S&P/Case-Shiller’s Home Price Index for October 2017 showed the Seattle Metropolitan Area as remaining 12.7 percent higher than twelve months ago, and continuing to lead all Pacific Coast gateway cities as well as cities across the nation. However, this was the second straight month in which the Seattle index declined on a monthly basis, although by a shallower percentage (-0.07%) than the -0.28% seen in September. October’s decline appears to confirm the end of the historic 31-month streak of continuous price growth in the Puget Sound region, even while it retains its nationwide lead for a 14th consecutive month.
In a recent visit to Seattle, May Lee of CGTN discussed the growing interest in Seattle with Dean Jones, President & CEO of Realogics Sotheby’s International Realty (RSIR), who told her “the secret is out and the Chinese know it.” Jones cited the state’s lack of income tax, top-ranked schools and relative affordability compared to other West Coast peer markets as contributors to the rise in foreign investment. And the Seattle appeal is certainly evident, as Lee reports that “according to a property website in China, searches for real estate here [in Seattle] have more than doubled beating out other favorites like Los Angeles, New York and San Francisco.”
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.
The popular West Coast cities of San Francisco, Los Angeles and Vancouver have long been the most direct routes to New World prosperity for Asian immigrants and their families. Now that generations of Chinese buyers have transitioned to life in North America, their experience and trend spotting is bringing to bear more practical considerations of economic fundamentals, financial and educational opportunities, and overall quality of life. So it’s no surprise that relative affordability, propensity for capital appreciation and even a recently imposed 15-percent foreign homebuyer tax in Vancouver, are boosting interest in alternative markets like Seattle—the next international gateway city on the rise.
With the events now over in Rio de Janeiro, the Brazilian host joins a long list of world-renowned cities that have become part of the Sumer Games’ storied legacy. From Athens in 1896 hosting the first Summer Games to Tokyo, the city set to host the global event in 2020, our final installment of “Carry the Torch” takes us on journey through some of the former, and future, host cities of the Summer Games.
This year a wealth of major exhibitions, fairs and new spaces dedicated to photography are poised to open in the United Kingdom and North America. The increased prominence of photography in the art market means more opportunities for those aspiring to careers with a art photography focus. We spoke to Sotheby’s Institute of Art – London Master’s degree faculty about what’s pushing photography to the top of the agenda in 2016.
Seattle’s famous Space Needle may as well be a wick on New Year’s Eve as the region’s housing market is sure to explode in 2016 – yet again. That’s the call from numerous sources as 2015 closes out and the real estate community struggles to grasp the meteoric rise of home values and rents. According to the latest S&P/Case-Shiller’s Home Price Index, Seattle is tied for the top position for home price increases across the country. The latest reporting data (October 2015) for the average price of existing single-family homes in King, Snohomish and Pierce Counties in aggregate shows that the index rose by 1.3 percent from the previous month and accelerated to an 8.8 percent gain year-over-year. That means home prices in the broader region are now just 3.4 percent shy of the last cycle peak, during the summer of 2007. In fact, the Seattle housing market recovered more than three times faster than the national average. A report by Zillow states that Seattle area homes are worth a staggering $41 billion more than they were just one year ago.