The Washington State China Relations Council (WSCRC) will cohost a session for their Corporate Executive Briefing Series at the NEXUS Sales Center on March 7th from 12:00pm – 1:30pm. The “Marketing Your Business in China” event will be presented by David Zhou, Founder of IM2China – a leading marketing agency that specializes in digital campaigns within China.
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.
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.
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.
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.
As 2017 closes out we reflect on a year of evolution and growth. We welcomed over fifty new brokers to the Realogics Sotheby’s International Realty family and appointed Stacia Smith as Director of Sales and Seattle Branch Manager. Our leadership also added several new members to the broker care, accounting and marketing teams, positioning Realogics Sotheby’s International Realty to better serve our brokers into 2018. Likewise, we expanded offices with the official opening of the Park House in Madison Park as well as adding annexes in both Belltown and Kirkland, and we are now home to more than 225 licensed brokers and 25 employees.
It was a jam-packed agenda at Momentum 2017, yet there were some things left to be missed, as time constraints forced Realogics Sotheby’s International Realty President & CEO Dean Jones to postpone his discussion of where real estate is trending next. In lieu of his keynote, Jones has shared his market makers insights below.
The lack of available condominiums in downtown Seattle continues, especially at affordable price points. Currently, there are just 7 resale homes listed for sale on the NWMLS priced below $700,000, which is now the new median home price for resales after increasing a staggering 19% in November 2017 compared to the prior year. Though market conditions may seem daunting to potential buyers, market pundits say unit reservations and presales can offer much needed relief for those willing to plan ahead.