Condo development has been slow in Bellevue over the past few years. It’s no wonder, with the risk taken by the developers.
New construction of condominiums almost always results in litigation (thanks to the Washington Condominium Act). To protect themselves, developers acquire special insurance which can run upwards of $55,000 per unit, on top of construction costs! Because of this, many developers choose to build apartments instead. It is hard to blame them, considering they can lease out an entire building within 6 months for
New construction of condominiums almost always results in litigation (courtesy of the Washington Condominium Act). To protect themselves, developers must acquire special insurance which can run upwards of $55,000 per unit, on top of construction costs! Because of this, many developers choose to build apartments instead. It is hard to blame them, considering they can lease out an entire building within 6 months for top of market rents and recap their investment in a short amount of time.
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