With increasing number of condominium towers filling up downtown Seattle’s skyline, a simple question often crosses our minds- who are buying these high end Seattle condos?
According to the real estate surveys, couples still top the list of condo-buyers. One third of the buyers are single men. The remaining 17% buyers are single women. And the emerging trend indicates to an interesting fact---the numbers of single women buyers are constantly on rise. From young girls to aged professionals---single women of all age groups are finding Seattle condos the right place to be in and to invest their money.
This rise in the percentage of single women buyers has been attributed to the rising income level. Even a decade ago, it was the single men who dominated the market. But in the recent years many single women have moved to Seattle condos from their rented apartments. It is the attraction for hassle free lifestyle that an increasing number of women are choosing Seattle condos over a detached home, that is expensive to buy and difficult to maintain single handedly.
Although the share of women condo buyers is generally rising in Seattle, most of the single women prefer to stay away from the downtown projects. The reason again comes down to the question of affordability. The advertised price for downtown Seattle condos vary between $970,000 and $4 million. Few single women can afford these upscale condos in downtown Seattle.
The developers are well aware of the trend and trying to work out practical solutions. One solution could be developing condominiums in the areas where lands are still cheaper. The industrial areas near Pioneer Square, Sodo and George Town provide good choice; they are close to downtown, yet lands are reasonably priced here.
For the single women, owning Seattle condos is financially more rewarding than continuing to rent. By owning a condo, you can save on rents in the long run.
On the other hand owning a condo means acquiring an asset that appreciates over years. In addition to that, home buyers enjoy tax deduction on mortgage interests. This is especially beneficial for the young women as the high interest rates are adjusted with their income tax.
Owning a condo in the early phase of their career means they have good time in their hands to build on home equity and good credit history.