Attention Ballard-ites! Another condo is being built in Ballard. This time the building is going up directly across from Ballard High School at 6559 15th Ave NW. This news certainly comes to no surprise to anyone who has lived here for more than a year or two. Most Ballard folk, including myself are becoming more and more accustomed to seeing condos being built all over our formerly sleepy little fishing village. Obviously, the appearance of new condos being built means different things to different people. Many locals feel frustrated as they are forced to watch the area they grew up in change right before their eyes, others might see it as a sign that the economy is improving, and some people might see it as an opportunity. Lots of condos being built certainly means that inventory of condos is very high, and high inventory equals lower prices. With a new condominium going up on 65th and 15 and a few more due to come under construction in the near future, people should be seeing this as a golden opportunity to invest in Ballard real estate.
According to the Northwest Multiple Listing Service, or the MLS, prices on condos and homes in the Ballard area have risen a fair amount since last year, while prices in most other areas of Seattle and King County have gone down. What this means for home buyers and home sellers is pretty simple. If you are thinking of selling your home or condo, now is certainly a good time to do so as prices are higher than they have been in recent years. What this means for potential buyers is that Ballard is a safe investment for anyone thinking of purchasing in 2012. While other areas are struggling, Ballard stands firm. There is no question that Ballard is a growing area where a good investment will still turn a great profit.
Sources: NWMLS / www.myballard.com
