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Forbes Postions Seattle as #1 Rebound

November 20, 2008 by  
Filed under City of Seattle

seattle-forbesThe sky is falling, the sky is falling!

Not here.

Forbes too is now reporting some interesting data regarding Seattle’s real estate market.  The Urban Land Insitute (nonprofit research and education organization) asked 700 professionals in the real estate industry to recognize what areas were the best to invest in for commercial space.  Seattle was recognized as being #1 despite the loss of WAMU and downsizing of Starbucks.  The article also made sure to make mention of the residential market, since it’s typically driven by increased wages and unemployment.

The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars and don’t have a glut of condos or office space.

Seattle is “a diversified market, has a good base of business and is becoming a 24-hour city,” says Stephen Blank, senior resident fellow, finance, at the Urban Land Institute. “It’s going to be in a good position to come back.”

#2 – San Francisco
#3 – Washington D.C.
#4 – New York
#5 – Los Angeles

Finally, the good news that we’ve been pushing since we started blogging is making headway!  So, for those of you considering the sale of property; hang in there.  Buyers who are thinking of buying; it’s time to get in gear if you still want to take care of what is currently, “a down market.”

Seattle Mentioned on Forbes Regarding America’s Recession

June 5, 2008 by  
Filed under City of Seattle, National

seahawks defenseWe’re always looking to promote consumer confidence in our local real estate market. However, this season has been slower for real estate than previous years. We’re not seeing the 14% appreciation we saw in ’07, homes are staying on the market longer than the traditional average, and open houses have become more an opportunity to read a book. In addition (or as a result of), national news headlines are constantly reporting that the sky is falling, unemployment is up, and home prices are yet down again.

So, in an ongoing search to find hard data that Seattle is still an exception, we were handed an article from Forbes which has compiled a list of the nation’s most recession-proof cities. Seattle placed #8 based on data from the U.S. Bureau of Labor Statistics for the year ending in February 2008, and median home price data from the National Association of Realtors to see which areas posted the largest annual gains.

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.

While national statistics, local population increases, low unemployment rate, and developer’s desire to build in Seattle prove to boost the city’s reputation, Forbes does point out the bad mortgages everybody got into.

  1. Oklahoma City, Oklahoma
    Median home price: +8.2%
    Unemployment: 3.5% (from 4.7% in February 2007)
    Key growth: Leisure and hospitality, +6%; construction +11.5% from 2007
  2. San Antonio, Texas
    Median home price: +7.9%
    Unemployment: 4% (from 4.3%)
    Key growth: Construction, +6.3%; leisure and hospitality, +4.9%
  3. Austin, Texas
    Median home price: +6.4%
    Unemployment: 3.6% (from 3.8%)
    Key growth: Natural resources and construction, +5.1%; leisure and hospitality, +5.3%
  4. San Jose, California
    Median home price: +11.2%
    Unemployment: 5.2% (from 4.7%)
    Key growth: Information, +4.5%
  5. Raleigh, North Carolina
    Median home price: +4%
    Unemployment: 4.2% (from 3.7%)
    Key growth: Professional and business Services, +7.4%; education and health, +6%
  6. Salt Lake City, Utah
    Median home price: +2.5%
    Unemployment: 3.1% (from 2.6%)
    Key growth: Education and health services, +5.5%
  7. Houston, Texas
    Median home price: +1.1%
    Unemployment: 4.2% (from 4.5%)
    Key growth: Natural resources, +5.9%; construction, +4.7%
  8. Seattle, Washington
    Median home price: +1.2%
    Unemployment: 4.3% (from 4.5%)
    Key growth: Leisure and hospitality, 4.1%; manufacturing, +2.6%
  9. Charlotte, N.C.
    Median home price: +3.3%
    Unemployment: 5.4% (from 4.7%)
    Key growth: Professional and business services, +4.7%; leisure and hospitality, +4.2%
  10. Dallas-Fort Worth, Texas
    Median home price: +.5%
    Unemployment: 4.3% (from 4.5%)
    Key growth: Education and health, +5.6%