When Mary Byrne and her husband looked at condominiums at The Commencement in 2008, the Tacoma area’s condo market had collapsed.
Back then the Commencement was in foreclosure. Other condo projects around Tacoma were abandoned, put up for auction, or revamped into apartments for renters.
“We saw that the future was so long in finishing all those projects that we decided it really wasn’t the right time,” Byrne said.
Fast forward to 2017 and the Byrnes have purchased that condo at the Commencement and they are optimistic about the future of condominiums in the South Sound.
“The condominium market is hot,” Byrne said smiling.
Condos are being built again and units are selling fast.
Most of those sales are cash sales according to Loren Cohen with Point Ruston LLC, because banks are still hesitant to lend on condos in the Tacoma area. But that’s changing too.
“I think the future looks bright,” Cohen said.
Cohen pointed to a project underway at nearby Point Ruston that was going to be split between condos for sale and apartments for rent. Now the whole building will go condo, and even while it’s still under construction, 60 units have already been sold.
“Having that many units presold gives us a lot of confidence to go to the condominium for sale market,” said Cohen.
Cohen says many buyers are moving from Seattle and the King County area in search of better prices on waterfront property.