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.
A recent Property Report in Wall Street Journal explores the impact that China government-issued capital controls are having on Chinese investors, using insight from Realogics Sotheby’s International Realty broker and Asia Services Group member Dehlan Gwo for his expert insight. As the article reads, “individuals have long faced curbs on overseas investments, but have figured out ways around such limits.” Will the same be said for buyers facing the latest round of controls?
In a recent editorial feature, Seattle Refined decided to take a look at what $500K can get homebuyers if they’re looking in two popular Puget Sound cities: Seattle and Tacoma. As in-city prices continue to grow, many buyers are looking at more affordable options outside of the city limits, so they asked Realogics Sotheby’s International Realty (RSIR) broker Austin Schneider to “work his magic” and help them find homes to tour in both areas. Schneider put together a list of six properties in the $500K range and shared his market insights as they stepped into the residences.
As one of the leading companies in tech news, GeekWire has been tracking the number of out-of-town tech companies that have opened engineering centers in the Seattle area for the past few years, and as they recently reported, “the list has doubled in size.” The addition of Baidu’s new Bellevue office brought their list to over 100, and GeekWire admits that “despite our diligence in documenting this trend, we’ve probably missed one or two along the way.”
Following a recent report by Forbes and Bert Sperling which ranked the “coolness” of the 100 largest metro cities in the country, Seattle Magazine says that having taken the second spot, “you might even say we’re the municipal equivalent of Beyoncé, expensive denim jackets and cigarettes in the ‘70s.” As the article outlines, after looking at a number of factors including “entertainment and recreation options, the food and drink scene, transit choices, population growth and where young people are living,” Forbes crowned the Emerald City the second coolest city in the nation, behind only San Francisco.
Written by William Hillis, Research Editor & Broker, RSIR
Monthly price growth has been slowing, but not among Seattle condos
We might be seeing the equivalent of an end zone dance for Puget Sound home prices. Yet according to the August results of the CoreLogic Case Shiller index, continued slackening in the monthly rate of growth is far from cutting Seattle’s year-long lead nationwide, and Seattle condominium prices have sustained their upward momentum.
Seattle has made seemingly endless headlines in recent months for its impressive housing market, and it seems no end is in sight as Seattle Times reports that the Emerald City has now maintained its position as the hottest market in the nation for 12 consecutive months. On top of boasting the largest home price gains of any other city, the Puget Sound also made headlines for 2018, as the annual “Emerging Trends in Real Estate” study ranked the city number one on its list, up from a fourth position in 2017.
In a recent article published on Inman, Realogics Sotheby’s International Realty broker Brian Hopper shared his list of the top productivity hacks that have changed his personal life and his real estate business. The feature follows Hopper’s recent return from Inman Luxury Connect 2017, where he was invited to speak on the same subject. “I obsess over systems and productivity in both my professional and personal worlds,” Hopper writes. “At home, I’m striving to create the most efficient way to remind my kids to do their household tasks with the perfect ‘chore chart.’ And I am always looking for opportunities to refine and improve my real estate team’s workflow.” He says when “used in combination with a few key apps, these practical, basic tips and strategies can change the way you do business for the better.” We’ve outlined Hopper’s ten hacks below.
The largest land offering in Washington state at over 10,000 acres, Ravenwing Ranch is a unique trophy property of vast spaces, open skies and endless possibilities. Nestled along the west side of the Columbia River, rolling hills and valleys give way to spectacular views with 1.25 miles of pristine river frontage. Brad Vancour, the listing broker with Realogics Sotheby’s International Realty, recently arranged for a group of Special Forces Military and a Wounded Warrior to visit and hunt on the property for an Outside Magazine feature that outlines the ways in which thoughtful hunting practices and population management are bolstering herd animal conservation efforts.