The Hilltop neigborhood's largest apartment complex is going condo in 2008. The Vista Rainier Apartments on the south side of Hilltop will be converted in to condos with sales projected to start in the Summer of 2008.
The complex was sold to 1052 S 27TH STREET LLC on 10/22/2007 for $4,100,000
There were multiple permits issued by the city in November for the project
From the website
Tacoma-Condos.com:
Prices starting in the high $80k !
Overlooking Nalley Valley and Mt. Rainier, this neighborhood has one of the oldest and richest histories in town. Consisting of 10 free-standing buildings, plus expansive grounds with parks and play areas, the Community at South Bluffs is fully gated with ample parking. Live in the center of this emerging hot spot, blocks from downtown with all the comforts of home.
These will be a great price point for first time buyers.
Here is an example:
$120k purchase price
$20k Down Payment Assistance from the city (20 years no payments, no interest)
$100k 20 year loan at 6.5% = $745 plus taxes and HOA dues
Taxes most likely will be around $115 a month. HOA probably around $130.
So about
$990 a month. Thats on a 20 year loan not a 30 year!
How much are those new studio apartments downtown renting for???