With the current real estate market gaining velocity in some areas, many local buyers are choosing to purchase a condominium in a great neighborhood versus buying a more expensive single family home and enduring a long commute. For single women, condominiums have always been an attractive choice for several reasons: Security, low maintenance (costs are distributed among the homeowners and paid as dues), a fixed monthly house payment and a sense of community.

With the skyrocketing prices for single family homes in King and Snohomish Counties, condominiums are an attractive alternative for first time buyers and those relocating to the area. As these homebuyers, whether singles, couples or young families build equity, condominiums can be rented out or sold if the owner wishes to purchase a single family home. Of course, when purchasing a condominium, it is important to read the Covenants, Conditions and Restrictions to determine if renting is an option before purchasing.

Statistics recently released by the Northwest Multiple Listing Service for King and Snohomish County showed an average sales price for pending sales of condominiums to be $349,989 versus single family residential at $458,551.

The difference in the sales price can mean the difference between continuing to rent or enjoying the benefits of homeownership now.

Another reason many first time homebuyers are considering a condominium is because many entry level homes in urban neighborhoods are older homes in need of a lot of work. While this may appeal to some buyers who wish to improve the property and acquire "sweat equity," others find this task daunting. Busy young couples with two jobs often find they have no time to manage remodeling their home. Additionally, it can be very costly to remodel an older home. First time homebuyers can find themselves stretched financially, as it takes all of their available cash to purchase their first home.

Local real estate developers, aware of the need to provide affordable housing choices that appeal to first time homebuyers and single income buyers, are building more homes to fill that gap. Today, there are more options available as condominium living gains in popularity as a preferred housing and lifestyle choice for a growing portion of the population.

Active seniors and older baby boomers enjoy the convenience condominium living affords them, such as freedom to travel and escape from home maintenance. For those with significant equity in their homes, it can even mean freedom from a mortgage if they sell their homes and pay cash for a condo.

Condominium projects such as Brookwood Place, marketed by The Ryness Group Windermere Real Estate are not only affordable, but offer amenities including a clubhouse, fitness center and outdoor pool. These units are located on Bothell-Everett Highway with two-bedroom, two-bath units priced under $230,000.

Another example is Canal Station, marketed by John L. Scott Real Estate, located close to Ballard shopping and restaurants and within an easy commute to downtown. This community offers studio units under $260,000 and includes such amenities as concierge, fitness center, sauna, outdoor spa, business center, underground parking and owner's lounge.

NoMa, a condominium community in Ballard, offers upgrades such as bamboo floors, granite countertops, Euro Style bathrooms and amenities typically found in luxury hotel rooms. A large corner two-bedroom home is selling for under $425,000. With the average single family home priced at well over $500,000 in local neighborhoods, communities such as NoMa are attractive to buyers of any age.

A recent phenomenon to hit the local market is baby boomers, flush with equity available in their private residence, seeking to invest in condominiums as rentals or pre-buying in advance of actual retirement, fearing that the property will be too expensive when they actually retire. For local buyers wishing to retire downtown or move close to work this remains an attractive option with some downtown view units available around the $500,000 price tag. Aware of the skyrocketing prices of materials and lack of available land in downtown Seattle, these savvy buyers see the value of purchasing a condominium as an investment.

Local appraiser and land use expert Matthew Gardner Johnson concurs. "There are those who have taken advantage of escalating prices and have seen good returns," he said.

While condominiums have been accepted in Europe and other urban markets for a long time, Seattle is moving toward accepting them as a preferred housing alternative and a good investment. The demand is likely one that is here to stay.