Downtown Tacoma housing Boom is Affordable

Author:	Lucas Jones
Source:	Homes Discovered
Date:	April 28, 2006

Downtown Tacoma is in the midst of a housing boom.  Hanna Heights high-rise condo project has begun while the Triangle Townhomes are nearing completion across the street from the Grand Cinema. The former downtown YMCA has been turned into the Vintage Y condos.  South of that, the old Marcourt Building has been turned into the Bridge Condos.  Between those, the Art Lofts on market is in the planning stages.  North of the Vintage Y, a seven-story condo called The Roberson, is under construction.  To the North, Bella on Broadway has 100 new units almost ready for occupancy.  Planning is also under way for more high rise condo projects as well. Many of the projects are selling or being rented out very quickly.  The renovated Sky Terrace has already sold 75 percent of its units.  Triangle Townhomes has sold all but 8 of its units.  Bridge Condos, across market street from Tacoma's Municipal Building, only have 4 units left. A few years ago Tacoma's new housing market was stagnant.  A few key factors have made a mojor impact into the area's recent growth.  Downtown's new restaurants, museums, and other amenities have made the neighborhood more attractive to young families and empty nesters.  The Sound Transit light rail system has added to downtown's appeal as well as the Sounder commuter train service from Tacoma to Seattle.  Also, the prices in downtown Tacoma are much lower than you can find in Seattle. The trump card for Tacoma is the face that almost all the downtown properties are eligible for a 10-year property tax abatement.  For a property purchased for $560,000 to $740,000 the tax break would be worth $70,000 to $80,000 in savings over 10 years.  For less expensive homes the tax break could still mean a savings of a couple hundred dollars a month.   This makes it possible for some families to buy when they previously could not afford it.

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