The popular West Coast cities of San Francisco, Los Angeles and Vancouver have long been the most direct routes to New World prosperity for Asian immigrants and their families. Now that generations of Chinese buyers have transitioned to life in North America, their experience and trend spotting is bringing to bear more practical considerations of economic fundamentals, financial and educational opportunities, and overall quality of life. So it’s no surprise that relative affordability, propensity for capital appreciation and even a recently imposed 15-percent foreign homebuyer tax in Vancouver, are boosting interest in alternative markets like Seattle—the next international gateway city on the rise.
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Curbed Seattle’s Latest Pricespotter features SeattlebyDesign’s Westlake Floating Home
Earlier this week, Sean Keeley from Curbed Seattle asked readers, “how good are you at guessing the price of floating homes?” in his latest Pricespotter feature. In an effort to “counterbalance” the slough of “smaller floating homes [to] hit the market in recent weeks,” Keeley selected our Westlake Floating Home, a 2 bedroom/1 bathroom home situated over 1,630 square feet.
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Featured in Seattle Magazine!
Exciting news! We are featured as new construction and resale experts in the latest edition of Seattle Magazine! In downtown Seattle, condominium market values swelled by 28 percent in the first half of 2016 compared with the same time last year. Given that there were virtually no new construction deliveries in 2015, a look at only resales from these periods offers the most accurate outlook, revealing what is still a 22 percent increase in values despite a decrease in total resale closings. The state of the in-city housing market is evidenced by the strong consumer response to new construction projects.
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A Collection of Outdoor Luxury Living
Our waterfront estate on Standring Lane is featured in Realogics Sotheby’s International Realty’s Luxury Outdoor Living look book, encompassing a collection of favorite outdoor spaces.
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Introducing: 2016 Waterfront Summer Report
I am pleased to share the newest edition of the Realogics Sotheby’s International Realty Waterfront Report, containing information on home values, sales trends, and market activity throughout waterfront locations in the Puget Sound region. This updated report includes data for the first six months of 2016, from January 1-June 30, and compares that data to the same time frame from 2015 and 2014. Overall, we are seeing a higher average sales price and decreased days on market driven by rising competition for available homes in an environment of lower inventory as sellers wait to see how high their home values might rise. As a company that specializes in waterfront property, we seek to aid you with your future home buying and selling by being a consistent and reliable resource for this desirable lifestyle.
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What a Difference A Year Makes: Downtown Seattle Condominium Market Values Swell 28% in 2016
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. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. When removing this spike of higher-priced, new inventory in the overall resale market still expanded by 22% year-over-year but total resale closings actually decreased 5% with 246 homes in 2016 (including a few resales at INSIGNIA) against closings of 258 units in the first half of 2015.
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Enrico Pozzo Attends Sotheby’s International Realty Global Networking Event in Las Vegas
For the past few days, Enrico has been in Las Vegas for the Sotheby’s International Realty Affiliates Global Networking Event! Monday’s Welcome Reception was followed by numerous breakout sessions covering topics from Brand Conversation and Negotiation to Leveraging Media and New Developments. To cap off an excellent week of learning, the RSIR team made sure to embrace the moment by taking a family photo poolside at the Wynn.
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Realogics SIR Partners with The Burrard Group on Next Generation Condominium Tower, NEXUS Seattle
The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019. The developer has appointed key members of the development and marketing team and confirms that all units will be offered for sale, citing a point of inflection in the buy vs. rent debate amongst urban dwellers in one of North America’s fastest-growing cities.
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The Daily Journal of Commerce Turns to Realogics Sotheby’s International Realty for Insight on Downtown Seattle Condos
Dean Jones, President & CEO of Realogics Sotheby’s International Realty offers insight in the latest Real Estate Buzz entitled “Condo demand rising faster than supply,” as the Daily Journal of Commerce says that the rate of demand for condos in downtown Seattle is much higher than available supply.
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Realogics Sotheby’s International Realty to Open 5th Branch Office in Madison Park
We are excited to share that Realogics Sotheby’s International Realty is expanding into Seattle’s Madison Park with its fifth branch office location. The latest addition to our growing global real estate brand will consist of two sites across from each other: The Park House, a boutique real estate store front at 4031 Madison St.; and administrative offices in the building across the street.
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