This county is hotter than King County and has been for over two years. Senior housing, single-family subdivisions, mini warehouses and condominiums have all seen phenomenal growth in Snohomish County. According to Hoban, conversions are a big part of this. Purchasers look for condominiums for several reasons. No maintenance headaches, easy to leave, affordable and nice amenities.
Developers see increasing land costs and added government intervention causing higher costs.
It only makes sense to build multi-family projects to increase their return. It makes even more sense to convert apartments to condominiums as the owner or developer does not have to purchase the land or carry the money until he or she sees their project come to life in two to four years. More than ever it is important to get a good honest opinion of where your property is and what the important factors are in successful conversions. The chances are that you will be successful in today's market but like any good investment, do your homework. Terry Fahey is president of Research West, a Black Diamond-based company that does market and feasibility studies for real estate development, specializing in the Puget Sound condominium market and the senior housing market for the Western United States.