It comes as no surprise that the tech industry is booming in Seattle. Many companies have chosen to call the area ‘home’ causing there to be a shortage in homes for sale.
Secluded and surrounded by natural beauty, Magnolia is one of Seattle’s oldest and largest neighborhoods, offering a small-town feel within the big city. Only accessible by three bridges, the quaint and quiet community sits just northwest of downtown on a hilly coastal peninsula. Home to Discovery Park, a thriving commercial district, family-friendly activities, and incredible outdoor amenities, Magnolia continues to attract new residents, locals, and tourists to enjoy its myriad offerings and lifestyle.
With real estate prices in the Seattle market as high as they are, the options for buying something that needs some work might be worth considering. Last week, an article titled, "No escape for priced-out Seattleites: Home prices set record for an hour's drive in every direction" was published in The Seattle Times.
The city of Seattle is brimming with fantastic bars, restaurants, locally-owned boutiques, and free public spaces. Whenever someone asks for recommendations on what to see/eat/do I always have to ask them first, “how much time do you have?” One of my favorite areas of town is the Ballard neighborhood.
One of the first pieces of advice I give to those interested in buying a home is that you shouldn't make any big purchases and watch how you're spending in regards to credit. More specifically, don't do anything that may affect your credit score. So, no late payments, no adding to current debts, and no closing of credit lines (because creditors like to see a long and varied history).
Realogics Sotheby’s International Realty has recently released their 2016/2017 Market Report which examines the year-over-year performance of 24 markets that the brokerage serves, factors that have affected the Western Washington housing market this past year, and insight on where the market is heading in 2017.
A recent report from London based realty company Nested has identified Seattle as having the fifth highest rents in the nation with an estimated per square foot cost of $3.07 and an average monthly rent, for a single person, costing $1,288.76.
With 2017 now in full swing, Forbes has released their 2017 list of the best cities for property investment.
I am thrilled to bring you this week's event calendar! Your comprehensive guide, take a peek at what’s going on! From Valentine’s Day Weekend activities at Chihuly Garden + Glass and a brunch cruise taking off from Marina Park in Kirkland to performances of Love Letters on Bainbridge Island, here’s what’s happening around the sound:
Select Links Below to View Full Calendar of Events in Each Community
Bainbridge Island Events>>> ♦ Seattle Events >>> ♦ Eastside Events >>>
Fast Growing Global Real Estate Firm Outlines Growth Predictions and the Influence of Chinese Homebuyers in the Puget Sound Region
On February 1st, 425 Business Magazine (“425″) highlighted Realogics Sotheby’s International Realty(“RSIR”) in a print article and homepage feature entitled “Eastside Real Estate is Growing Up.” In the piece,Adam Worcester digs into the inevitable growth of the Puget Sound area, which RSIR’s President and CEO Dean Jones says is moving vertically.
In an article revolving around growth, Dean Jones says he believes density paired with the region’s mountains and water will result in more skyscrapers and a changing landscape with “pockets of density on the Eastside developing around rail stops: mixed-use high rises with residences, restaurants, and retail stores.” The cause? As the article describes, “Jones thinks the driving force behind new growth in our area will be a continued stream of Chinese real estate investment, both residential and commercial.”
In a comparative analysis, 425 outlined the market in Vancouver B.C with the help of Dean Jones’s father Trevor, who was a real estate agent when Chinese investment and immigration first came to that region. As he told 425, “Our real estate is what it is because of the Chinese. Nothing else.” And while the Puget Sound is similar to many other “gateway cities,” there are a few key differences: the availability of waterfront properties, top-rated schools, and relative affordability. Citing data provided by RSIR, 425 says that the affordability ratio in West Coast cities peaks in Vancouver at 10.36 and is at its lowest in Seattle at 7.83. That, along with EB-5 investment opportunities, is contributing to an influx of Chinese homebuyers.
RSIR has been a leader in connecting Chinese homebuyers to the Puget Sound for years. Most recently, the firm worked alongside Tiger Oak Publications to produce Seattle Luxury Living, a 92-page all-Mandarin magazine and built a custom WeChat App platform with adSage. Jones is also a community leader, serving on the Washington State China Relations Council and working closely alongside the firm’s affiliate in Beijing. Their efforts recently shone through in the Juwai.com Chinese-American Real Estate Report and in Palace Magazine’s addition of Seattle to its list of Top Markets Sought by Asian Homebuyers. The firm also produced a feature documentary entitled East Meets West, which outlines China’s influence on the real estate market in the Seattle area:
“The world economy has become a global transfer of wealth, Jones said, and Seattle is becoming a hub for wealth distribution. [President] Xi’s visit was a tipping point for Chinese investment. ‘It’s no longer a question of if it’s going to happen; it’s when,’ said Jones. ‘Wealth is moving here long term.'”