Category: Real Estate Market (5)

The Seattle market has continued to thrive and drive up home prices in and around the Puget Sound making it harder for some buyers to purchase a home. A new startup wants to help you buy a house in Seattle, but there is a small catch.

Loftium is a new company that seeks to help eager home buyers purchase 50 homes in the Seattle area by helping with the down payment. For those who do not have enough money saved for a down payment, Loftium can help buyers in the competitive market.

The catch – home buyers who opt to use Loftium must sign a contract renting a room on Airbnb for a specified time and turn over the majority of the income from Airbnb to pay back the company. Contracts can range from one year up to three years. For more information on Loftium, read the full article HERE.

 

In recent years, the Seattle area has attracted new residents in droves. The booming job market, nearby outdoor amenities, and relatively affordable cost of living has many considering our region the most desirable for relocation. Can you blame them? With Amazon and Microsoft  regularly making huge business moves (not to mention Starbucks, Facebook, Google, T-Mobile, Expedia, REI, Apple, etc) the job market is consistently flourishing.

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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.

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Eager homebuyers rallied during the first half of 2016 increasing unit absorption and median home prices by 48% and 28%, respectively according to analysis of Northwest Multiple Listing Service data released as of June 30th. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. When removing this spike of higher-priced, new inventory in the overall resale market still expanded by 22% year-over-year but total resale closings actually decreased 5% with 246 homes in 2016 (including a few resales at INSIGNIA) against closings of 258 units in the first half of 2015.

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