Factors leading to the growing popularity of lofts in Seattle
With its crisp weather, creative potential, and rich culture, Seattle is a beautiful place to call home. Over the years, the city has progressed impressively in terms of real estate development as well. From downtown to suburbs, the entire city buzzes with new developments. One stark factor that stands out amidst this housing bust is the growing popularity of downtown Seattle lofts for sale.
Since 2010, the rents for apartments with lofts have increased by nearly 6-7% every year, More of these renters are looking to become homeowners. Lofts are the most common choice for this new breed of homebuyers. Here are the factors causing the shift in sales of lofts in Seattle.
The Economic Growth of Seattle
In 2019-2020, the rate of unemployment in Seattle had been around 2.8%, while unemployment in New York was nearly 4%, and it was 4.4% in Los Angeles. New startups, long-term housing developments, and expansion by big conglomerates in the city are reasons that make it the leading economic hotspot in the country.
With such impressive economic progress, millennials see Seattle as a prominent destination to settle. The diverse economy of the region is expected to grow even stronger in the future as well.
As an investor, you will be wary of putting your money into a liberal real estate market where their investments are at risk. Seattle has a massive advantage over cities like California and Oregon. Here, the Washington State government has outlaws rent control. It gives you more flexibility to increase rents to offset the high inflation rates of surging demands for lofts.
In Seattle, if a tenant breaks the terms of lease without the landlord’s consent, the tenant has to pay the rent until the end of the contract. So, if you need a potential investment opportunity in the housing sector, downtown Seattle lofts for sale offer you the same.
Lofts Are Cheaper than Luxury Condos
Buying lofts is much cheaper than a luxury condo in Seattle. The median condo prices range up to $9 million for luxury units, depending on the location. And loft prices can go up to $2 million in similar areas.
Though the starting price of condos is low, if you need luxury living experiences, a loft offers many amenities and breathtaking views from its floor-to-ceiling windows when compared to low-priced lofts.
In the downtown area, the prices of lofts average at $538,795, while Queen Anne, Capitol Hill, and Belltown are more pricey locations to buy a loft of your dreams. However, living in downtown Seattle gives you a thrilling lifestyle with world-class cuisines, eclectic cultural activities, and loads of amenities.
When compared to traditional homeownership, a loft offers many additional perks like fitness centers, fire pits, pools, open-air terraces, and other amazing amenities. Living in lofts is a unique experience with an open space plan, lots of natural lights, and historic charm, especially in the warehouse or industrial lofts.
Also, recent changes in real estate laws of Seattle further fueled the already high demands for the lofts resulting in a nearly 6-8-year expansion in the prices. Also, the amendments are making it safer for investment and reducing the barriers to recent developments as well.