Let's Explore Seattle's Most Affordable Real Estate

Interested in buying or selling in the Seattle/Bellevue area? Get in touch with me at: monicachurchre... or [e-mail]
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Seattle is expensive, but there is one form of housing that gives people that chance to buy a home on a tighter budget, that is: Co-ops. Co-ops are some of the most affordable real estate in Seattle, with listings starting in the mid $200,000's. There are a few pros and cons to consider when buying a Co-op, and today Cyrus and I will be going over them.

[@jennalcondon]

Absolutely loved the breakdown of additional costs such as property taxes and HOA fees! Also appreciated the monthly mortgage fee breakdown depending on what percentage is being put down! Makes it feel much more affordable or expensive when you hear this condo is 400,000! Thanks again, Monica! 🧡

[@karlyd7274]

Really appreciate the breakdowns and explaining co-ops, have always been confused by them.

[@christinecortese9973]

Wow, for $250k I got 10 wooded and fenced acres with a 4 bed/2 bath house, 2 sheds and a fenced garden, chicken coop and well. This in central AZ above the rim. Pretty crazy prices for small spaces.

[@davidoknaian403]

Loved those Bay Windows in the 2nd apartment! I had no idea that Co-ops even existed outside of NY, or the story behind them. Great Episode! I was introduced to Co-ops by my realtor when I was looking, but decided on a garden-style Condo instead. NY Co-ops are notorious for ridiculous rules that need to be followed.

[@numerologicatarot3333]

Yea… almost nothing is exclusive to just 1 city…

[@modawg1111]

I grew up on Queen Anne Hill on the most exclusive street, Highland Dr. Been living in Hawaii over 35 yrs, which is now comparable in Real Estate Prices ! I couldn’t afford Highland Dr, with that view I grew up with. Great place to grow up for sure ! 😉😘👍🤙

[@allthehui]

Yes! Co-ops were so confusing to me when I first learned about these during my Seattle condo search. Thank you for covering this topic.

[@Melinahs19]

Omfg I loooove the stairs up to the bathroom!! I’ve only seen that in an old Italian restaurant in West Seattle. So cool

[@cougellie]

It’s to make room for the trundle bed. My aunt used to live in that building. She had a studio so it was a little more obvious why the bathroom had to be elevated.

[@Ratplague707]

I live in a coop in Seattle, and love it. One thing to note is that the HOA fees seem higher, but the property taxes are included as they are paid by the corporation collectively

[@jeannine1991]

LOVE the bay window! That place is darling. All 3 are great.

[@missjadabeta]

I live in Seattle and it’s crazy how expensive it is here. With 300k in a state like Texas where I’m originally from I can build a home from the ground up.

[@sterlingmarshel6299]

but then you live in texas- you are buying the amenities that the city offers, food, nature, water, walkability, not 100+ heat and much more

[@nymeria1160]

Yes, however Texas struggles to keep a functional power grid and has government officials who are actively harming their citizens. You can build a house from the ground up but won't have any public services to help you in a crisis.

[@missjadabeta]

@@nymeria1160 I wasn’t looking that deep into it! I’m just speaking on affordability. Definitely wasn’t trying to over-complicate my comment.

[@becca5027]

@@nymeria1160 woah almost like the government shouldn't be providing you everything.

[@EricaGamet]

I live in Capitol Hill and have often wondered about the co-ops... this explained it beautifully. Also, that last one with the sun room... what a great view! I live fairly close to that but have a massive building blocking most of my view.

[@CasperChicago]

If you are moving to the Seattle area (buying or renting) you should watch Monica's Seattle videos. I moved to Seattle and her assesment of the Seattle real estate market was right-on,...right-on and very helpful. I don't know,...maybe she has a telent for real estate???

[@citygurrrl6387]

in NY, most co-ops require the purchaser to put 25% down, and have 2 years mortgage and maintenance LIQUID after closing costs in an account. sometimes they actually hold it in an escrow account for those 2 years. Some also have a flip tax either paid by the buyer or seller (depends on the building). some are flat % of the purchase price, some are a dollar amount based on the shares of the unit. Also co-ops tend to have alot of rules ie: no pets, no washer dryer etc...

[@swangxswang]

this makes co-ops make so much sense!! thank you monica!!

[@Jeroen74]

While nothing of this is really relevant to me, I really enjoy these videos, interesting to see how things work over there.

[@Trish....]

I love your vids bc you're an expert editor, & bc you've found your niche in real estate! You are a natural, & I'm so thankful we get to be on this journey w/you!

[@ScottWallace5]

I live nowhere near Seattle, but I enjoy Monica's real estate content and this was really great! Thanks for explaining the difference of a co-op and such too, very fascinating of how that works!

[@MsCdngrrl]

I absolutely love this video. I love looking into lovely homes and seeing design ideas and how other people live in their space. Awesome, awesome content

[@jessibelle8836]

Love this video. We need housing, and the ability to own a home, to be accessible, and not just an investment for the wealthy. What you discussed around profit motive driving prices up, and drastically reducing the amount of affordable options, reminds me of the minimum square footage requirement for homes. Smaller homes could create an affordable option for a lot of people. And people try to get around regulations by building tiny homes on wheels, so it counts as a trailer. But it is hard to find a space to legally park tiny homes, or have any small home, unless it is an accessary dwelling unit on a property with an existing home. So even though small homes have the potential to be a really affordable option for owning, the regulation makes it such that you'll often just see them in backyards and rented out, or treated as an investment... 🙃 There needs to policy change to make housing a right, and to make owning a home accessible. And, how about more coops!

[@64abelone]

Richtig! Like in Europe, there are lots of these, in German called "Genossenschaften". But it's quite some socialist ideas behind it!! :-)

[@jessibelle8836]

​@@64abelone So great that there are many in Europe! :) I loved living in a student co-op (US)... and hope to one day own a share in a co-op somewhere!

[@MrsMuffin11]

Stating something is a human right does not make it so.

[@moses777exodus]

Hey Monica, Very cool video. The Sun Room in the 3rd one is really nice.

[@judyoger]

Nice, you really gave full views and descriptions, (checking off the word list does help). Love the Sputnik light in one of the units, ( talkin bout my generation). Good information on the taxes in the co-ops, nice incentive. Are there restrictions on adding washer/dryers? As well as a dish washer? I could see those modifications being such a easy upgrade to any of the units you provided in this viewing. Cyrus nice information, over all great detail, really enjoyed this. I lived in Spokane for a while and really like that area. I did make it to Seattle for a concert on one occasion, takes me back to good times although the city has definitely been through some major changes.

[@EMSpdx]

You would have to read the co-op boards rules on adding things like washers and dishwashers. Remember, you own shares in a co-op, and if the appropriate plumbing is not there, it has to be created, which then means the entire building has to approve that plumbing being created, as well as all the mess and noise. BUT those building tend to have really nice laundry rooms with plenty of space.

[@ThePjl110]

Wonderful video. Man, that kitchen in the last coop is going to be a hard sell. Who would ever place their refrigerator outside of their kitchen around a corner? If you're going to redo the kitchen, do a better job that that. At that price point, folks are going to expect a 'normal' kitchen

[@ready40111]

Yeah super awkward placement. They could’ve moved the stove to the left and placed the fridge where the stove is. That way it’s still open but you’re only losing counter space.

[@mougenotnoemie9934]

exactly what I was thinking ! that's so weird to put the fridge there

[@JustLookingForLove13]

Right?! That’s way too expensive for how awkward the layout (of the whole place, not just the kitchen) is.

[@LM53180]

I enjoy these real estate videos. I'm studying for the RE exam and this information was very helpful and interesting. Great content, keep it up!

[@nadinekohl]

My sister lives in the first building you discussed! The unit for sale is very close to her. She purchased her unit in 2020 and has been dealing with a smoker on the ground floor who has caused smoke damage to her walls and she consistently smells second hand smoke from the neighbor and his spouse. How is this happening now a days with all that we know about smoking causing things like CANCER? The coop board has defended the tenant who has been there for 12 plus years. It is so ridiculous that someone can chain smoke in their unit and it goes throughout the building causing dry rot. My sister works at a restaurant downtown and doesn't have the means to take the coop to court. She already hired a lawyer to write a letter to the coop but they just ignored it. If there is any ideas that anyone has please share. thank you.

[@nyarol]

Loving this content❤️‍🔥🔐

[@anaascencio104]

I love the 1 bedroom so beautiful!

[@tahirisaid2693]

After selling a couple homes in 2022, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Any Advice?

[@georgestone0123]

I concur; I've been in frequent communication with an investing advisor for more than 17 months. I definitely remember needing inspiration to keep my business running after a protracted divorce. I researched licensing consultants, sometimes known as portfolio coaches by some.

[@georgestone0123]

My advisor *"Rochelle Dungca-Schreiber"* , is a highly respected financial consultant in the industry. For further information or to connect with her, a simple online search with her name will suffice. I wish you every success in your endeavors

[@tahirisaid2693]

Heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms.-

[@Jesus_is_savior]

Love all of them I dream to move to Seattle in future

[@kcanded]

That third one, though. You can see I-5 through your front windows, I'm wondering about the noise factor, let alone looking at it all the time. And the fridge being all the way around the corner from the kitchen, what, you'll need a basket to carry everything you need to cook with so you're not going back and forth for 15 minute. Not very good planning.

[@isabelladiaz2533]

Loved thiss! Could you do what $100,000-$300,000 could get you? 😍😍

[@sofiaodborn2552]

Your hair looks amazing!

[@Lisakaylindsay256]

Thanks for your videos, well done! Enjoyable to watch. Great info and breakdown of the down payment and mortgage.

[@ahhitskatie9094]

Thank you so much for explaining Co-ops and breaking down the numbers. My Midwest butt automatically went to food co-ops/grocery stores when you said co-ops, haha. Also, my house was $150,000, and I put 20% down. Don't know I could afford anything over $200k, but I seriously appreciate this video because it does make my dream of moving back out west slightly more realistic!

[@jalyassin]

My husband and I recently bought our 3 bedroom 1350 sq ft condo in Dayton Ohio for 129,000! Everything is renovated and lovely and we have a beautiful view of a lake with a fountain… so happy to be living in a more affordable city

[@kimbee001]

Love seeing more affordable homes. Thank you

[@you2bevsgoogle]

Thanks Cyrus Fiene for the details of Co-ops

[@sandradeebeauty01]

Great video.. I was so curious.. What about affordable house in the seattle suburbs.. Or is that not a thing.. ?

[@rc8273]

for a house in the suburbs you'd be hard pressed to find a house for rent for anything below 2k a month.

[@arthursata9232]

The 3 coops looked very nice. They seemed to be a good deal. Do the kitchens have exhaust vent fans? Thankyou for providing content.

[@mallorygraf8574]

Okay late to this particular vlog but thank you for explaining co-op rules. I am not in your age-group/demographic not even close but I can see how the co-op might be marketed toward older women. It seems like a good deal esp since many people my age want to move to smaller place and looking for a permanent place to live in.

[@alydamarincovich5704]

It'd be interesting for you to compare prices in the various suburbs, including how far from the city.

[@seyley2901]

Says it all when the 'Fire escape' is deemed to ba a positive decorative feature...

[@svenliden4088]

You're missing a few things about coops vs condos: 1) While owner-occupancy may be an issue (some coops have restrictions on owner occupancy), not all coops have that restriction. Many allow renters, even short-term rentals, although short-term rentals is atypical. It's completely up to the board of the coop, as it is with a condo. They can be as liberal or restrictive with owner-occupancy as they desire. The primary driver is FHA financing and insurance. In both coops and condos, at least 50% of all units with FHA financing need to be owner-occupied. Building insurance may also restrict the percentage of units that need to be owner occupied. 2) One primary driver of coop pricing is financing. And coops only have one company in the country that will do financing (NCB - National Coop Bank), although some other banks will go through NCB, it will just cost you more. Mortgages are typically traded around and re-packaged by banks to shuffle their risk profile. So you may start out with a condo or house loan through Bank of America, but they may sell your loan to another institution, and you'll end up sending your check to a different institution (the terms won't change though). But unfortunately Coop loans are a bit more complex, because as Monica explains in the video, you are actually buying "shares in a corporation". This adds an extra layer of complexity (they are not as fungible), so your loan will always stay with NCB or wherever you originated it. This probably means you will also pay SLIGHTLY more in interest than you could get if you shopped around for a traditional mortgage on a condo. It also gives you less options if you want to refinance down the road. Because of this, some home buyers who are looking around and have been "pre-approved" for a loan through their bank won't be able to use that pre-approval for a coop loan. Because of this, many real estate agents will just avoid showing coops to potential buyers. It's great that Monica is not one of these agents!

[@svenliden4088]

There's a side-note that co-ops have a pretty interesting history: They essentially started because renters in big cities like NY wanted to own their own apartment but couldn't afford to buy the entire building. A building owner could be a slum lord or refuse to make improvements, and renters were stuck if they couldn't afford a house. So they banded together to form a corporation that could buy out the entire building, and then set up the legal entity to give each renter a (permanent, transferable) lease on a specific part of the building. It was so popular/effective of an idea that real estate was redefined in the 1960s to simplify shared ownership of a building (the condominium.)

[@themileyj]

Monica, this was such an awesome informative video. Thank you!

[@nocturnus009]

Videos like THIS (what follows is coming from a constructive space as a fan Miss Church) are why there are time I know you know what we all need better than the algorithm. Please don’t allow learned helplessness or impostor syndrome get in the way of getting the information we can all benefit from your sharing. There are things here that supplemented the connections I made with the material in that mandated federal HUD 1st time homeowners class. Again, much appreciated and May your creative reservoir always be in the path of the deluge 🌊

[@Trish....]

That's a backhanded compliment, & quite difficult to follow. Monica did an excellent job, & we're here to enjoy the content, not nitpick & critique it! She provided multiple angles throughout, seamless editing, nice cutaways & b-roll footage, AND her info is spot on! Further, this kind of unsolicited 'constructive criticism' is precisely why Monica & Shelby burn out - all the work put into these vids demans respect. But, hey, your interaction helps the algorithm...

[@nocturnus009]

We will need to agree to disagree @@Trish.... As stated better in @Sketchbook Skool’s Danny Gregory, there is Critique (improve, focus, learn, clarify, inform & objective) versus criticism (diminish, destroy, undermine, judge, personal, no) [How to draw without talent p87] if you go sentence by sentence: 1: qualified callback to the points made in her video this weekend looking back at the lessons she learned; 2a: a personal plea to keep her eyes on the prize [because]; 2b: she [with capable assistance from Mr Vance in shooting footage & supplementary information] made a video that can only be created by someone that much further ahead towards her 10,000 hours; 3: as someone that purchased a home I found this video as something I NEEDED 20 months ago. I am in no position to control how anyone takes my comments. It is unfair & unfortunate that they might not be taken constructively. I get that the default state is to assume a level of negativity because that is how people [Sockpuppet accounts] get their kicks around here. You are welcome to look at the comments I have posted previously on either sister’s channels to see just how mindful I take this interaction. As commented, “a constructive space as a fan” because I have learned much & appreciate the effort taken to share the perspective.

[@nocturnus009]

Also @@Trish.... , “When I let go of what I am, I become what I might be.” -Lao Tzu

[@tararose9606]

So the thing about co-ops as far as housing goes in Seattle the bank will not give you a loan at my parents tried to buy me a condo years ago in Queen Anne that was a co-op and they would not give them a loan for the place.

[@monicachurchrealtor]

It is harder to get financing for a co-op, you are correct. It depends what lender you are using!

[@EbonyHoopGyal]

Really appreciate content like this. And I fully believe that if you see the number and visualize the space, you can actualize it into your life. I will most likely be reaching out in the next few months. Thanks for making these videos!

[@melakalzubaidi1122]

Love your content!!! I love your main channel and this channel as well.

[@johnmca5643]

That was very informative. Wonderful explanation between co-op and condo.

[@lunastateofmind6183]

Love this! Wish i would have known this before I signed a lease. Thanks for breaking it down

[@W001-k8f]

WOW, such an informative video. I like how you show the pros and cons!

[@elizabethpadilla6802]

Are HOA fees, or a portion of the fee, then tax deductible because it includes the property tax? Thx for the video!

[@annie_122]

Very well explained! I'm not from the US so I've always been confused by condos/co-ops

[@melissaandreag]

Omg I’m so excited to see this!

[@Lillyjoy]

Missed your videos! Love this one!!

[@Melinahs19]

Your outfit is so cute!!

[@evandavis2362]

You make really interesting videos!

[@aguynamedscott11]

Seattle used to be a great place to live. Not so much now, but it used to be.

[@mayaahluwalia8005]

Could you show some houseboats?

[@biomanization]

You didn’t talk about a coop board, and how new purchasers have to be approved by the board. In New York, beautiful old coops can be difficult to buy if the coop board is picky, discriminating, and too demanding. Is the same thing in Seattle?

[@ginamariedemeo]

Loved this! Would love some more info on additional costs

[@bennybelton709]

Nice to see ya there monica

[@jennyparker8597]

I've lived in Seattle for 12 years and couldn't afford any of these. I mean $250k for a 400 sq ft studio, no amenities? You might as well keep renting. The thing about Co-Ops too is they are historically racist and restrictive (most require a high down payment, a certain amount of liquid assets, long term fulltime employment, above average credit) which is worth mentioning. I'm curious to see if Seattle goes the TIC route like SF and LA.

[@briangonsalez2173]

Excellent video, Monica!

[@didine256]

I'm impressed by your wonderful career take off in real estate 💪👏👍

[@brittanysavoie7608]

I could totally see myself living the 2nd one!!

[@JoeBeech]

Awesome video love the real estate content🙂

[@kelleyarcher3635]

I lived in a coop by Cowen Park. An amazing value.

[@lindsayberndt3355]

can you please do a real estate video about chicago??

[@Melinahs19]

So when you move out of a co-op, you can’t technically “sell” the unit, correct? So do you get your money back or?

[@whatever5922]

The 2nd unit is beautiful

[@sierravogt9261]

Requesting a video about best suburbs to live in price/activities/histories/etc

[@mougenotnoemie9934]

Really cool video !

[@rockercover]

Good info., thanks.

[@setonlowe5983]

Thank you Monica

[@jellissa44]

The trudle bed just makes me think of a morgue.

[@snterp]

Great idea.

[@Ali-ig6nf]

good old beauty units :)

[@ttng-u4k]

thanks!

[@morganalxis]

i would want to renovate that last kitchen again 😅😅 knock that whole other wall down. such a bad layout

[@Alexis-ec9cl]

your outfit is everything.link?

[@lshong0116]

Is Monica ever going to introduce her new whip?😍

[@jennyhammond9261]

I must be old b/c I've never heard 'whip', but it seems like it means boyfriend. He isn't her boyfriend; he is the owner/boss? of the real estate team Monica works for.

[@skylerprice3561]

@@jennyhammond9261 hi jenny! whip generally means car :)

[@jennyhammond9261]

@@skylerprice3561 Ahhhhh lol now i know

[@pwol1095]

Can somebody for once focus on the crazy rising prices of real estate? I know the agents are happy cause they get more money on their commissions, sellers get more buck too, the only losers in the game are the buyers. I moved to the Seattle area 3 years ago and for $525k you could get a large nice 2b+2bath condo in Belltown. Now, I see a 1b+1bath in a much older building for the same price. Someone may say, but the mortgage rates dropped so you pay the same amount monthly....the argument is valid, but if you actually do the math and compare mortgage rates from 3y ago with today's rates you still pay more. More than your salary has increased within the same time frame. We all keep spiraling into this modern concept of slavery aka debt! Good luck home buyers, have your grandchildren pay off your debt :)

[@whatever5922]

I didn’t even know co-ops were a thing

[@ohmyv3gatron]

Damn, 20% down didn't dent the mortage at all... but still not that bad.

[@jeremyrinehart]

The real question is should I move to Washington?

[@tristanrodenhauser5267]

I’d rather move to London for the same climate

[@moses777exodus]

Hi Monica, I came across this. What are your thoughts? ... *_"Financial Threat and Asymmetric Warfare Adviser for U.S. Government, Jim Rickards, says that many in the U.S. Intelligence Community warn a 25-year Great Depression is unavoidable (Project Prophecy 2.0)"_*

[@armygirl5179]

That's nice.

[@adriannalinbo-terhaar3761]

I loathe that this is what's considered 'affordable'. The space is honestly best suited to a single person, and by that metric, paying an average of $1500 a month is ludicrous. And I thought my apartment in the NYC area was expensive, yeesh!

[@AyH25]

Sounds like there should be more co-Ops in the world. If all the rich people are making profit off their rentals, where do all the poor people (90%) live? anyways I am more likely to use my hypothetical 200k for a mansion in Texas or NC lol

[@Melinahs19]

Dang I would’ve loved to see the giant walk in closet in the last unit! :)

[@hersheykiss9500]

Mah Nica

[@stephanie8890]

Least Expensive vs Cheaper...............

[@stevenwilson2225]

I would never go to a city Like Seattle.

[@sterlingmarshel6299]

good to know - we can live without steve Wilson -

[@GrayTheDon]

250k for 400sq ft😂😂

[@AB-bc9tf]

Look everybody you can buy an apartment unit in Seattle for half a million and maybe you get 900 sq ft but no land. Smh Do you think when she’s showing houses she doesn’t look people in the face just like she doesn’t look in the camera?

[@guillemodred3938]

Noisy upstairs neighbors, no thanks. I'll stick to living for free in my van.

[@ryksorensen496]

I live here. PLEASE FLY HERE FOR A WEEK AND TALK TO LOCALS! The reason property is cheap is because not many people can put up with crime, police defunding, city and state politics , drugs, crime, graffiti, tent cities, needles and best of all...excrement. I avoid Seattle if I can. OH BY THE WAY...TRY TO USE A BATHROOM IN SEATTLE! You can let your imagination run wild.

[@edcastillo4129]

There is no such thing as affordable real estate in Seattle

[@spicynomad]

200k is not affordable, monica. what i call affordable is $25k. anyone can afford that. i hate co-ops/condos. i dont want a group of ppl deciding if i can live in a bldg and you never know if the bldg is bankrupt yet you still have to pay hoa.

[@redburban1394]

I don’t see how that’s the most affordable place in Seattle,when you can go on any real estate app and find about 300-500 listings for a lot cheaper and larger. Of course it doesn’t help a city that has riots & protest every weekend or a very relax criminal enforcement ( no cash bail) and a very cuckoo city government.