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Real Estate



Marc Stiles
Real Estate Editor
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July 14, 2005

Real Estate Buzz: Condo demand makes many new converts

By MARC STILES
Real Estate Editor

The Puget Sound region's apartment market these days is a bit like a Billy Graham revival meeting where mass conversions are the highlight. A record number of owners of multi-family properties from Tacoma to Everett are seeking salvation from the ups and downs of the rental market by converting their units to condos.

A quick look at the numbers shows just how hot this trend is. From the spring of 2004 to the spring of this year, approximately 1,650 apartment units in King, Pierce and Snohomish counties were converted, according to Dupre + Scott, the Seattle research and advisory company. That's 22 percent more than in the previous three years combined.


 
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