Apparently Puyallup is not alone outside of Seattle in its ability to attract ridiculously lavish condominiums. "Luxury condos" are popping up in all kinds of outlying Seattle neighborhoods:
Luxury condominiums, some priced up to $2 million, are springing up in such unlikely locations as Edmonds and Ruston as developers look to attract empty nesters in search of low-maintenance living.Plus, thanks to the power of appreciation, the $1,000,000 condo is guaranteed to make these smart investors even wealthier as the years go on. But seriously, I guess if you've got the money and that's the way you want to spend it—hey, more power to you. I do wonder what is going to come of these developments if the air comes out of Seattle's bubble before they're completed...
These are no Belltown boxes, either. The spate of new luxury condo developments boasts spacious units averaging about 2,600 square feet and amenities such as pools, theaters, guest suites, conference centers and multiple parking spaces.
Developers of such projects have their sights set on aging baby boomers who are more active than their parents' generation, who appreciate the amenities and ease of condo living but aren't willing to downsize to a traditionally sized unit.
Most important, many have amassed large amounts of equity in homes bought decades earlier.
"The more sophisticated the urban environment, the more likely you're going to see that kind of price point [$1 million]," he said. "We're getting there in Seattle, no doubt about it.
"Would I expect to see more units priced around a million dollars? Yes. In the last 20 years, with the equity we've built up in our single-family houses, a million dollars is really not a lot anymore."
(Deborah Bach, Seattle P-I, 03.22.2006)