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A newly completed DADU for sale in Seattle’s Green Lake Neighborhood
Despite supply chain disruptions, a protracted concrete strike, labor shortages and high construction costs, a record 495 DADU’s were built in Seattle last year. This DADU located in the Green Lake neighborhood sold as a condo in September for $945,000. It is representative of the increasing number of DADUs being build by larger homebuilders for sale. A trend that is likely to continue even as rising interest rates and cooling housing prices slow construction of larger new homes and multi-family projects.
Read MoreMost existing lots with a DADU are too small to be sub-divided under Seattle's land-use code. However, while the city of Seattle may restrict ownership of that lot to one entity if that entity is a condo association, the DADU and the primary residence can be owned separately and sold separately. It is in the words of one developer a "game changer" in residential development allowing up to three separate units on a single family zoned lot.
Attorney Terrance Wilson and UW Real Estate instructor Jeff McCann discuss the topic of Accessory Dwelling Units (ADUs & DADUs) in the latest episode of Real Leaders in Real Estate. With his wealth of knowledge of the City's code, Terrance describes how the condo process can be overlaied, and an owner (or investor) can tap into this opportunity to sell off parts of their property to increase equity or profits.
How to sell a DADU as a condo.
https://youtu.be/5TXLk13thW4 .