In a recent article for Mansion Global, David Koeppel turned to Realogics Sotheby’s International Realty (RSIR) broker Carrie DeBuys, to provide insight on the “Rising Demand for Seattle’s Luxury Homes.”
The article describes that, “a metro-wide technology boom and a slew of wealthy foreign buyers are two strong factors driving the luxury market to the northwest,” as Seattle “experienced a 21% increase in tech workers between June 2014 and June 2015.” DeBuys noted that many foreign buyers in the Seattle area are coming from China, as she told Mansion Global that “interest in Seattle has increased as Canada’s housing market has been impacted by changes to their immigration policy.” She even described a “recent Chinese buyer who purchased a $1.9 million family home in the Medina section of Bellevue, without stepping foot on the property,” all for the benefit of his daughter who will attend a nearby school.
Further, “DeBuys says executive technology workers are coming to the city and buying properties in the $2 million to $4 million range” and added that she’s also seeing a number of move-up buyers from the tech industry, “stepping up into larger, more expensive homes.”
DeBuys also compared the market in Seattle to that of Silicon Valley, telling Mansion Global that in terms of property prices, Seattle will “win every time.” The Puget Sound Business Journal (PSBJ) also picked up on this trend in the recent article which found that, “A home in the Seattle metro area costs $595,000 less than in Silicon Valley.” As Emily Parkhurst from PSBJ writes, “if you’re wondering why Silicon Valley tech workers are flocking to Seattle – and why Valley companies are opening and expanding their offices here – home prices are a good place to look.” With a median home price jump of 7.8% compared to last quarter in the Seattle metro area, anemic inventory means “buyers routinely enter into bidding wars and homes often sell for significantly more than the asking price,” yet it pays off “if you’re a tech worker looking for an affordable home in a city full of tech jobs.”
Catering to millennials entering this tech-infused Seattle market, RSIR launched a consumer website and campaign to discuss the buy vs. rent debate, provide mortgage product information and register prospective homebuyers for upcoming real estate tours and symposiums. A recent event was the #NoPlaceLikeOwn & Cycle Saloon Tour of South Lake Union in late July, which stopped at restaurants and breweries in close proximity to Amazon’s downtown offices. DeBuys, who attended the event, suggested that prospective homebuyers not only do their own research but also “reach out to a real estate agent who’s been in the business and knows the area.”
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The Mansion Global article also featured three notable Seattle listings represented by RSIR brokers:
Signature Place Penthouse | Offered at $3,389,000 | Property details >>
Elegant Living in the Market | Offered at $2,650,000 | Property details >>
Polished to Perfection in Washington Park | Offered at $2,450,000 | Property details >>