In a video released today, Gregg Lynn, Condominium Expert with the Sotheby’s International Realty – San Francisco Brokerage, discusses the San Francisco housing market and its parallels to Seattle in an interview with Dean Jones, President & CEO of Realogics Sotheby’s International Realty. In Lynn’s words, “Seattle is a major opportunity for investment,” given its price disparity when compared to San Francisco and its likeminded sensibility. As Jones notes, employers are creating urban campuses in downtown Seattle as a means of recruiting and retaining employees through a lower cost of living and the benefit of no state income taxes. So, will Seattle end up like San Francisco over the next few years? Check out why Lynn says he “can’t see it not happening” and more, in the full video.
The film comes on the heels of a Press Release from May 31st, in which Jones says that “looking back, the condominium market overcorrected during the Great Recession and now we’re struggling to play catch up.” He also adds that many downtown apartments are currently serving as incubators for would be buyers, and that “if only 5% of those recent apartment dwellers decide to buy, we’ll be out of inventory into the foreseeable future. I think that’s likely to happen and that’s on top of other buyers moving up, downsizing empty nesters and second homebuyers returning to the market. With a rising market, discretional home sales are also making a comeback.” Read the Press Release >>
Trends outlined in the video and press release align with a recent Seattle Times article announcing that “Seattle-area home prices set record; 2nd-fastest rising in nation,” as Mike Rosenberg reports that “single-family homes across the Seattle metro area are increasing in price at a rate twice the national average.” Rosenberg writes that according to the latest S&P/Case-Shiller data, “compared with a year ago, Seattle area single-family home values in March were up 10.8 percent,” representing growth “more than double the national average of 5.2 percent.”
While the NEXUS condominium tower is a part of the future, the opportunity is now, as the Seattle housing market continues to grow. The Burrard Group will begin accepting reservations for priority presales beginning June 4th. More information is available at NEXUSseattle.com >>