We know hotel/condo living is still fairly new in Seattle. However, it has been receiving a relatively good response from the market. I was curious to get some more perspective on how home buyers view this type of residential living. I had a chance to chat with Armen, who bought a unit in a hotel/condo recently. Here are some of his replies to questions that I asked him.
1.) What made you pick a hotel/condo over a condo?
Very convenient, I love the fact that you can order in at 2 in the morning and go down to the gym without driving!
2.) How did you pick the between the different hotel/condos?
I always enjoyed working with Williams Marketing staff (Javilla especially) and got an invitation from their site for a presale offer.
3.) How was your experience in the sales center?
Sales center was awesome; Diane, Carrie and Pamela are awesome!
4.) When you were picking the unit, what were you looking for?
I really didn’t put much thought into it, my friends and I decided to get two bedrooms, to have more square footage!
5.) If you were to do it all over again, what would you have done differently?
6.) Anything else that you would like to share with SCR readers?
You have to LOVE the project you are buying, otherwise the price will never make sense!
Armen’s last answer highlights an interesting point. Essentially, he seems to be pointing out that price per square foot is not really the key pricing driver. I’m curious to hear how SCR readers feel about Armen’s “ Love” test versus a more by “ the numbers approach.”
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Technorati Tags: Hotel/condo, Home buying, investment talk
I very much agree with hotel/condo purchase decisions being more driven with emotion than with other “standard” condos. I liken it to purchasing other luxury goods – such as a watch or a car… a Timex & Civic may make the most sense/cents, but nothing beats the feel of a Panerai or BMW!
Ultimately, it comes down to a purchase versus investment focus. If you’re looking to purchase for your own consumption, the love factor prevails since only you know the value you get from the unit. If on the other hand, it is an investment, then I’d argue you’d need to have a stronger quantitative approach. For most, it will be somewhere in the middle with the quant losing weight the longer you plan to own…
I have to agree with Armen’s comments! You can never go wrong with a real estate purchase in Seattle. Either way, the value will increase over time, whether you buy it for investment or for yourself.