The Blog
News from around the Sound...
Your comprehensive guide, take a peek at what’s going on! From the Greenwood Car Show and Exotics at Redmond Town Center to the Kingston House Lavender Festival, here’s what’s happening around the sound.
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Bainbridge Island Events >> ♦ Seattle Events >> ♦ Eastside Events >>
I am proud to share that Realogics Sotheby’s International Realty ranked among the top ten largest real estate brands in Washington State according to a recent report by Trendgraphix as of May 2016 based upon the trailing 12 months of total sales volume. The data suggests that amongst its peer group of established brokerage firms, RSIR is the fastest-growing, increasing its unit volume and gross sales volume by 25-percent and 53-percent, respectively year-to-date (May 2016) compared with 2015. Also noteworthy, RSIR consistently maintains the highest average listing and buyer side sales values and the greatest production on a per broker basis compared with its peers. As an independently owned and operated franchise, RSIR does not aggregate or report the sales activity of other affiliates in Washington.
“These statistics further validate the power of our brand, our marketing prowess and the hard work of our dedicated real estate professionals. Our agents have earned the trust of our valued clients by acting as industry change agents proudly serving all property types and price points,” said Jennifer Johnsen, Vice President of Brand Development. “When combined, all these factors are having the intended effect in our industry.”
On Thursday June 2nd, I joined a collective of Realogics Sotheby’s International Realty brokers and other distinguished guests at the stunning “Maison des Volets,” for an evening of Cocktails & Conversations. From 7 to 9pm, we drank local wine and snacked on light bites as we mingled and listened to a presentation by Angela McAteer, the Vice President Head of Department, Chinese Works of Art, for the Sotheby’s Auction House.
McAteer, who was in the Seattle area to valuate and collect pieces for the upcoming “Asia Week” auctions discussed her West Coast experience, the auction, and a few of her favorite pieces.
According to the latest S&P/Case-Shiller, home values rose 10.8% year-over-year and 2.4% from February to March 2016, setting a new benchmark in home values and surpassing the previous peak in the summer of 2007. The significant growth has caught some by surprise but for those close to the industry, Seattle is simply catching up to other West Coast gateway cities such as San Francisco or Vancouver, BC. In fact, a recent Seattle Times article highlights that Seattle had the second highest metro area home price increase year-over-year, rising 10.8% in March (only Portland exceeded Seattle, which rose 12.3%). Seattle, however, was actually the fastest rising market month-over-month in March, increasing 2.4%.
So is this a bubble? Probably not, suggests Jon Talton of The Seattle Times. He takes into consideration that the Great Recession and the housing market decline that began in 2008 were caused by a glut of subprime mortgages and too many unqualified homebuyers speculating in the market. This along with eager mezzanine financing led to a misread of demand by many developers that oversupplied the market with inventory. Nowadays the opposite effect is playing out where there is anemic inventory, especially in downtown Seattle, according to Dean Jones, President & CEO ofRealogics Sotheby’s International Realty. He suggests the market may have “overcorrected.”
Jones made some predictions about the state of the in-city housing market a year ago when he participated in the article “Manhattanziation of Seattle” by Cynthia Flash of the Puget Sound Business Journal.
For the most part the upward pressure on pricing has occurred and the ongoing comparisons to Seattle becoming more and more like San Francisco was best summed up in a recent interview with Gregg Lynn, a top-producing condominium broker in California based in San Francisco at Sotheby’s International Realty. So, will Seattle end up like San Francisco over the next few years? Check out why Lynn says he “can’t see it not happening” and more, in the full video.
“It looks like at least two of the planned developments in the pipeline we’ve been monitoring will not be condominiums after all, but will arrive as more apartment inventory for rent,” said Jones. “This makes the arrival of NEXUS even more anticipated.”
I am thrilled to bring you this month's event calendar! Your comprehensive guide, take a peek at what’s going on! From Friday’s Fore! Animals Golf Tournament on Bainbridge Island to Seattle Beer Week and Exotics Cars at Redmond Town Center, here’s what’s happening around the sound:
