Posted by: phillipsre | November 27, 2012

Ballard’s Apartment Boom Might Get Ugly

Ballard, the community north of Downtown Seattle used to be a quiet little fishing community. These days there are tons of restaurants, shops and apartments. In fact, about 1,200 market-rate apartments are under construction in Ballard, with hundreds more in the pipeline. Industry analysts say the neighborhood is at risk of getting overbuilt. The Seattle Times discusses the ups and downs of the apartment market in Ballard. The main concern is that this small community is being overbuilt. And soon, this will be a concern for landlords – right now the new property for tenants is great, but as they get more supply, the landlords are going to have to make more concessions and possibly lower the rents.

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