see a similar increase when the light rail station opens in 2026, just as Northgate did in 2021.

The One Seattle Plan Will Change Things

Seattle recently updated its ten-year plan, naming it the One Seattle Plan. This plan is set to significantly boost the future value of real estate in Seattle by creating more inclusive, sustainable, and connected communities. It emphasizes increasing affordable housing and enhancing transportation, which will attract more residents and businesses to vibrant, walkable neighborhoods. By prioritizing equity and reducing displacement, the plan ensures stable, long-term growth, making Seattle an even more desirable place to invest in real estate.

Pinehurst: Seattle’s Newest Neighborhood Center

One of the most significant benefits of the One Seattle Plan is the transformation of Pinehurst into a designated Neighborhood Center. A neighborhood center is a designated area within a neighborhood that serves as a focal point for community activities, services, and amenities. These centers support vibrant, walkable communities where residents have convenient access to a variety of daily needs and activities. Key characteristics include:

• Mixed-Use Development: Featuring a mix of residential, commercial, and community uses, including housing options, retail stores, restaurants, offices, and public spaces.
• Walkability and Accessibility: Designed to be pedestrian-friendly, prioritizing walkability and accessibility, making it easy for residents to walk, bike, or use public transit to reach their destinations.
• Community Amenities: Providing essential services and amenities such as grocery stores, schools, parks, healthcare facilities, and recreational opportunities.
• Public Spaces: Including parks, plazas, and community centers that encourage social interaction and foster a sense of community.
• Sustainable Design: Incorporating sustainable design principles, including green buildings, energy-efficient infrastructure, and environmentally friendly transportation options.
• Economic Activity: Serving as hubs of economic activity, supporting local businesses, and providing job opportunities for residents.

The One Seattle Plan aims to create these neighborhood centers to enhance livability, promote equitable development, and support the city’s growth in a sustainable and inclusive manner.

Expected Timeline for Benefits

• Short-term (1-2 years): Initial investments in transportation safety improvements and pedestrian lighting will begin. Community engagement and planning for new housing developments will also start, setting the stage for future growth.
• Medium-term (3-5 years): New housing types and commercial spaces will begin to develop, along with the implementation of affordable housing projects and small business support programs.
• Long-term (5+ years): Pinehurst will fully realize its potential as a thriving community hub with increased housing options, improved neighborhood services, and a vibrant business district.

Conclusion

Investing in a condo in Pinehurst is not just about buying property; it’s about securing a future in one of Seattle’s most promising neighborhoods. The One Seattle Plan provides a clear roadmap for Pinehurst’s development, ensuring it will be a safe, convenient, and vibrant place to live. Don’t miss out on the opportunity to be part of this exciting transformation.

North Seattle Condo for Sale!

If you’re considering buying a condo in North Seattle, give Pinehurst a shot. Get Happy at Home’s newest listing at 12349 Roosevelt Way NE is exactly the kind of property you should be investing in with the current condo market. This peaceful and private building sports a completely renovated exterior, 767 square feet of living space, and even a private garage. Contact us today to learn more about this property and others to see how you could make Pinehurst your new home!