Would you buy a condo in Capitol Hill with a $17,500 discount?
Many first time homebuyers consider condos as their first option. Condos are a great investment because with a limited budget, you can still afford to live in your desired area.
Another benefit of owning a condo is the lower cost of maintenance. The common areas are usually taken care of by the HOA, saving you time and money.
In today’s Client Success Story, we tell the story of Brian a first time home buyer looking for a condo in the top neighborhoods in Seattle.
Our first offer was on a condo in Queen Anne that didn’t end up working out. He was interested in purchasing the home but only on his own terms, which is one of the benefits buyers have in a more balanced market.
We continued exploring different neighborhoods and found an awesome condo in a premium location on Capitol Hill. The place was a spectacular open floor plan with high ceilings, huge windows, and modern appliances. The only concern: Noise.
We went to see it in person and learned the unit had amazing isolation windows alleviating concerns on that end. Since the building was from 1919, we decided to place an offer with a financing and inspection contingency. We found a small issue with the hot water tank so we were able to negotiate credit for our buyer.
The unit was listed at $625,000 and we ended up getting it for $615,000. In addition, we were able to get an extra $8,500 in seller contribution towards our buyer’s closing costs during the negotiation.
The condo ended up netting at 607,500. That’s $17,500 under list price.
Our client is now the owner of a flawless antique-yet-modern condo in Capitol Hill and even has extra cash in his pocket to make it his own.