Heading into the last months of 2021, there is a growing expectation that – for the most part – companies will be reopening their doors to workers and customers more and more each day.
That includes big corporate players in Seattle such as Expedia Group. Employees completed the shift from their Bellevue office high-rise in 2019 only to have the Interbay grand opening squelched within a few weeks by the pandemic.
Now, with doors wide open for all employees to return, the focus may shift to finding a place to live closer to campus. Starting in September, all workers will be expected to return to the office at least three days a week, barring any changes to the county’s health guidance. (Amazon has already postponed its plans to have employees return to offices this fall, delaying the big moment until at least January because of the increasing spread of the Covid-19 Delta variant.)
As I covered in a March 2020 post (yes, bad timing!), there are many housing options within a half-hour commute of 1111 Expedia Group Way West. At quick glance (as of Aug. 11), there are 55 homes on the market within a mile of the office (including 37 condos) and roughly 1425 homes within 10 miles – so, choice is not the issue. Price may be the driving force.
If you are in your 20s-30s and seeking an affordable entry point on the housing ladder, a condo or townhome to the north – Ballard, Green Lake and further afield – may be a good option. The median price of a condo in this broad area stood at $487,500, or about $571/sq. ft., with about 1.1 months’ inventory*. (It would take about 33 days to exhaust condo supply if no other listings hit the market. Condos in this area are selling at about 1%-2% above the list price, which tends to dip in quieter months of November-January).
If you have children – or even baby on the way – a single-family house may be the best long-term solution, particularly with two or more kids and more than one vehicle. That’s where price and quality of schools may be the determining factors. Greatschools.org is a good source for ratings and info – and then there is always charter schools as a pricier alternative.
Magnolia and Queen Anne are excellent neighborhoods to live and work nearby – but, with anything in residential real estate – you pay for the premium of proximity. Let’s look at some of the numbers:
Median single-family prices in Magnolia hit an all-time high in July – $1.45M, up 38% in the past year. That will scare away many buyers and likely prompt them to look onto the next hill. Queen Anne offers homes at a median price of $1.35M, up 8% from a year ago and where the occasional deal could be had on a home in need of TLC.
Still too steep of a price? There are less expensive options further north in the neighborhoods of Broadview, Bitter Lake and Haller Lake, where single-family/townhome median prices clock in at $737,000, down 4.9% from July 2020. This chart shows how prices for this area have remained in a narrow range in 2021 after a bumpier ride in previous years:
The swath just north and south of I-90 in Seattle – including the Central District and Beacon Hill – offer a different option. Homes (single-family and townhomes) are priced around $755,000 today, up 19% from 12 months previous.
There is inventory, too. Buyers just need to be on the ball when a new listing hits the market – inquiring in hours, not days. A broker who is both knowledgeable and quick to respond is critical in this sellers’ market.
As you can see, buying close to Expedia is a pricy proposition and, yet, there are far less expensive options to consider only a few miles to the north or south.
I would be happy to discuss your personal circumstances – budget, timeline, home needs – with a free consultation. Contact me when you’re ready to talk. Thanks.
(* – Housing data as of Aug. 1, 2021, unless otherwise noted. Source: Northwest Multiple Listing Service)