More Tacoma Condo Maps at King5.com

I ran across another Tacoma Condo Map at King5.com when I was analyzing the sites that are linking to Tacoma Real Estate Market. It is an interesting exercise in the way the web works, sites link to yours that you never even heard of, let alone visited. A large portion of them are spam sites, but even spam sites can have their uses, if you can get past all the pop-ups that is.

This particular site listing was sitting right below a link to my Tacoma Real Estate blog, and since it had a the magical words "Tacoma Condo Map." I decided to check it out.

It is very similar to the Tacoma Condo Map listed at Exit133.com , although highly out of date considering that defunct Tacoma Condo Projects are listed like Chelsea Heights, Hanna Heights, and Old City Hall Condos.

Looks like it was created by a site called Mapbuilder.net , I will have to check it out some day and maybe keep an updated Tacoma Condo Map.

Another Way to Look at Tacoma Condos

I have stumbled across Condo Compare a couple of times and feel that it has some merit in terms of a tool to compare Tacoma Condos across neighborhoods. What I really like about the site is that it gives you an idea of the total number of units for sale, not only for that particular Tacoma Condo Project, but for the condo inventory citywide. Although, to be honest, I am not sure how up to date their information is, I will do some research and report back to you on that.

Check out their website: http://www.condocompare.com/WA/Pierce/Tacoma/condo_search.aspx

There are a lot of condos out there. I don't recommend buying a Tacoma condo as an investment, there is too much inventory and the prices are too high. However, if you were in the market for a condo, this will give you some ammunition when it comes to the negotiating table (although the market is definitely in your favor, especially when it comes to Tacoma Condos).

Tacoma Condo Map

A couple of years ago, I started reading Exit 133, a local Tacoma blog that is about Tacoma. It's about Real Estate, Politics, the Arts, Urban Development, and the interests of Tacoma readers. Of course, I was interested in the Tacoma Real Estate Market.

One of the more interesting posts, I remeber, was a Google map superimposed with new Tacoma condo developments. You can see the original overlay here. They had a scant pickup of interest and some revision in late 2006 as seen here.

I think it would be fascinating to take this idea and create a heat chart (ala Tulia) and utilize some of the functionality seen on the Tacoma Condo Map, not only detailing locations and websites, but also days on the market, and sales prices.

Who knows maybe we could inject a little life in the Tacoma condo market and get some of these stale units moving and reduce the Tacoma condo inventory. Even if it means a loss for the developers.

Who's with me? Anyone? Anyone?

Thinking about Buying a Condo in Tacoma?

I wrote a post in 2006 talking about Tacoma Condos. I said it then and I will say it now, don' buy a condo in Tacoma as an investement. There are over 300 two and three bed condos on the market right now in Tacoma. The average listing price is hovering at $305k. There were just over 160 condos in this category sold in Tacoma in the past twelve months. That is close to a two year supply, and guess what developers are still building them. Prium has gotten smart and are turning both Chelsea and Hanna Heights into apartments. Not sure how much the rents will be but they will have a hard time breaking even. Prium had not sold one single unit in Hanna Heights despite upgrading the countertops and other amenities. The Jay Heights project has been put on an indefinate hold and there is plenty of developable land on the market.

You also need be to aware of the high risk of construction defect litigation, home owner dues, and poorly managed home owner associations. All of these factors, an individual condo owner does not have much control over, and it usually amounts to higher HOA dues, which creates a huge monthly cost penalty for owning a condo.

The mediam sales price for homes in North Tacoma are $289,000 and have decreased over 7% for the year. If you are looking to buy, don't buy a condo in Tacoma, they aren't good investments. If you love the lifestyle, I would recommend renting one of these recent downtown Tacoma condo projects turned apartments and wait for things to settle out. Zero lot line Townhomes are always an option, at least you won't have to deal with HOAs and HODs.

Is the Condo Market in Tacoma in Trouble?

Yes, I believe it is and here is why.

Inventories have tripled in the last six months. There were half as many condos sold in July then there were in both May and June. Why?

Developers are setting high prices (Seattle pricing) and are still building more units. Prium is working on three projects in a half mile radius. The median price for a 2 or 3 bed condo sold in the last six months Tacoma is $239k. The median price for a home is $234k. By the way, the median priced condo on the market right now in is $355k.

The reason why condos are attractive is because in most urban markets, Seattle for example, they are much more reasonably priced than single family homes. In Capital Hill in Seattle, the median priced house sold in the last six months is $669k compared to a 2 or 3 bed condo at $369k. That is a difference of over $300k. This is why the Seattle condo market is still hot. Since most people have a hard time entering a market at $670k, condos are much more viable an option.

This absolutely does not exist in Tacoma. Take my advice, do not buy a condo in Tacoma unless you desire that type of living and are willing to pay a premium for it. Condos in Tacoma are not a good investment.