In Seattle's housing market, the need for rental units keeps increasing. To accommodate this need, many property owners are renovating their apartment buildings. Will the supply ever be large enough to handle the demand?
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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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On May 19th, Mansion Global readers opened the paper to uncover the “Secret of the San Juans” in an article heralding the awe-inspiring archipelago as a retreat as recent analyses have named it “the hottest luxury real-estate market in the country.” According to Nancy Keates, the growth in the area is both a product of its serene surroundings as an escape from the hustle and bustle of city life and “by an influx of high-tech companies to Seattle, where soaring home prices make the San Juans look like a bargain.”
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It’s no secret that over the past several years Seattle has been a haven for relocating families, foreign investors, and transferring tech workers. That’s why it also came as no surprise to us that home values have been steadily increasing; and that the Seattle real estate market continues to be ranked one of the hottest in the nation.
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It’s no secret that Seattle is a haven for the millennial-aged crowd. However, with the recent construction and real estate boom in the Puget Sound area, is the growth leaving this young crowd in the dust? A recent Seattle Times article would report a resounding “yes.”
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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.
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In a recent article published by the Seattle PI, Daniel Demay declares “Seattle among the World’s Most ‘Future-Ready’ Cities,” according to a report released by Dell. As Demay begins, “say what you will about the tech boom in Seattle – it’s good for having a future-ready economy” as it was ranked 13th among 50 cities around the world.
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Last month, US News released their annual ranking of top U.S. cities to live in, and according to their calculations, Seattle ranks 7th in a comparison of 100 of the nation’s top cities. The list is based on a methodology incorporating the job market index (20%), value index (25%), quality of life index (30%), desirability index (15%) and net migration (10%).
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As yet another acknowledgement that Seattle has joined the league of global cities attracting Asian investment, immigration and homeownership, Palace Magazine recently published a special report on American cities that included the Emerald City with significant contributions by Realogics Sotheby’s International Realty.
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Big news for the Emerald City! According to a recent list released by Bloomberg, Seattle is the fourth-richest city in the country when ranked by gross metropolitan product, following San Jose, Bridgeport, Connecticut and San Francisco.
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