Experts Forecast Dim Days Ahead for New Condominium Inventory, Rising Prices
As the city anticipates the solar eclipse on August 21st, few seem to have noticed another shadow looming over downtown Seattle condominiums – experts say 2018 will be a total blackout for new supply.
Seattle PI Explores The Meteoric Median Home Price Gains, Experts Pipe In
In an provocative article published by the Seattle PI on August 15th, the question of soaring rents and skyrocketing home prices has caused 71-percent of homeowners in Washington to worry about a housing bubble, according to a recent survey by ValueInsured.
Over the weekend, Realogics Sotheby’s International Realty (RSIR) broker Austin Schneider joined Darol Tuttle on the BoomX Radio Show, and shares his experience in a guest post below!
This past weekend, I was honored to join good friend Darol Tuttle, the Northwest’s premiere asset protection attorney on his radio show the “BoomX Show!” We talked briefly about downsizing trends, aging at home, what’s going on with the market in Seattle, if it’s a good time to sell, and the steps to take to ensure top dollar if you do decide to sell!
According to the newly released Hurun Report and a CNBC news article that followed, “half of Chinese millionaires are considering moving overseas, and the U.S. remains their favorite destination.” Top considerations among potential buyers include education and living environment, and of the top destination cities in the U.S., Seattle was second only to Los Angeles, a sign that the Emerald City has arrived as a global gateway city. The flurry of foreign investment is largely the result over growing concerns regarding the devaluation of the yuan, cited as a concern of 84% of Chinese millionaires.
On and on it goes, the continuing ascent of Puget Sound home prices.
While prices are rising across the country, the S&P CoreLogic Case-Shiller Index for April 2017 shows the Seattle metropolitan region again out in front of all others tracked by the index, including other Pacific Coast gateway cities. The city registered a 12.9 percent year-over-year price gain that month, compared with increases of 9.3 percent in Portland, Oregon; 6.6 percent in San Diego; 5.3 percent in Los Angeles; and 5.0 percent in San Francisco.
Resale Values Increasing by 13.9-Percent as New Construction Dwindles
Summer temperatures are heating up and so is demand for downtown Seattle condominiums. So why was there an 8.9-percent decrease in total absorption in downtown Seattle (NWMLS# 701) in May? The reason is there were no new construction closings last month, whereas there were last year. When looking at resales alone, the market posted a commensurate increase, rising 8.5-percent to 51 sales. Regardless, median home prices rose across the board, increasing 8.8-percent overall, but a staggering 13.9-percent when singling out resale properties.
Ever dreamed about resort-style living sky-high in the city? You’re in luck.
Downtown Seattle’s most anticipated condominium community is celebrating an exciting new chapter in its offering: the exclusive Sky Series Residences at NEXUS. The homes are being built within the towering, 41-story NEXUS condominium high-rise, and will hit the market ahead of their expected completion in 2019. To introduce this prime — and limited — real estate opportunity, NEXUS and Realogics Sotheby’s International Realty (RSIR) are bringing together some of the most innovative brands for the Luxe in the City event, a luxury lifestyle showcase for discerning future homeowners seeking the evolution of urban living. A public sales debut is scheduled for the weekend of June 17th and 18th with an exclusive preview event on June 14th for invited guests.
Seattle has topped the nation with the hottest housing market, recently passing its neighbors in Portland. According to The Seattle Times, this is the first time in nine years that Seattle has led the country in home growth prices. Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2016, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.
A new report by Cicely Wedgeworth for realtor.com has shown that the 2017 housing market is going to be shaken up by an influx of prospective first-time millennial home buyers. Here is what you need to know:
The Great Real Estate Revolution Of 2017
According to a recent survey by realtor.com, in 2016, only 33% of people planning on purchasing a home were first-time buyers. This upcoming year, however, is slated to see a dramatic increase in this demographic, which is expected to jump to 52%, of which, a staggering 61% of perspective buyers are under the age of 35. This means that the 2017 real estate market will subsequently see an increase in competition for housing amongst first time home buyers.
Competition Will Be Intense
With this influx of first time millennial home buyers, the competition for housing within the real estate market will be more substantial than 2016. Jonathan Smoke, chief economist for realtor.com, recommends trying to “’avoid bidding wars and higher prices spurred by a potential increase in millennial buyers’” by considering a winter home purchase. When examining the 2017 real estate market, it is also important to investigate which types of properties will be the most sought after.
Washington’s Largest Affiliate Makes “Hall of Fame” for Fifth Year; Cites “Change Agent” Status for Growth
Realogics Sotheby’s International Realty (RSIR) was recognized by The Puget Sound Business Journal (PSBJ) among the top 100 “Fastest Growing Private Companies” in Washington State, according to their 2016 Book of Lists. RSIR is ranked 46th on revenues of $20.66 million in 2015 posting an increase of 125.62-percent compared with 2013. The firm was previously ranked 71st in 2015, 91st in 2014, 24th in 2013, and 2nd in 2012. The list was compiled by companies headquartered in Washington State that posted corporate revenues of ate least $500,000 in 2013 compared with 2015. The sold out event was held at Century Link Field on October 21st complete with photo opportunities on the play field, an inspirational speech by former Seahawks Quarterback Jim Zorn and a performance by the Seahawks “Blue Thunder” drum team.