Kirkland, known as The Little City That Could, was recently recognized as one of the 2017 Great Places in America from the American Planning Association. Since their redesign to include updates to the “corridor’s aging sidewalks and water main,” the city aims to create a pedestrian friendly community.
Category: Realogics Sotheby's International Realty (23)
Spectacular is one of the first words that comes to mind when arriving at this waterfront estate. Three separate structures were built to take in magnificent views of Lake Washington and Mount Rainier. Continue reading ..
Realogics Sotheby’s International Realty has recently released their 2016 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.
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.
Marc Stiles reported in a recent Puget Sound Business Journal feature that “More than a fifth of renters in Seattle could afford to buy houses,” a fact that is contributing to the seemingly ever-rising cost to rent in Seattle.
Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
As Stiles says, “there are various reasons why apartment rents are soaring in the Puget Sound region, and an overlooked one is that Seattle has a relatively high number of renters who could buy but are not necessarily looking to do so.” This statistic, as the article outlines, puts “Seattle fifth on a new Zillow list of markets with the highest share of renters who are qualified to buy.” And when these potential buyers choose to rent, it “increases competition for apartments,” which drives rents up, “hurting lower-income households the most.”