What's new in Ocean Shores?
N. Beach condo projects poised to explode
By Jordan Kline - Daily World writer
Saturday, November 18, 2006
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DAILY WORLD / KEVIN HONG.Steve Andrews, one of the developers of the 32-unit Dreamscape condominium project near the North Jetty at Ocean Shores, says condo buyers are looking for luxury without the hassles of owning a home. Andrews says Ocean Shores condo building projects have increased 400 percent in the past year. |
OCEAN SHORES — A new crop of upscale, high-density ocean view condominium high-rises near the jetty in Ocean Shores may hint at the future of real estate — and the demographics — in the city.
Steve Andrews, owner of the Coldwell Banker brokerage in town and one of the developers of the 5-story, 32-unit Dreamscape project, thinks condos are the new trend for buyers.
“There has been a 400 percent building increase for condo projects in Ocean Shores, just in the last year. Whatever is available seems to go fairly quickly,” he said.
Three finished condo projects dot the city's south end, and three more are breaking ground next year. These projects are mutli-unit developments that, according to real estate people, are attracting buyers from more diverse financial and geographical backgrounds.
A robust economy and maturing Baby Boomers mean there are a lot of people in the market for second homes.
Gary Greer, Dreamscape's builder from Seattle, says more people have the money to buy condos. “With housing prices as high as they are, people now have so much equity in their homes that they can have a second home or a condo.”
Andrews agreed. “King County is at the top of the list for projected housing value for the nation, and the fact that people in King County are making money means they're going to have enough capital to come down here and buy condos for retirement, a vacation home or just an investment,” he said.
“It's not just old people looking to retire anymore,” he added.
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DAILY WORLD / KEVIN HONGThe model unit at Dreamscape shows typical amenities such as granite countertops and stainless steel appliances. |
Andrews, a Hoquiam High School graduate, says buyers are moving away from buying land and building retirement homes. He says they're looking for luxury without the hassles.
“The market is showing that people want solid granite countertops, stainless steel appliances, top-of-the-line furniture, things like that. People also don't want to spend what little time they have to relax mowing their lawn or fixing their house. A condo may become the preferred solution.”
There hasn't been significant condo construction in town since the 1980s, and the compact style of the new developments contrasts with archetypal low-density, spread out Ocean Shores architecture.
The Muriah developments just north of the jetty on Ocean Shores Boulevard were the first to be completed, with the North tower opening early last year and the South tower opening this summer. They're studio spaces with a modern feel and views of the Pacific. The last remaining bottom floor condos are selling for $132,900, while top floor suites come with a $279,000 price tag.
Dreamscape condos are larger, two or three bedroom spaces with high-end trimmings, stainless steel appliances and panoramic views of Westport and the jetty. Second-floor, two-bedroom condos are going for $249,000, while top-floor three bedroom units sell for just under $400,000.
Affordable luxury
The prices may look high, but Muriah Derhaag, the broker for the buildings, says they're the most affordable luxury condos on the Pacific coast.
“You just can't get anything like this on the coast. Units like these go for over a million in California,” she said.
Westport has added a significant number of condo units in the past five years and some retail and dining business aimed at those new residents have come with them.
While Derhaag couldn't be considered an unbiased observer, she says she thinks Ocean Shores offers better condo bargains than Westport right now.
Derhaag and Andrews say the condos are getting interest from outside the typical King County retiree market. Buyers are coming from as far away as Alaska and California.
“I looked up and down the coast and found there were going to be some new condos that were very reasonably priced,” said Duane DiSalvo of Fillmore, Calif. DiSalvo and his wife Toni own a condo in Muriah South and come to Ocean Shores for an escape from the hot weather.
“We bought a penthouse condo right on the beach for $189,000 in the summer of 2004. It's appreciated by $100,000 already.”
The DiSalvos aren't the only people coming from California. There are more than 1,000 people from California who own land or space in the city, up from 400 in 2004, according to the Ocean Shores Community Club.
Tim Flath, a broker for Coldwell Banker, said the condo market is poised to explode all over the city. “There are a couple other buildings going in, and they're not just near the jetty. I know there are plans for one on the corner of Chance a la Mer and Ocean Shores Boulevard. There's one going in by the marina, too, so even the view back at Grays Harbor is getting exploited.”
Steve Andrews thinks the national advertising done by National Recreational Properties a few years ago has helped out. The company came to town and bought a slew of lots and used infomercials in the California market.
Andrews says he knows that phrases like “next big thing” are tossed around a lot in Ocean Shores, but he's confident that the condo projects will succeed.
“There have been false starts in this market ever since Ocean Shores was built.” he said. “But there's been so much investment over the last few years that I don't think we're ever going to go back to the days where you can't give something away.”