Vashon Homes & Events from Go! Real Estate

Vashon Real Estate: Outstanding Financial News for Owners

November 12, 2008 at 7:43 pm Leave a comment

Forbes Magazine Identifies Seattle Area as the Housing Real Estate Market Most Likely to Respond

Dorothy Pomerantz writes on October 29, 2008, that trends in the commercial real estate market indicate that Seattle is viewed as the strongest area in the country to invest in real estate.  In a survey of 700 real estate professionals performed by the Urban Land Institute, Seattle ranks NUMBER ONE in factors tied to economic recovery potential.  Those factors include cities that are gateways to international investment, have vital down town areas (note the recent referendum to fund the rehabilitation of the Pike Place Market!!!!), and no glut of office space or condos.

The single-family home sector typically follows the economy of the commercial real estate market. 

If you’re a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest–and which will likely remain weak. The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.

These traits landed Seattle the No. 1 spot on the list.  Stephen Blank, Senior Resident Fellow with the Urban Land Institute, writes, “Seattle is “a diversified market, has a good base of business and is becoming a 24-hour city.” “It’s going to be in a good position to come back.”

Although the city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, Boeing and Microsoft are still relatively strong. Apartment vacancies are low and there aren’t too many new buildings going up, meaning the market won’t be oversupplied. The same is true in the retail space.

The remainging question, of course, is when are consumers going to regain their confidence in the Seattle real estate market and take advantage of the buyers’ market that exists.

Entry filed under: • Real Estate, Housing Market News. Tags: Seattle home finance, Seattle real estate, Vashon home finance, Vashon real estate.