The Ups and Downs of Studios

I came across this blog post of someone musing about Condo shopping by email:

My favorite emails are the ones listing Seattle studios. When I considered moving there 3-4 years ago, the cheapest prices were about $300,000 for a tiny (300 sq ft studio). Those are like old Singapore prices of $1,000 a square foot. Unlike Singapore, the prices have fallen in Seattle and I see studios in the $100,000 range which is odd because the residents and real estate agents argued that it would not be affected by the national recession. They had a strong local economy, major technology companies like Amazon + Microsoft based there, and most important a limited supply of land. These were factors that would avoid the reversal of fortunes in that local real estate market, or was at least suppose to keep growth flat at worse.

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