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N. Seattle Apartment Market Hard to Crack

SEATTLE, WA-Apartment properties run on the small side in North Seattle and inventory is tight, so buyers tend to be individual investors who already own properties in the market and know it well, says one local specialist.

By Janet Parker | Updated on April 23, 2002

SEATTLE, WA-The high net worth individuals that dominate the North Seattle apartment market are seeing the current market lull more as an opportunity to buy more than an occasion to hold or a sell, says John Stoner, a partner with Seattle-based Paragon Real Estate Advisors Inc.

“Those investors who have already invested here see the slow-down as an 18-month market aberration that we’re already well into,” Stoner says. “Many people here are anticipating positive job growth in the second half of this year, translating to lower vacancy rates the first part of next year and rent increases by late spring of 2003. So, even if it’s a bit flat now, they see an acquisition now as a good investment.”

Those local investors also hold a competitive advantage, says Stoner. “New investors need time to educate themselves about the area and they can’t move as quickly as the individuals who already know North Seattle,” says Stoner. “Inventories here have shrunk.”

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