Blaine Weber of Weber Thompson Architects Outlines the Washington State Condominium Act and How Its Stifling New Multi-Family Homeownership Opportunities
As Blaine Weber, Senior Principal of Weber Thompson Architects, proclaims in a recent Daily Journal of Commerce article, “the affordable housing crisis is one of the more perplexing problems facing rapidly growing cities like Seattle.” One proposed solution is to add to the supply of small, affordable condominiums in the city, yet as a 2016 paper published by the University of Washington Runstad Center for Real Estate Studies notes, condominiums in Seattle are overwhelmingly “beyond the means of the average-income individual.” So, Weber asks, why is there a lack of supply amidst rising demand in the Emerald City? Though there are myriad reasons, a main one can be attributed to the liability associated with building multi-family units for sale in Washington state, given regulations outlined within the Washington State Condominium Development Act.
Realogics Sotheby’s International Realty (RSIR) broker Brian Hopper lent his insight to Inman News recently, in a feature entitled 10 Tips for Building a Magnetic Real Estate Team Culture. As Hopper proclaims: “Don’t be that dreaded micro-manager – you’re better than that!” Culture is the stuff good businesses are made of. It’s the character of personality of a company, including what makes the organization unique and its values, beliefs, traditions and attitudes. There’s no better place to work than an organization that has a strong sense of identity, with its values displayed in its culture. But it’s not easy to create, and without clear focus, it can drift. What’s the secret to creatinga strong team culture? Read Hopper’s top 1o tips below.
While 30,000 feet in the sky this month, passengers of Alaska Airlines flights will be able to learn about a home design trend that is gracing residences from Danzante Bay, Mexico to Seattle, Washington: a fusion of in and outdoor living spaces. The March 2018 edition of Alaska Beyond magazine looks at examples in JayMarc Homes, Danzante Bay at the Islands of Loreto, and NEXUS Condominiums in the Emerald City.
As the February 16th print edition of Wall Street Journal proclaims, for homebuyers in the country’s hottest markets, “there is only one weapon that may help ensure victory: the escalation clause.” The piece, which focuses on insight from a number of real estate markets in which buyers are feeling the pressure, includes insight provided by Realogics Sotheby’s International Realty broker Carrie DeBuys, who discusses their prevalence in Seattle.
We are thrilled to share that Realogics Sotheby’s International Realty broker Brian Hopper recently had an article published on Inman.com! As Hopper writes, “real estate marketing was brought to new heights last year, and I was so impressed with the creativity happening out there! With home inventory still very low in many markets, the battle over available listings was fierce, and I don’t see that changing in 2018.” This means real estate agents really have to bring their “A-game” in order to win listings. Check out Hopper’s 10 marketing trends for 2018, as published in Inman, below!
Realogics Sotheby’s International Realty offers insight into influx of visitors to Seattle during Golden Week celebration
As a recent article published by China Daily confirms, Lunar New Year has become a popular time for Chinese mainlanders to take advantage of their extended holiday and visit the United States for both recreation and house hunting. Citing a recent Juwai survey outlining travel patterns, the article says that 92-percent of respondents indicated they planned to travel in 2018, with the United States ranking first on the list of destinations. What’s more, is nearly half of those surveyed said they may view properties while on holiday for Lunar New Year during Golden Week.
A recent edition of the Wall Street Journal covered a growing prevalence for homes in hot markets to sell for $500,000 or more above the list price, leveraging Realogics Sotheby’s International Realty broker Tobias Lumpkin for insight on the Seattle market. As outlined in the article, the housing market continues to experience gains around the nation, and fierce competition led to nearly a quarter of the homes sold in the U.S. in 2017 closing above their original asking price. Though most homes average $7,000 above list, some hot markets are seeing escalations of a half a million dollars or more.
In a recent feature published on Inman, Realogics Sotheby’s International Realty broker Brian Hopper shares his ten real estate predictions that agents and consumers should be paying attention to in the coming year. From the rise of cryptocurrency and a condo comeback to cognitive technologies and more, check out Hopper’s list below.
On December 12th, Jake Whittenberg of King 5 News reported on the “condo conundrum” in downtown Seattle, as the city continues to experience a severe inventory shortage despite rising demand for in-city homeownership. It’s “hard to imagine a shortage in this environment,” Whittenberg says, as he showcases a graphic displaying NEXUS Condominium Tower, one of few projects currently under development in the downtown core that is being offered for sale.
The condominium shortage is officially worse than it’s ever been in King County, as a lack of new construction and increasing demand continue in Seattle and the surrounding areas. As a recent Seattle Times article outlines, condo prices are rising even faster than single-family homes, with little relief in sight as developers continue to build apartments for rent rather than condominiums for sale. Looking at data from the past two decades, King County has averaged roughly 2,000 active condos on the market this time of year but now “it’s down to about 350, a record low.” Conditions have pushed the average sales price of a condominium up to just over $450,000, an increase of approximately $150,000 over three years.