Choosing between a sleek new high‑rise and a well‑kept resale condo in Seattle can feel like a real coin flip. You’re after walkable urban life, transit access, and a smart investment without surprise costs or timelines. This guide lays out how new vs. resale condos differ in price, HOA dues, financing, contracts, building quality, and long‑term risk so you can decide with confidence — just like I did when I chose The Newmark Tower, one block from the Pike Place Market.
Downtown Seattle Condo Snapshot
Seattle’s condo market has seen some interesting dynamics recently. Traditional high‑rise and mid‑rise condos have struggled compared with broader housing segments — inventory has grown and prices for older units have softened in parts of the city even as overall condo prices are propped up by nontraditional units like townhomes and ADUs that get lumped into condo statistics. Inventory in core neighborhoods (Downtown, Belltown, Capitol Hill) moved more slowly and sometimes needed price adjustments to attract buyers this past year.
Cost Basics: Monthly and Long‑Term
Look past sticker price. Your effective monthly cost is what matters:
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Mortgage + King County property tax
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HOA dues (can be $200–$1500+ depending on building and amenities)
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Condo insurance (HO‑6)
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Utilities, parking, storage
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Factor in potential special assessments and capital projects based on HOA reserves
Keep in mind Seattle’s condo HOA landscape is real — over half of home listings now include HOA dues, and buyers need to account for those costs.
New builds often have higher dues out of the gate due to amenities and start‑up budgets. Resale buildings sometimes offer lower monthly costs — but reserves, roof projects, or elevator replacements can change that quickly.
New Construction: Pros and Tradeoffs
What you gain
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Built to today’s codes for structure, mechanical systems, energy efficiency — which can mean lower repairs early on
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Amenities that appeal to today’s urban lifestyle: concierge, fitness, lounges, rooftop decks, elevators
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Builder warranties and some customization options before you close
What to watch
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HOA dues tend to be higher with bigger amenity packages
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Financing: some new condos don’t immediately qualify for FHA/VA financing
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Appraisals can be trickier when comps are limited
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Pre‑construction buyers face deposit timelines, possible delivery delays, and interest rate exposure
(And yes — unlike resale condos — you won’t see a resale certificate with 3+ years of financials. You’ll review a public offering statement instead.)
Resale Condos: Pros and Tradeoffs
What you gain
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A clearer picture of how the building runs: dues history, reserve funding, board governance
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You’re buying a known product — move‑in timelines are predictable
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FHA/VA approvals are more common in established communities
What to watch
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Older buildings may face upcoming repairs (roof, elevators, envelope work)
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In Seattle, some resale condo prices have softened and units can sit longer on market compared with single‑family homes — buyers have choice, and negotiating power is real.
Financing and Approvals
Lenders underwrite both the condo unit and the project’s finances. If you need FHA or VA financing, confirm early whether the building is approved — new developments don’t always have that out of the gate. Pre‑construction deposits and interest‑rate exposure before closing are real considerations here.
Contracts and Disclosures
New: Developer contracts with firm deposit schedules, allowances for design changes, and warranties. You’ll get a public offering statement instead of a resale certificate.
Resale: Standard residential purchase with contingencies and a resale certificate that includes budgets, reserve studies, minutes, insurance, and any litigation details.
Building Systems, Amenities, and Governance
New buildings: Seismic, energy, and accessibility upgrades are standard. Great amenities can lure future buyers — but dues reflect that.
Resale: Often simpler amenities, potentially lower dues, but inspect reserves and planned projects. Good governance makes all the difference; poorly run HOAs can result in special assessments even in a great location.
Inspections and Maintenance
Always order a pro inspection — even on brand‑new units. With resale, pay extra attention to envelope conditions, window seals, HVAC systems, and any past water intrusion issues that can impact comfort and reserves. Sound familiar to anyone who’s lived in a PNW building for a while? Thought so. 👀
Decision Checklist
Ask yourself:
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Financing: Is your loan type accepted in the building?
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Monthly cost: Mortgage + dues + taxes + insurance + parking.
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Timing: Need to move now? Don’t want to wait on construction?
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Risk tolerance: New HOA with no track record or established board?
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Renovation appetite: Turnkey or ready to personalize?
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Amenities vs. dues: Which perks do you actually use?
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Views & orientation: Don’t trust renderings alone.
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Resale potential: Check recent sales and trends.
Common Buyer Scenarios
Turnkey urban lifestyle: New build might win if you value amenities and modern systems — just budget higher dues and confirm financing options.
Value‑focused: Resale can deliver more square footage or better pricing, with some room to update as you like.
FHA/VA buyer: Established buildings tend to be more ready for approval. Ask early.
Investor: Know the rental rules and caps; higher dues can impact net yield.
Local Market Reality
Seattle’s condo market isn’t homogeneous — some segments are softer, others (especially newer high‑rise inventory in core areas) are moving with pricing power. Traditional condo inventory grew sharply recently, which gives buyers leverage and more time to compare.
Work with a Trusted Guide
Choosing between new and resale isn’t just about finishes — it’s about HOA health, governance, long‑term risk, and lifestyle fit. I help buyers navigate these with clarity and confidence, especially if you want a concierge approach that protects your time, money, and peace of mind. Reach out anytime — I’ve lived the condo life in Seattle and can help you find your place here.
Quick FAQs
Are HOA dues usually higher in new buildings?
Often yes — bigger amenities and start‑up budgets can push dues up, so compare budgets and reserves.
Can I use FHA/VA loan on a new condo?
Only if the project is approved — check early.
How risky is pre‑construction?
Construction delays, design changes, financing exposure, and developer solvency are all factors.
Should I worry about water intrusion or maintenance?
Yes — especially with resale, get a detailed inspection.
Are Seattle condos a good investment?
It depends on building fundamentals, location, and your goals — check recent sales and HOA health before you buy.
