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What's up, downtown

With the housing market in the news on a daily basis, it's hard to stay on top of what's happening. That's why we do it for you. Below you'll find a comprehensive list of articles, news releases and podcasts from around the Puget Sound and around the country. Check back often for weekly updates.

Articles From 2008

November

July

Queen Anne luxury homes sales soaring

King 5 News Video

Reporter: Jane McCarthy

July 31, 2008

The number of homes sold above 2.5 million dollars is expected to quadruple the number sold last year...
Top U.S. Real Estate Markets For Investment

Forbes.com

Author: Matt Woolsey

July 10, 2008

Encouraged by a weak dollar and a belief in the resiliency of the U.S. economy, individuals like Reddy, along with institutional investors such as pension funds and private equity groups, are seeking investment properties and development opportunities in the United States.

Their markets of choice include New York City, Los Angeles, Washington, D.C., Seattle and San Francisco...

..."In 2007, the European investors were looking at the U.S. and were a bit reluctant to make a move because the uncertainty was making them pause," says Karin Shewer, principal of Real Estate Capital Partners, an investment group in New York. "And the dollar, of course, makes a difference. The general sentiment is that the dollar will become stronger in the near term, so people are starting to buy here more opportunistically."

Shewer notes that European and Asian investors favor markets along the coasts, whether that's Boston and New York or Seattle and Los Angeles.
Best Cities For Young Professionals - 19. Seattle, Wash.

Forbes.com

Author: Matt Woolsey

July 9, 2008

Though Seattle is a growing destination for young professionals who have taken advantage of its growing economy, the number of Forbes-tracked companies there has not yet reached the level of critical mass to propel it into our top 15. By graduates alone, Seattle ranks ninth, but when you combine that with its 25th place ranking, it slips to 19.

June

Suburbs a Mile Too Far for Some: Demographic Changes, High Gasoline Prices May Hasten Demand for Urban Living

The Wall Street Journal

Author: Jonathan Karp

June 17, 2008

Just as low interest rates and aggressive mortgage financing accelerated expansion of the suburban fringe to the point of oversupply, "the spike in gasoline prices, layered with demographic changes, may accelerate the trend toward closer-in living," said Arthur C. Nelson, director of Virginia Tech's Metropolitan Institute in Alexandria, Va. "All these things are piling up, and there are fundamental changes occurring in demand for housing in most parts of the country..."

"Millennials and baby boomers are in perfect sync. They are at a stage where they both want the same thing," said Mr. Zimmerman, a co-managing director at Zimmerman/Volk Associates Inc. in Clinton, N.J. He said the populations of Americans in their 20s and in their 50s are rising and will add eight million potential housing consumers by the time their numbers peak in 2015. "You've got a recipe for reurbanization on a dramatic scale," he said.
They're getting away from it all, to the U.S. - Dollar, real estate slump make American property appealing to foreigners

MSNBC.com

Author: Jane Hodges

June 2, 2008

Peter Oh, a Seattle real estate agent, is planning to open a showroom to market 21 condominium buildings in the Puget Sound region. But he's not looking for a storefront location in downtown Seattle, nor is he planning to locate among the many new high-rises in nearby Bellevue across the lake.

Instead, he's creating a marketing office 5,000 miles away—in South Korea...

... Last year one-third of American agents worked with at least one international buyer, according to the National Association of Realtors. The top five countries supplying international customers were Mexico, Britain, Canada, India and China.

May

April

America's Recession-Proof Cities

Forbes

Author: Joshua Zumbrun

April 29, 2008

Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly—or even contract—in the first half of the year.
But some cities are doing just fine.
The others holding steady or improving include Austin, Texas; Houston; Charlotte, N.C.; Dallas; San Jose, Calif.; Raleigh, N.C.; Salt Lake City; and Seattle...
...The region around Puget Sound is home to Microsoft, Amazon.com, Starbucks, Costco, Nordstrom and Washington Mutual. What's more, home prices are only half that in the San Francisco Bay Area, and unemployment in the region is falling. Of the 50 largest metropolitan statistical areas in the U.S., Seattle had the strongest growth in manufacturing in the past year.

Seattle's condo pipeline expected to dry up

Puget Sound Business Journal

Author: Jeanne Lang Jones and Kirsten Grind

April 25, 2008

"With 40 condominium projects in the pipeline for downtown Seattle one might expect a glut of new units on the market. But tight-fisted lenders and hesitant buyers, both reacting to the nationwide credit crunch, have severely hobbled the once high-stepping market.

The pace of development has slowed so sharply that local experts predict a shortage in 2010 that could drive prices up. One consultant forecasts delivery of just 189 new units that year -- down from an average of 1,100 anticipated in each of the prior three years.

Behind the prediction: No new condo project has broken ground downtown since the last two buildings -- 275-unit Escala and 204-unit Equinox -- got under way last summer, said the consultant, Dean Jones, president of Realogics Inc., a Seattle-based condo research and marketing firm...

...Ironically, the slowing market just might protect condominium prices, by reining in supply at a time there is uncertain demand from buyers, said Jones."

In some housing markets, homes aren't only retaining value—they're gaining

Yahoo Finance

Author: Amy Hoak

April 12, 2008

The strong employment picture in Seattle caused home prices there to rise after other major cities reached their peaks. Appreciation there in the fourth quarter was just over 1%, according to NAR, but it is believed that the city's employment landscape is keeping Seattle housing from losing value.

Experts expect greater demand for urban condos

King 5 News Video

Reporter: Jane McCarthy

Some real estate experts are saying the market for urban condominiums could soon turn back in favor of sellers.

March

The No. 1 Champion: Bellevue, Wash.

CNNMONEY.COM

Author: Mina Kimes

March 26, 2008

Bellevue's strategic location helps fire growth. GMI, whose revenue rose from $6 million in 2002 to $28 million last year, is based near its suppliers - Hitachi (HIT), Symantec (SYMC), Sun Microsystems (JAVA, Fortune 500) - as well as customers such as Boeing (BA, Fortune 500) and Starbucks (SBUX, Fortune 500).

"Many of our employees came from our clients," Overstreet says.

The city is also a font of tech talent, thanks to the Microsoft (MSFT, Fortune 500) campus in nearby Redmond. Many former Microsofties have launched startups in Bellevue. Current employees pour wealth into a growing service sector.

Overstreet points out that many small businesses in Bellevue operate globally - not surprising considering that 40% of the population is nonwhite or foreign-born.

Downtown Bellevue condos beckon to younger crowd

Seattle Times

Author: Ashley Bach

March 11, 2008

The youthful migration shows no signs of letting up, according to developers and city officials. Yahoo and Expedia are set to open downtown Bellevue offices this year, and Microsoft plans to move 1,850 more employees downtown by early next year. Along with several office buildings, about 3,200 apartments or condominiums are under construction, and an additional 2,000 are in the pipeline. The number of downtown residents is expected to nearly double in the next two years, from 5,000 to 9,800, and to shoot up to 14,000 by 2020. "It's not uncommon to see a 28-year-old tech worker in a $1 million condo," said Dean Jones, president of Realogics, a Seattle company that markets several Bellevue residential projects.

Housing market perking up

Seattle PI

Author: Aubrey Cohen

March 5, 2008

A statement accompanying the data highlighted increases in pending sales from January to February, with jumps of nearly 30 percent in Seattle, and slightly less in King County and the 19 counties in Western Washington that the service covers. Increased traffic at open houses and reports of homes fetching multiple offers also are "signs of an emerging spring market," it said. "In March, the real estate market is set to get its mojo back," J. Lennox Scott, chairman and chief executive of John L. Scott Real Estate, said in the statement. "We're already seeing the momentum build."

The Eastside's Edge

Seattle Times

Author: Lynn Varner

March 2, 2008

"What you're seeing on the Eastside is a natural occurrence of a robust region," says local economist Dick Conway. Recessions, another economist told me, are like tornadoes. They may wipe out one economic sector but leave others standing. The sectors still standing strong in this region are our two biggest engines, Eastside-based Microsoft, and pan-Puget Sound Boeing. The former is adding employees at a rate of 3,000 a year. Boeing has an army-sized work force and robust airplane orders. Indeed, the weak dollar may be hurting the rest of America, but it makes our products more competitive. Our exports are twice the national average. Economic jitters also appear to be skirting the Eastside's residential- and commercial-development sectors. The housing market here continues to mushroom.

February

Forecaster calls for economy to remain resilient

SCBJ

Author: John Wolcott

February 27, 2008

The Pacific Northwest economy is strong, thanks to Boeing, Microsoft, Amazon and many others that are doing well. Even on the national scene, the resilience of the economy is strong, making talk of a recession premature. That's the message presented in Everett last month at Frontier Bank's annual economic forecast by Michael Parks, editor and publisher of the highly respected Marple's Pacific Northwest Letter on the regional economy.

Seattle home prices rose 0.5% in 2007

Seattle Times

Author: Elizabeth Rhodes

February 26, 2008

With a full year's numbers now in, S&P/Case Shiller is reporting that Seattle's single-family homes appreciated a meager 0.5 percent in 2007&emdash;and still that made it one of the standout markets in an otherwise dismal year.

U.S. existing-home sales, prices fall; King County bucks national price drop

Seattle Times

Author: Associated Press

February 26, 2008

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago. Bucking the national trend, King County's median price climbed 4 percent in January, compared with a year earlier, for detached houses and condos combined. January's King County sales were down 30.6 percent compared with a year earlier. However that was an improvement over December's year-over-year sales, which were down 33.1 percent.

Is Seattle facing a recession?

Washington CEO

Author: Brian Corliss

February 11, 2008

King County should continue to experience job growth. Boeing and Microsoft both have been expanding, and their most recent quarterly reports indicate this should continue, at least in the near term. With unemployment rates at record-low levels last year, the two companies have been forced to recruit workers from outside the state. That steady flow of new high-wage workers should drive demand for local housing, goods and services. Further, as Microsoft expands, it's snapping up office space across King County, which is helping drive a strong market for commercial real estate.

No equal-opportunity recession

Seattle Times

Author: Jon Talton

February 10, 2008

Now in Seattle as a trainer for Starbucks, Jacobs says a recession is "imminent ... people I meet who have moved from all over the country have seen it where they came from. There's no way Seattle can dodge the bullet. It's very scary." I got another perspective from veteran local economy watcher Michael Parks, editor and publisher of Marple's Pacific Northwest Letter. He's mulling over an "R word," too: resilience. "As is usual, the Washington state economy is out of phase. We're prospering when rest of country is slow," says Parks, who sees slower growth in 2008 but no recession.

Forces Are Arrayed Against Overbuilding in Seattle

Puget Sound Business Journal

Author: Dean Jones

February 8, 2008

With the recent proliferation of conflicting local and national real estate headlines, it's no wonder home buyers find themselves sidelined in confusion about the state of Seattle's housing market.

Retail lags in Seattle's booming city core

Seattle Times

Author: Eric Pryne

February 8, 2008

Downtown Seattle is thriving with new office and residential activity, but needs to focus on beefing up its retail core, the president of the Downtown Seattle Association said in her annual "state of downtown" address Thursday. The boom should go on because Seattle is becoming a preferred destination for work and play, said Isadore Sharp, chairman of Four Seasons Hotels and Resorts, who also addressed the forum. Four Seasons is building a 21-story tower of hotel rooms and luxury condos downtown.
Optimism on the economy, even as the layoffs trickle in

Seattle PI

Authors: Craig Harris & Andrea James

February 8, 2008

Gov. Chris Gregoire, at a Seattle economic forum Thursday, boasted she has found that Washington is "literally the envy of other states. I ask all of us to make sure that we do not buy into, or even for that matter, listen to, the dire talk internationally and nationally, because it can become a self-fulfilling prophecy for us," Gregoire said. "We must be optimistic. We must understand our economy is strong and growth is going to continue to be the future.
The geography of recession

Seattle PI

Author: Seattle PI

February 7, 2008

The latest national statistics are gloomy. Yet America's economic downturn will be felt unevenly.
Seattle is on the global path: What it takes to be a world class city

Seattle PI

Author: Andrea James

February 7, 2008

Seattle is a leading city for diversity and smart, young talent. The city ranks No. 1 in growth of 25- to 34-year-olds living close to the central business district. And diversity is increasing -- 17 percent of Seattle is foreign-born, and many residents are refugees, Segal said. The health of downtown is key to the state's economy, Gov. Chris Gregoire said. "As I look at the economy here, I look at the culture and I look at the diversity of our people, it is this that makes us so strong as a city.

January

'07 home prices not so bad after all

Seattle Times

Author: Seattle Times

January 29, 2008

With all the dismal national news about home sales, wasn't 2007 supposed to be the year the local real-estate market died?
2007 real estate recap: Local home prices were up, sales were way down

Seattle Times

Author: Elizabeth Rhodes

January 22, 2008

Conventional wisdom had 2007 as the year Puget Sound home sales followed the national trend and finally tanked. And indeed as the year ended the number of for-sale properties was high and prices were static.

Law of supply and demand says: Buy a home now

AJC.com

Author: David Ellis

January 18, 2008

On the bright side for everyone, the economy here remains robust (one of the reasons Atlanta has not seen severe fluctuations in housing prices), highlighted by projections that Atlanta will show positive job growth when final numbers for 2007 are reported in the first quarter. Despite the doom-and-gloom articles on national statistics that appear regularly in print, the Atlanta housing market has shown considerable stability, along with cities like Seattle, Dallas and Charlotte, a long-term benefit for home buyers.

Seattle economy due for 'good ride' in 2008

Seattle PI

Author: Andrea James

January 17, 2008

Bringing things home, Puget Sound-area economic forecaster Dick Conway said that this area will have a good ride in 2008 for four reasons: A national recession won't hit; the world economy is expanding and the dollar is weak, which helps Seattle; Washington's largest employers are hiring; and the area has a high rate of people moving here.

State jobless rate up slightly in December: But year-end figures show that the rate is at a historical low

Seattle PI

Author: Curt Woodward

January 15, 2008

The latest state figures continue a yearlong streak of low unemployment. Economists said 2007's average jobless rate of 4.7 percent was the lowest since the state started keeping records in 1976. Economists typically say anything below 5 percent is textbook full employment. Gov. Chris Gregoire said the statistics show Washington is "making good decisions and doing right by businesses in this state." "It is heartening to go into a new year with such a strong economy," Gregoire said in a statement.

Best Cities For Jobs In 2008

Forbes

Author: Matthew Kirdahy

January 10, 2008

The top cities on this list also include Atlanta, plentiful in transportation, distribution and financial services careers. Indianapolis has a strong showing in agriculture, too. Omaha, Neb., Warren Buffet's hometown, offers jobs at opposite ends of the spectrum, in financial services and agriculture as well. The Emerald City--Seattle--brings aerospace and global trade professions to the table.

State's outlook beats the average

The Columbian

Author: Julia Anderson

January 9, 2008

Washington is in for a "better-than-average year" despite turmoil in the nation's financial sector, the housing slowdown and a weak dollar, said Seattle-based economic newsletter editor Michael Parks on Tuesday.

Amazon Consolidates in Growing Area of Seattle

New York Times

Author: Kristina Shevory

January 9, 2008

Across the city, it is much the same story. Seattle has largely managed to avoid the economic slowdown hitting other parts of the country because the city's corporate giants&emdash;Microsoft, Starbucks and Amazon&emdash;are still hiring. Boeing is selling a record number of commercial jets, trade with Asia remains strong and start-ups fueled by venture capital are opening.

Home prices drop in December

Seattle Times

Author: Elizabeth Rhodes

January 7, 2008

Strong condominium price growth helped buoy overall housing appreciation last month, but still it wasn't enough to keep it out of negative territory in King and Snohomish counties.

Despite slowdown, brokers see 'pent-up' demand in housing market

K5

Author: Liza Javier

January 7, 2008

Condominium prices, however, continued their upward trend, registering a 5.4 percent increase from a year ago. Area-wide, December 2007 condos had a median sales price of $252,900, compared to $240,000 a year ago. In King County, which accounted for 65 percent of sales, the median sales price for December's closed sales of condominiums was $290,000, up more than 7.4 percent from a year ago when the median price was $269,950.

Region likely to dodge economic doldrums

Seattle Times

Author: Drew DeSilver

January 1, 2008

"There's a lot of doom and gloom dominating the national headlines, but the Seattle market continues to prosper," said Wells Fargo senior economist Scott Anderson. "Seattle continues to lay the groundwork for another decade of expansion."

Seattle developers ease rules to lure loonies

Western Investor

Author: Western Investor

January, 2008

Washington State-based condominium developers are easing regulations in a bid to attract Vancouver investors more attuned to buying and flipping unbuilt property.