Affordable Housing In Wenatchee, WA
River Street Condo In CashmereI'm getting tired of hearing that there isn't any affordable housing left in Wenatchee. Prices for single family homes have risen dramatically the last few years leaving he dream of homeownership just a dream in some people minds. NOT!
On my condo blog, I talk about condos as an excellent, quality living, option to homeownership. sure, it's not the dream house with a yard, but it can be a first step. As I stated in the comments of one of my AR blog articles:
"I think our main challenge at this time is to get first time home buyers to seriously consider condos as their first step to home ownership. The dream of a single family home on a lot, with a fence for the dog and kids, is a worthy goal but not necessarily realistic for the first step. Few of us could afford our dream car for our first car. I bought a used Ford Falcon for heavens sake. Who would want to be seen in one of those? But, it was transportation, and got me to work so I could earn money to buy my dream car... the 1973 Ford Mustang Mach I. Now that was a car!
Why should a home be any different? We have to start somewhere. A condo is a good, affordable, quality living, option to start".
There are nice one bedroom condos available for under $100K. Nice two bedrooms condos can be found at around $139,900. It's an option to seriously consider... or you could just pay your landlord's mortgage for the rest of your life.
Read the complete affordable housing article.
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in Buyer Needs, Featured Properties, Wenatchee WA Real Estate Trends, Wenatchee Washington Real Estate
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Reader Comments (3)
Lot prices where lower budget homes are good to be built, (No view, less desireable areas of town, ect) are currently 90k to 115k for a postage stamp lot. I mentioned to you before about a frind of mine who built homes in this price range and how hard it was.
I spoke to him last week and he is no longer building homes in that price range. He is selling his affordable lot inventory and no builders will even call on the them.
He is doing customs and commercial still.
This is not a small builder. He is the second largest builder of affordable homes in the area.
Until land prices are brought under control new affordable housing will be rare.
Although converted apartments can be a first step most will find the second "step" of home ownership to be a large one unless the person is willing to go with a 40+ year old fixer-upper.
No one who builds homes for sale wanted to pay the prices developers were charging, but if your livelyhood is selling homes in the sub 300k range you need lots.No one hires a custom home builder to build cheaper entry level homes.
Escalating prices and a limited supply of suitable lots made builders buy up the lots in entire deveopments for 2 reasons.
Protection from increasing prices and a steady dependable supply to build on.
No one wants to pay inflated lot costs especially builders. Not paying the inflated prices if you need property to build on is the same as choosing to go out of buisness.
Larger builders have many crews and subcontractors who make a significant portion of their annual income from those contractors.
Price points and affordability depend on effeciency of scale. That means you cant easily cut production by half and still sell for the same cost per home.
The choice is closer to continue in this market or not and I am hearing more choosing to not be in the affordable housing market in wenatchee