SouthEnd Blog

Apr. 29, 2008 at 9:54am

Condos in the Whitman/Lincoln Area

I don't know if anyone saw these, but right on the Northwest corner of South 38th and K Street, there are some apartments that have been converted to condos.  The starting price listed on them is $127,000.  I have not looked to see how they are renovated, but it might be a nice starter for someone.

This is a great area, as you can get anywhere within a minute.  Safeway, the mall, downtown, the Lincoln District, McKinley and the 72nd street restaraunts and I-5 (the new Exit133) are all just a short drive (bike or walk in some cases) away. And of course, the wonderful Whitman neighborhood is but a block away.  Come take a stroll through our beautiful, historic neighborhood any night of the week.

I am but a humble school teacher and not a realtor, but they may be worth checking out...

Pat

comments [9]  |  posted under condos, tacoma, whitman

Comments

by KevinFreitas on 4/29/2008 @ 11:03am
It's nice to see more affordable home ownership opportunities pop up about town. If they hold an open house I'm sure reps from the local blogs will certainly stop by to snap pics and report their impressions.

by Erik on 4/29/2008 @ 11:15am
Nice.

The starting price listed on them is $127,000. I have not looked to see how they are renovated, but it might be a nice starter for someone.

Increasing the percent of homeownership is a sure way to bring more stability to the neighborhood. I hope the City of Tacoma down payment assistance program applies in this area.

by Jake on 4/29/2008 @ 11:42am
Yep they are in the DPA area.

Pat,

I showed a house down on K Street (near the school) the other day and I don' t think I ever drove on that section of K Street before. The neighborhood looked great! Some great homes and great landscaping.

by SouthEnd on 4/29/2008 @ 11:50am
I live right across the street from Whitman on K Street. We are in the process of making this an historic district - the neighborhood really has improved since I moved there in 1999 (not just because I moved there). There are lots of trees along the streets, great yards and some incredibly historic homes..It's kind of tucked away, yet close to evrything in Tacoma...Come check out the new addition I'll be adding to my house in June !!!

by morgan on 4/29/2008 @ 12:05pm
All that hard work is starting to show- keep it up Pat! How is the historic status coming? Let's catch up over coffee when you have some time.


by KevinFreitas on 4/29/2008 @ 12:20pm
My wish is that there be a quota per building/development on number of units that can be bought and turned into rentals. I fear this will happen here, at 27th Street Station, and elsewhere making the community just as transitory as if it were left apartments.

Does this sort of thing happen with HOA's in charge?

by Jake on 4/29/2008 @ 12:38pm
I think most conversion condo developers don't put in the restriction because it can affect sales. Conversions are usually more affordable and attractive to investment buyers because the rents they can get are closer to what their mortgage will be compared to a new construction building. But down the road for resale it can hurt the homeowners because I believe you have to have 60-70% owner occupied units in the building for someone to buy with an FHA loan.

HOAs can put the restriction on the property after the developer is out of the picture. Of course if too many are sold for investments it might be to late to try. Also prices will go up when the market picks up and it probably won't make to much sense for it to be a rental so as you get some turnover you may get less rentals and more owner occupied.

With a conversion you will get higher rents than apartments. I am guessing rents at Rainier Vista were around $400-500 for a 1 bedroom and with it being 27th Street Station now rents will probably be closer to $700 a month for a condo.


by SouthEnd on 4/29/2008 @ 2:48pm
But we all agree that Whitman is cool....

Morgan, I am available on Saturday or Sunday mornings if you'd like to meet (not this saturday - graffiti paint out.)


by Weeklyvolcano on 5/2/2008 @ 4:10pm
I am writing a story on the Lincoln District. I'd love to talk to some poeple who live there. Email me at swarnerkm@aol.com if you'd like to participate.

Ken Swarner
Weekly Volcano

Thanks.