Seattle Emerges as Top City in Juwai.com Search Enquiries
Juwai.com recently released their 2018 Chinese Consumer International Travel Survey, and it reveals that more Mainland Chinese consumers are looking to purchase international property than ever. Many buyers are turning to the United States, taking advantage of the extended Lunar New Year Golden Week holiday to travel to destinations where they may view properties or purchase real estate. Travel plans during the Golden Week celebration include sold out flights to Seattle, now serviced by Hainan Airlines, Xiamen Airlines and Delta Airlines with direct service between Seattle and Chinese airports.
On Sunday, February 18th members of Realogics Sotheby’s International Realty’s (RSIR) Asia Services Group and their guests will attend the sold out Lunar New Year celebration at the Zadart Exotic Car Club in downtown Bellevue. The 8,000 square foot showroom and club lounge building will host over 150 affluent Chinese-American guests and clients including a number of event sponsors alongside RSIR – the region’s global leader in local real estate.
On February 24th, 2018 the Hong Kong Business Association of Washington (HKBAW) will host its 11th Annual Lunar New Year Gala and Auction. Every year, the gala supports a local non-profit organization, and this year’s proceeds will benefit ArtsFund, an organization dedicated to supporting art sectors throughout King and Pierce Counties with a strong background of advocacy on local and national levels.
The Washington State China Relations Council (WSCRC) will be holding their 38th Annual Gala on March 28th, 2018. This coveted event will offer the opportunity to celebrate advances in relations between the U.S. and China commercially, educationally and culturally. A leading organization in strengthening Washington state’s relationship with China, the WSRC announced that speakers Admiral Samuel J. Locklear and Ambassador Gary Locke will provide insight at the upcoming event.
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.
The annual AREAA Global Luxury Summit is in our backyard again this year, as hundreds of international and luxury real estate professionals will gather April 7th to 9th to network and share ideas at the Fairmont Olympic Hotel in Seattle. Dean Jones, President & CEO of Realogics Sotheby’s International Realty, was invited to speak on “Making Your Market Matter” to discuss the Seattle’s growing international interest and the firm’s successful Asia Services Group.
As a recent Realogics Sotheby’s International Realty feature entitled “Seattle’s New Era of Condos” proclaims, the Emerald City is definitively in the midst of a condo comeback; the population is growing, residents are fueling additional in-city attractions, and millennials are transitioning from renting to homeownership. Today, thousands are reading the latest Seattle trends, as the special feature, which was originally included in Portrait of Seattle Magazine, was hand delivered to 1,500 broker mailboxes throughout the Seattle area, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.
On February 9th and 10th, luxury leaders in real estate from the United States, United Kingdom, Canada, and Europe will come together for the Global Luxury Realty Conclave at the JW Marriott in Aerocity, New Delhi. Realogics Sotheby’s International Realty Owners Dean and Stacy Jones will be joined by Realogics Sotheby’s International Realty Co-Founder Scott Wasner, and Ambili Sukesan, a member of the firm’s Asia Services Group.
Realogics Sotheby’s International Realty to Relaunch UrbanCondominiums.com; Plans New Developments Gallery in Downtown Seattle
What a difference a decade makes. For the first time in ten years, Realogics Group of Companies and its brokers are again representing ten new multi-family for-sale condominium and townhome developments in downtown Seattle and surrounding neighborhoods. Although the project marketing specialists admit the current condo cycle is just a fraction of the last one. Still, the newly announced inventory has spurred the redeployment of a once popular website at UrbanCondominiums.com and a planned opening of a New Developments Preview Center in Belltown. The firm seeks to help prospective homebuyers compare the “new but few” for-sale opportunities in what’s otherwise considered to be anemic condo supply in the city. The reality is despite the rising demand to own, developers (and their construction lenders) have overwhelmingly preferred to build apartments for rent in recent years. In fact, of the 27,000 new housing units being developed in downtown Seattle this decade more than 94-percent of this supply will deliver for lease and not for purchase.
The lack of new construction closings in 2017 combined with increasing demand for home ownership drove the median home price of downtown Seattle condominiums to $625,000, an increase of $100,000 or 19-percent for the year. That’s significantly higher than the broader perspective offered by S&P/Case-Shiller Home Price Index, which reported the tri-county metro area spiked by 12.7-percent as of October 2017, leading the country in property value appreciation all year. It should be noted that the index doesn’t include new construction or resale properties.