Seattle Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

 

Jan. 15, 2019

Tacoma a safer city to live in than Seattle

SEATTLE -- A new study out Monday on the safest larger cities in the United States didn't shed a whole lot of love on the Puget Sound region, but between Tacoma and Seattle, it rated Tacoma just a little bit safer.

The study by WalletHub factored in not only crime safety, but other types of hazards as well, including exposure to natural disasters, financial risks such as needing to take second mortgages or foregoing health insurance, or exposure to cybercrime. In all, 39 key indicators of safety were used to compile their list of 182 cities across the U.S., including the 150 most populated cities.

Overall, Seattle came in 143rd out of 182 -- 151st in home and community safety, 141st in natural disaster risk but 2nd best overall in financial safety.

Click here for more information: https://komonews.com/news/local/study-tacoma-a-safer-city-to-live-in-than-seattle

Posted in Local News
Jan. 14, 2019

Tacoma rated in top 10 U.S. cities for business, careers

SEATTLE — Long frustrated by standing in the shadow of booming Seattle, the city of Tacoma has just vaulted into the upper rankings of Forbes’ annual list of the nation’s top 200 big cities for business and careers.

True, Seattle took the top spot for the first time this year, boosted by the astronomical growth of Amazon. But Tacoma rated 10th, above such high-profile spots as Atlanta, Nashville, San Francisco and Minneapolis, because of its comparatively lower costs and high quality of life.

Home prices in Tacoma — at a median of $344,000 — are far less than those in Seattle, where the cost of living is 37 percent higher than the national average.

For two decades, Forbes has measured cities against one another through a system of 14 metrics, including projected economic growth, affordability and the number of residents who hold college degrees. The 200 metro areas highlighted on the magazine’s list range in size from 14.5 million people (New York) to 269,000

Click here for more information: https://lmtribune.com/northwest/tacoma-rated-in-top-u-s-cities-for-business-careers/article_b2002144-38c0-526f-8368-8ad978f5cc33.html

Posted in Local News
Jan. 13, 2019

New Tacoma homes for residents making less than $75,000

Relief is on the way for potential home owners in Tacoma, but there’s a catch.

A new development is selling 50-70 new homes with a top price of $265,000. But to be an owner in The Preserve, buyers cannot make more than $75,000 a year, and must work within 15 miles of the South Tacoma neighborhood.

“We need to have housing the working families of Tacoma can afford,” said Green Harbor Communities co-founder Bill Rehe.

Rehe, a biologist, said he and another family decided they could invest in the project as a way to help make homes more affordable to police officers, firefighters, teachers and nurses.

According to Zillow.com, the median home price in Tacoma is $297,000.

Click here for more information: https://www.king5.com/article/traffic/gas-prices/tacoma/new-tacoma-homes-for-residents-making-less-than-75000/281-621332475

Posted in Local News
Jan. 12, 2019

Proposed development in Bellevue to include retail and residential

According to permits submitted to the city of Bellevue, Seattle-based Vulcan Real Estate proposed a new project, “Bellevue Plaza”, which will be built in the City Center South district of downtown Bellevue. The half-block development will be located on the West side of 106th Avenue Northeast between Northeast 2nd Street and Main Street. The site includes Jiffy lube and Locksmith.

Bellevue Plaza will be constructed in three phases, with each phase consisting of about 300,000 square feet of office space, as well as ground-level retail and parking space.

The proposed project will be approximately 877,000 square feet of office space in three towers, 23,000 square feet of ground-level retail, open space, a through-block connection for pedestrians, and below-grade parking.

Click here for more information: https://downtownbellevue.com/2018/12/03/vulcans-proposed-bellevue-plaza-3-commercial-and-retail-buildings/

Posted in Local News
Jan. 11, 2019

As Apartments Are Shrinking, Seattle Tops New York with the Smallest Rentals in the U.S.

The average size of new apartments in the U.S. in 2018 is 941 square feet, 5 percent smaller than ten years ago, with studio apartments shrinking the most, by more than 10 percent; meanwhile, overall rents have increased by 28% over the same period of time.

The average size of apartments regardless of year built is 882 square feet, with the largest apartments in the Southeast boasting 975 square feet of living space and the smallest in California, measuring 837 square feet.
   

Seattle has the tiniest apartments in the country, with an average size of 711 square feet, Manhattan and Chicago the second smallest rentals, 733 square feet, while Tallahassee, FL offers the most spacious rentals in the U.S., 1,038 square feet on average.

As rental apartments have been growing in both popularity and price over the past decade, their floor plans have been slowly shrinking in size. The average size of a new apartment completed in 2018 in the U.S. is 941 square feet, 52 sqft less than the size of an apartment built ten years ago, according to our newest analysis of apartment sizes using Yardi Matrix data.

Click here for more information: https://www.rentcafe.com/blog/rental-market/real-estate-news/us-average-apartment-size-trends-downward/

Posted in Local News
Jan. 10, 2019

Seattle’s Population Is Booming, Except for Where It’s Shrinking

Since 2010, Seattle has added more than 100,000 new residents — but you may not be able to tell by looking around at the housing stock in most of the city.

According to a report from the Seattle Planning Commission released this week, nearly all of those residents have been absorbed into areas zoned for multifamily living, including the mixed-use “Urban Villages” that the city has targeted for increased density over the past few years. Meanwhile, areas zoned for single-family living, which cover the vast majority of land in Seattle, have welcomed hardly any additional residents during this growth phase.

In fact, according to the planning commission report, some single-family neighborhoods have even lost population over the last few years. As a result, the report notes, the benefits and burdens of growth have been unequally distributed, and the city won’t be able to address that imbalance without making changes to the ways that housing is regulated in single-family neighborhoods.

Click here for more information: https://nextcity.org/daily/entry/seattles-population-is-booming-except-for-where-its-shrinking

Posted in Local News
Jan. 9, 2019

Five new office towers on their way to Bellevue

Two large tower developments are making their way through Bellevue’s planning department. If approved, the projects would create five new towers downtown.

The first proposed project is the Bellevue Plaza phase one by Bellevue Investors 1 LLC. The project would build three towers in three separate phases. The first would build a tower on the southern third of the site and subsequent phases would be built to the north. The project site is located on the corner of Main Street and 106th Avenue Northeast which currently houses a Jiffy Lube, Kennelly Keys Music and restaurants.

In all, the project would consist of roughly 877,000 square feet of office space in three, 20-story towers. Some 23,000 square feet of ground level retail would be included, and the development would have space for more than 2,300 vehicles. The first phase would build about 286,000 square feet of office space with 11,500 square feet of retail and 925 underground parking spaces.

Click here for more information: https://www.bellevuereporter.com/news/five-new-office-towers-on-their-way-to-bellevue/

Posted in Local News
Jan. 8, 2019

Changes to Seattle’s single-family zoning could improve housing

SEATTLE — The single-family zoning that dominates Seattle has priced people who aren’t rich out of most of the city’s neighborhoods, is contributing to income and racial inequality, and has forced the city’s booming population to crowd into small pockets of the city, a new planning-commission analysis concludes.

The advisory report released this week stops short of recommending major citywide density. It advocates for some mild changes that could affect districts that are mostly detached houses now.

For instance, it asks for more duplexes near schools, expanding the boundaries of urban villages by a few blocks and reducing lot sizes to squeeze more homes into streets.

Click here for more information:https://www.bendbulletin.com/business/6750308-151/report-changes-to-seattles-single-family-zoning-could-improve

Posted in Local News
Jan. 7, 2019

Phoenix Suns owner reportedly threatens to move team to Seattle or Las Vegas

The Suns have been Phoenix’s longest tenured major professional sports team, but they may not be there much longer. Team owner Robert Sarver reportedly is threatening to relocate the Suns to Seattle or Las Vegas, ahead of a municipal council vote on $230 million in upgrades to the their arena.

The Arizona Republic’s Laurie Roberts reported Wednesday that an unidentified council member said to her, “Sarver’s talking about moving. He basically told me the team will go [if they don’t get a renovated arena]. Vegas and Seattle were the two he talked about.”

Phoenix City Manger Ed Zuercher told Roberts that he didn’t “consider it a threat,” but rather a reflection of Suns officials' discussions of “what their options are.” Zuercher added of Sarver, “Robert has never has threatened me. He’s mentioned that there are other cities that are looking for NBA teams.”

Click here for more information: https://www.washingtonpost.com/sports/2018/12/13/phoenix-suns-owner-reportedly-threatens-move-team-seattle-or-las-vegas/?noredirect=on&utm_term=.c9beb9c26470

 

Posted in Local News
Jan. 6, 2019

Apple to open new Seattle facility, hire 1000 employee

Apple will expand its Seattle operations to more than 1,000 employees and establish a new site in the city, moving further into the backyards of hometown tech titans Microsoft and Amazon, and escalating the competition for tech talent in the region.

The company announced the plan for Seattle as part of a broader national expansion unveiled this morning. Austin landed Apple’s big prize, a new $1 billion, 133-acre campus with capacity for up to 15,000 employees. However, Seattle is among three other U.S. cities where the tech giant says it will significantly expand its operations over the next three years.

Apple first announced plans for a national expansion and new campus in January of this year, although its search was largely overshadowed by the hoopla over Amazon’s HQ2 search.

Click here for more information: https://www.geekwire.com/2018/apple-top-1000-employees-seattle-add-new-site-city-part-broader-national-expansion/

Posted in Local News