Newsletter

They’re back, by the tens of thousands! But where are we going to put them all?!

No, I’m not talking about Bed, Bath & Beyond 20% off coupons in our mailboxes. Farewell, BB&B! I’m referring to people flocking to the Seattle metro area from across the country and around the world.

Our region had a net gain of 17,750 people in the 12 months ending July 1, 2022. The 2.4% annual growth rate was easily the largest of any major U.S. city and it comes only a year after our market experienced a net loss of about 4300 people.

While I’m all for a growing and diverse melting pot in our region, it’s quite apparent we need a bigger “pot” in the form of more housing. What’s happening?

Much of the acceleration in growth has been driven by a sharp increase in Millennials aging into their adult years and wishing to find a better life. Seattle (including the waterfront, pictured) is America’s most desired post-graduation destination for college students, according to one index. You can’t blame them for wanting to live in a tech-friendly area that embraces living environmentally responsibly as well as enjoying our magical environment of trees, mountains and water.

Harvard researchers looked at data to explore this phenomenon. They found that the number of households headed by 25- to 34-year-olds grew by 300,000 per year in 2016-2021, up sharply from an average annual growth of 45,000 households between 2011 and 2016, a difference of 260,000 additional households per year.

The number of households headed by adults aged 35-44 grew even more rapidly, by fully 400,000 per year in 2016-2021 after having declined by an average of 150,000 per year in 2011-2016. That’s a swing of 550,000 households a year in overall household growth among this age group. 

This net gain for Millennials is interesting when you factor our nation’s population growth has slowed for three consecutive years (2019-2021) to 100-year lows. (The Harvard research did not have access to 2022 U.S. Census data.)

This information suggests Millennials are only now forming the households that had been delayed earlier in the decade. We can point to financial constraints (student-loan debt among them) and the pandemic for the slow start.

Another consideration is the smaller households in our area that further boost demand for homes. People living alone numbered 141,000, or 40% of all Seattle households. The average Seattle household comprises 2.08 people, the smallest of any major U.S. city; the figure was 2.94 in 2010.

Can the housing market cope with rising demand? Washington is said to need about 1.1M new homes over the next decade to catch up with population growth. Our state is among five out West experiencing the greatest undersupply of housing in the nation (California, Colorado, Utah and Oregon are just ahead of Washington on the list.)

The state estimates that King County needs 17,000 new homes  every year for the next two decades to keep up with projected growth and housing demand. Where to put all the newbies?

The picture is dark (or at least one of our 50 shades of grey): Strong demand, fueled by population growth, along with a housing shortage caused by more than a decade of underbuilding, has buoyed the cost of buying or renting in our region. Even the doubling of interest rates in less than a year did not dissuade some buyers in need of a home.

The lack of housing is arguably the biggest issue facing our region and solving it needs to become everyone’s priority. If we’re right about this, it means fixing this one – admittedly massive – challenge could make our lives much better than we realize by lowering the entry to homeownership for many, thus providing access to better jobs via improved commuting distances and a more cohesive community. The long-range outlook is hopeful and optimistic.

Laws added to the state books this year will certainly go a long way to boost density, particularly near transit hubs, as well as the removal of obstacles toward building accessory dwelling units on nearly any single-family-zoned home. Investment in affordable housing near inexpensive public transportation is a key mechanism to reduce the cost of living, and housing investments can help mitigate climate change when coordinated with transit options. But getting there will take time and resources; permitting new housing projects alone can take 6 months or more.

Converting underutilized office buildings and vacant big box stores (ahem, BB&B!) could potentially generate thousands of homes in areas already served by public transportation. The costs and resources are a huge hurdle to overcome but cities are willing to help.

We need every market-rate and affordable home that developers can produce. Our county has the distinction of having the lowest percentage of Millennial homeowners (38%) in the region, compared with Snohomish (57%) and Pierce (50%). Affordability continues to be the No. 1 roadblock to ownership.

Laws put into place, effective July 23, will undoubtedly help but the challenges remain. They include further:

• Improving homeownership opportunities for first-time buyers
• Reforming building codes to ensure every requirement is worth the delay
• Improving opportunities for minority households to create inter-generational wealth through ownership
• Reducing homelessness that results from lack of affordability
• Earmarking subsidies to the most economically vulnerable households through housing support and low-income homes

Many of these goals can be woven into the comprehensive plan that, thankfully, local governments are reviewing now for their next 10-year cycle that starts in 2024. The time is now to build more because there are no signs people will stop showing up at our door.


BY THE NUMBERS 

>> The ratio of U.S. mortgage holders considered “equity rich” – with 50% or more equity in their homes – fell in Q1 to 47.2% from 48.0% in Q4 2022, marking the second consecutive quarterly decline after 10 straight gains dating back to 2020. According to ATTOM Data Solutions, Washington was among the top five states to experience the sharpest quarterly decline; 56.5% of mortgage holders in our state are equity rich, down from 58.5% in Q4.

>> If budgeting $1500 a month to rent a home, Seattle can fetch you a 453 sq. ft. residence, according to research from RentCafe. That places the Emerald City No. 89 among the top 200 U.S. cities for rent affordability. Spokane ranked No. 26 with a 988 sq. ft. home at $1500. Wichita, Kan., earned top marks, offering a 1463 sq. ft. rental home for $1500 and Manhattan, N.Y., was last at 243 sq. ft.

>> Nationwide one in every 4234 housing units had a foreclosure filing in April 2023, according to ATTOM. That’s down 10% from March but up 8% from a year ago. Atlantic City, N.J., has the highest ratio of foreclosure filings, with one in every 1356 housing units. No Washington cities were highlighted in the report. Filings include default notices, scheduled auctions and bank repossessions.

>> Nearly half (47%) of all prospective buyers said they would buy a home in the current housing market because they are tired of renting and rent increases. That’s according to a Bank of America survey of 500 renters completed in early spring. A full 69% plan to buy a home when the timing is right for them, regardless of interest rates and home prices.

>> Boulevard Park in unincorporated King County rated among the top 10 affordable suburbs in which to live, according to national research by Point2Homes. By calculating which suburbs had the highest percentage difference between its median price per square foot and the same data point of its nearby major city, Point2 determined Boulevard Park to be the eighth most-affordable area in the U.S. The 1.6-square-mile area has a population of about 5000 and is located just south of the Seattle boundary near South Park.

>> Approximately 1400 new apartment units are now for lease in Seattle, according to a Q1 report from local commercial real estate firm Berkadia. Another 14,716 units are under construction and more than 25,000 are in the planning stages, meaning they will likely start construction within about a year.


JUNE HOUSING UPDATE

Home prices and mortgage rates. These are the two most frequently discussed items by both the people working in residential real estate and the customers and clients they serve. It’s the bacon and eggs of the housing market – two staples that are often linked to one another.

And the May report for Puget Sound residential sales is no different. Unfortunately for buyers, both figures – prices and rates – are climbing, raising the hurdle to homeownership even higher for many.

Median home prices for King County on all home types added 3.4% from April and 13% since the start of the year to $816,750. Prices were up 5.1% ($830K) in Seattle for the month and 4.5% ($1,253,550) on the Eastisde.

Price appreciation is more extreme for single-family homes across our county. It jumped 4.0% in the past month and a whopping 17% Year to Date (YtD) to $910K. Median prices were up 2.2% ($905,125) between April and May and 13% YtD in Seattle and unchanged ($1.45M) in May on the Eastside but up 9.8% over the first five months of the year.

Read a detailed assessment of our housing market in my most recent blog post: Affordability Woes Keep King County Housing Activity on Slow Burn

CONDO NEWS

I truly enjoy exploring new condos before buyers can visit on-site. The smell of fresh paint, wood and carpet permeates the structure. And the views, well, there is nothing sweeter than to see a new perspective from high in the sky!

My visits start with a tour of the sales gallery to learn about the qualities of the community and how it differentiates from buildings past. I most recently met with sales reps for Mari, one of the next great offerings coming to Bellevue. This one is going to be special. I wrote a blog post to offer my insights and share this video sneak peek:

VIDEO: Mari – Boutique Luxury Condo Living in Bellevue

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Exciting times for Seattle condo shoppers: Graystone has introduced weekly on-site, hard-hat tours of the next big residential offering in the city. The 31-story, 271-unit luxury condo on First Hill is planning to open its doors this summer to owners – but why wait?

Tours inside the gleaming glass and steel tower are available most Saturdays, when you can see built-out homes and amenity spaces as they take shape. Once marveling up-close at the fine finishes, you can take the short walk to the sales presentation gallery and discuss pricing and promotions.

Speaking of which, Graystone recently cut prices by 15%-20% and sales reps are making a limited-time offer of buyer assistance toward lower closing costs and more affordable financing. Wow! Contact me to learn more and schedule a no-obligation visit to Graystone.


LUXURY LIVING

Luxury housing season is in full swing across our region. Here is just a small sample of deliciously delightful homes for sale today:

We start with an absolute stunner in Sammamish. It’s a 4-bedroom, 5-bathroom, 7272 sq. ft., 2-story residence (no basement) on three-quarters of an acre on Long Lake. As you enter the home you are immediately attracted to the wood-plank arched ceilings and custom-stone fireplace wall in the living room that acts as a contrast to the massive picture window onto the lake. The chef’s kitchen is huge, with a center island big enough to be called a continent. Rich wood floors and coffered ceilings in select rooms make each inch of this home special. Secluded, spacious, spectacular! List price: $5M ($687/sq. ft.).

Big family or just a lot of close friends? Then we have a colossal estate that could fit any large group. Let’s start with the numbers: a 5-bed, 5.5-bath, 9590 sq. ft, 2-story, custom-built, New England-style home with basement and 8-vehicle garage on a fully fenced 2.8 acres in the Issaquah Highlands. Everything is BIG: a 12-seat theater, two kitchen islands, a walk-in closest bigger than the typical one-bed home, and 1600-bottle wine cellar nearly large enough to be called Total Wine. There’s even a wet bar in the main bedroom and an elevator. The sellers, Cannabidiol business owners, are reportedly downsizing their living arrangements. List: $7.25M ($756/sq. ft.)

Or about a stately house in Magnolia? It’s a 4-bed, 3.75-bath, 4197 sq. ft., 2-story home with basement. Vaulted ceilings and skylights in select rooms open up this 1939-built abode that feels fresh and modern. A wonderful place for family, friends and fun. For extra convenience, local buses run just a few feet from outside the door. List: $2.898M ($690/sq. ft.)

We finish this month’s roundup by setting our sights on new heights. This 3-bed, 3.5-bath, 3083 sq. ft. penthouse takes up half of the 25^th floor in the Belltown condo Seattle Heights. Every inch of this home is classically contemporary. And the views are epic: the city skyline and Queen Anne hill act as bookends to the dramatic views of water and mountains. The interactive floor plan orients you to your fantastic future home! List: $3.45M ($1119/sq. ft.).


What else is happening in and around your Seattle?

Juneteenth, June 17
The national holiday may be on June 19^th but Seattle is getting a head start with a celebration to mark the emancipation of slaves in the U.S. You’re welcome to attend this year’s Juneteenth event at the Rainier Beach Community Center (8825 Rainier Ave. S.) to hear speakers, enjoy cultural performances, partake in kids’ activities and savor food from vendors. Free. 11am-3pm

Frolic in Fremont, June 17-18
The wackiest event of the year takes place on Saturday (2pm). It’s the Fremont Solstice Parade, featuring clothed and unclothed (but strategically painted) cyclists who “parade” around the Center of the Universe. A must-see moment (at least once), starting from 3^rd Ave. NW and NW Leary Way, then along NW 36^th St., Evanston Ave. N. and N. 35^th St. Free. Both weekend days offer a fantastic fair with craft vendors, food, beer garden and live music. There is even a dog parade on Sunday from 2pm. Free.

Music Day, June 21
Make Music Day is an international celebration of live summer solstice sounds. Seattle is one of nearly a hundred U.S. cities to participate. Our event will take place in various venues, including Westlake Park in downtown, under the Great Wheel and in city parks. Enjoy the longest day of the year with some free music.

Drinks in Kirkland, June 23-25
Kirklandia is a tasting of “100 Washington craft wines, ciders, and beers,” with tacos, live entertainment, games, competitions and a street market at Marina Park (25 Lakeshore Plaza, Kirkland). Friday, 4-8pm; Saturday, 12-8pm; and Sunday, 12-4pm

Food in Westlake, June 24
Shop from “100+ local crafty food and beverage vendors” at Gobble Up, organized by Urban Craft Uprising at Lake Union Park (860 Terry Ave. N.). Examples of what you’ll find include sauces, teas, kitchenware and plenty of food options. Free. 10am-5pm

Pride, June 24-25
Looking for an outdoor party with a festive atmosphere? Look no further than PrideFest Capitol Hill on Saturday (12-8pm), a street festival and beer garden with live performance stages along Broadway Ave. near Harrison and Republican streets. Free. That’s followed by Sunday’s Pride Parade (11am-3pm) that runs along 4^th Ave. from downtown to Seattle Center, where thousands of LGBTQ+ members and their supporters hang out for music, food and fun. (12-8pm). Free

Fourth of July Fireworks, July 4
What would be a Fourth of July be without fireworks? There are celebrations throughout our region, including: Bellevue, Everett, Federal Way, Kent, Lakewood, Sammamish, SeaTac, Seattle, Snoqualmie, Tacoma and Tumwater.

Major League Baseball All-Star Game, July 11
This year marks the first MLB All-Star Game in Seattle since 2001 and only the third in our city’s history. The game’s greatest players will meet for the mid-summer classic (5:15pm). It will be preceded by the Home Run Derby on July 10, which last year featured then-rookie Julio Rodriguez of the Mariners in the derby final (but finished second). 5:15pm (times are approximate)

Bumbershoot, Sept. 2-3
Here is your early reminder that Bumbershoot is right around the corner (hard to believe!) and now is your time to explore ticket options for what is the 50^th anniversary of Seattle’s signature Labor Day weekend festival. The event returns after a 3-year hiatus and under new organizers. Among this year’s headliners: Sleater-Kinney, Zhu, The Revivalists, and Fatboy Slim. The music madness and much more – roller skating, wrestling, sign spinners, robots, burleskaraoke (I couldn’t make this up!) – takes place at Seattle Center (305 Harrison St.) Tickets.

Events are subject to change. Please check with venues to confirm times and health-safety recommendations.

In case you missed it….

Home buyers were the center of focus in the past few weeks on my Living the Dream blog. We covered the little-discussed assumable mortgage and how it may help some buyers get on the property ladder. Contract contingencies are significantly important to protect buyers and we list the five most critical conditions to keep in mind. And, we offer our take on the oft-ask question about finding homes near “good schools.”

Thanks for reading! Please share your feedback and tell your friends about this unique offering.

Will

Almost since the start of the pandemic, homeowners have been spending more time enjoying their low-financed houses and condos. They have also been spending oodles of dollars to shape their residences to meet new living needs – modern and spacious, when possible – as households live in their homes for longer.

Owners are investing about $475B (yes, billion!) annually in home improvements across the U.S., an increase of about 14% year-on-year, according to Harvard research for Q1. Improvements include remodels, replacements and additions to homes.

The $180B kitchen and bath market is leading the home-improvement charge and, despite economic headwinds for many households, industry experts see no end in this modernization movement. Kitchen and bath professionals are reporting 3.9-month backlogs of contract work, as of Q4 (latest data available), which is down from the peak of 4.8 months in Q2 of 2022, according to a survey conducted by John Burns Research & Consulting.

In many cases, the lag time to complete projects is no longer from dreaded supply-chain issues. Instead, industry pros are pointing to a lack of skilled tradespeople required to install kitchens and baths as the primary cause for delays.

Compounding the demand is a consumer public determined to stay put for several more years rather than dive into a real estate market clouded by higher interest rates. Information from the National Mortgage Database shows 83% of all mortgage holders enjoy an interest rate below 5% when today’s average rate is about 6.5%.

The so-called rate-lock effect is prompting many homeowners to remodel over a move. The average tenure for homeownership is now at a historic high of 10.7 years, according to recent data, when it was only about five years just before the housing market crash of 2007.

U.S. Census data suggest that more than 2M additional homes will reach their “prime remodel” years through 2027 – a time when homes tend to undergo their first major kitchen and bath renovations. According to John Burns research, that translates into roughly 1.3M such renovations to these homes (between 20 and 39 years old), with about 200,000 of those projects running north of $25K each.

Forget investing in a new home, you might want to look at kitchen and bath suppliers and remodelers as wise investments!


THIS LAND IS YOUR LAND

Local governments across our state (including North Seattle looking south, pictured) are undergoing a massive review of their land-use regulations in something called a Comprehensive Plan. Across portions of King County, now is the time to provide input into how the land – your land – should be managed and maintained for the next 10-year cycle.

It’s a consequential time for our region, working to improve upon our current shortage of housing, particularly the dearth of affordable homes. Locally, the process requires cooperation among the Metropolitan King County Council, Seattle City Council and Sound Cities Association  (comprised of the county’s 38 cities outside of Seattle).

The King council covers all sections of the county outside established cities and towns. Its nine members are aiming to address social equity, affordable housing and climate change in our region. Some highlights of their objectives include:

• Strategies to mitigate cultural, economic, and residential displacement in unincorporated area communities; 
• Proposals to allow “middle housing” types and “inclusionary housing” in unincorporated area communities; 
• Plans to manage and reduce wildfire risk and extreme heat made worse by climate change;
• And, strategies to phase out fossil-fuel usage in buildings and improve transportation equity.

The council is seeking feedback from residents before the mandatory deadline to finalize its comprehensive plan hits on June 30, 2024, with changes enacted at the end of next year. By that point, King and the state’s 38 other counties must report anticipated growth figures for population and employment and establish an action plan to address their needs for the next two decades.

Additional opportunities for public review of and feedback on the 2024 update will occur as part of the King County Council review of the proposals throughout next year.


OLYMPIA WRAP-UP

What a session for state lawmakers! A record 494 bills passed the Legislature and are now with Gov. Inslee for his signature, with many already signed and preparing to go into effect in July. The remaining 1823 bills that did not pass this session will automatically be reintroduced next year.

As reported in last month’s newsletter, 23 pieces of housing-related legislation passed the House and Senate. They include greater transparency around real estate brokerage services, initiatives to boost housing supply and a greater effort to allocate more affordable homes (for rent and sale). Lawmakers delivered more than $1B in housing initiatives, including $400M in the Housing Trust Fund that will build approximately 3,000 new permanently affordable homes.

Most consequential was a landmark bill to allow multifamily housing in nearly every part of the state. Signed by the governor last week, the law is intended to boost the number of duplexes and fourplexes in neighborhoods now reserved for single-family homes

Legislation related to transit-oriented development did not pass. The bill was aimed to help with traffic congestion and pollution by building denser housing near major transit locations. The proposal ran into issues when controversial amendments were introduced in committee.

The legislature also decided not to move forward with the govenor’s $4B housing proposal. The state estimates it needs 1M additional homes within the next 20 years to make up for decades of underbuilding.

The measures – small and large – passed in this session will go a long way to addressing the state’s acute shortage of homes and affordability crisis.

“Washingtonians won this session,” said Dan Bertolet, Director of the Housing and Urbanism program for Sightline Institute, a Pacific Northwest regional think tank. “Whether it was cutting red tape and construction costs or ensuring our cities allow more affordable options near transit and jobs, these bills, working together, mean more homes, at more affordable prices, in communities all across our state.”


BY THE NUMBERS

>> More than 2.3M new Hispanic homeowner households have joined the market since 2014, bringing the current number of Hispanic-owned homes in the U.S. to 9.2M for a homeownership rate of 48.6%. The National Association of Hispanic Real Estate Professionals issued its annual report in March.

>> Seattle is ranked No. 2 in the U.S. for healthiest cities, according to WalletHub. The personal finance site reviewed 43 key indicators – from health care/longevity, diet, fitness and green space – to formulate its list. San Francisco came in at No. 1. Portland, Ore., finished sixth.

>> Thanks to this region’s high cost of living and factoring in taxes, Seattle area households need to earn roughly $213K a year to feel like they are in the $100K Club. That’s according to a report from financial-tech company SmartAsset. The gross income requirement ranks Seattle metro 10^th in the report. Honolulu tops the list, where residents need an annual salary of $312,400 to feel like a six-figure earner; the state capital’s cost-of-living index is 86% above the national average.

>> Three Washington metros were among the cities with the lowest ratio of all-cash home sales in Q1, according to a report released by ATTOM Data Solutions. Seattle was No. 2 for the lowest percentage of cash sales at 22.5%, just below Spokane (22.6%) and Kennewick (22.9%). Vallejo, Calif., had the smallest share of cash sales in the nation (21.4%).

>> Seattle metro enjoyed one of the highest U.S. home-sale profit margins in Q1, according to the same report from ATTOM. Our market had a raw profit of $236,000 on median-priced sales. That ranked fifth in the nation behind the California cities of San Jose ($475,000), San Francisco ($316,000) and San Diego ($242,750), with Naples, Fla. ($255,750), squeezing in at third.

>> One in every five Americans rents a storage unit at an average cost of $127/month, according to data published by StorageCafe. The primary reason for their use (40%) is “not enough space at home.”


MAY HOUSING UPDATE

How’s the market, you ask? The typical seasonal spring in its step has been replaced by a slow shuffle as the Seattle/King County residential market tries to find its rhythm in a challenging economic environment.

Falling new inventory is constraining transaction volumes while also supporting higher home prices. It’s a dynamic not often seen in our area and it – along with stubbornly high mortgage interest rates – has generated a rollercoaster ride of data that would make Six Flags jealous.

The number of new April listings for all home types in King County (2638) was 10% lower than the previous month, at a time of year when spring real estate activity should be taking off. Except for the pandemic year of 2020, last month was the slowest April since at least 2008 when easy access to Northwest Multiple Listing Service data became available. The figure was 37% lower than a year ago and, for context, the five-year April average of new listings just before the pandemic began was 4021.

Read a detailed assessment of our housing market in my most recent blog post: Shrinking Number of New Listings Slows Seattle/King County Housing Activity

CONDO NEWS

Downtown and Belltown are filled with energy not seen since, well, before the start of the pandemic in March 2020, when businesses started to shut down after a long successful run. In a huge move toward a newer normal, Amazon this month welcomed back workers to its offices across Seattle – at least three days a week.

The presence of more than 50K “Amazonians” will be a massive boost to businesses from retailers to restaurants.

And residential real estate? That question may take several months to answer but, if we can measure hope and optimism then we can expect an uptick – if not a flurry – of activity in market-rate housing from Queen Anne hill to Capitol Hill.

A lot is riding on this sudden influx of people to our city’s streets. Downtown offices have been near the bottom of the charts among U.S. cities for office occupancy at 45% of pre-pandemic levels as of March, according to Downtown Seattle Association. A separate study that uses smartphone data shows Seattle ranks 51^st out of 63 U.S. and Canadian metros for rebounding to pre-pandemic levels of people in downtown. (Portland, St. Louis and San Francisco were at the bottom of the list.)

Homelessness, crime and fewer retailers prompted people to avoid the business district for years. For the first time since August 2021, the percentage of Seattle voters saying they are visiting downtown the same or more often than they did pre-pandemic has increased. However, two-thirds still say they are visiting less often and those who visited most frequently pre-pandemic are the most likely to say they are visiting less.

The survey of 700 Seattle registered voters took place in early spring before Amazon workers returned.

What might we see in local real estate? There is a forecast for continued growth in the tech sector, despite many early year layoffs, with 13.4K new positions in Washington expected this year. As commute times expand, successful tech workers who earn an average salary of $130K in our state, may want to live closer to the office and consider purchasing a condo – a segment of the housing market that has lagged behind single-family and townhome sales.

There are many home options available to prospective buyers – including new construction offerings in buildings that opened during the pandemic. They include Nexus, The Emerald, KODA and Spire. And, opening this year, Graystone.

It’s now up to consumers to weigh their options and determine when the timing for buying is right for them.

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We are watching developments at Escala, the elegant luxury condo in downtown Seattle. There are currently 11 residences on the market in the 267-unit, 4^th Avenue high-rise. That appears to be a somewhat higher number for this high-end building. Five additional residences have traded hands this year and one more is under contract for sale.

Why the desire to leave? It may have something to do with a judge’s ruling in December that removed final obstacles for a high-rise project to begin only a few feet away. In addition to the noise of construction for a few years, the final product – a proposed 48-story, 430-plus-unit apartment/hotel – will likely block natural light to the east-side residents at Escala and reduce the value of their homes.

One outstanding issue: Who pays legal fees for the defendants. A ruling on whether the bill will hit the HOA has yet to be announced.


LUXURY LIVING

Newport Shores is like a small version of Ft. Lauderdale and its homes along canals. The setting is peaceful and comes with water views. Few homes in this exclusive section of Bellevue come on the market, so when this 4-bedroom, 3.75-bathroom, 5498 sq. ft., 1-story (with basement) was listed in late April, I knew it was worth spotlighting here. Highlights include the dramatic living room, stone fireplace and round kitchen countertop eating area. There’s also wonderful outdoor space with 105 ft of waterfront. Absolutely stunning! List price: $10.5M ($1910/sq. ft.).

Looking for something a little less pricey but still on the water? Then check out this 6-bed, 4.25-bath, 6290 sq. ft., 2-story residence in Weber Point on the northeast side of Lake Sammamish. The use of wood throughout the home is both tasteful and unique (laid within a slate-tile floor!), and a 2-story great room makes a bold statement. The outdoor space is ultra Northwest, including a sport court, covered living area, kitchen with bluestone patio, spa tub with waterfall and shower, wood-burning firepit and 75 ft. of shoreline. I love the listing video! The owners are selling the custom-made home after a quarter-century and reportedly retiring to Montana. Property taxes are steep at $60K a year. (That’s Sammamish!) List: $8M ($1272/sq. ft.)

Readers asked if I would spotlight luxury homes outside the Seattle/Eastside area. Well, here’s a good one: a 4-bed, 2.75-bath, 3259 sq. ft., tri-level home in the Marine Hills section of Federal Way. Split levels are not my favorite (or my clients’) because of the multi-stair layout but this one stood out for its fantastic views of Poverty Bay to the west. The outdoor spa pool with Sound views will likely be a favorite this summer. List: $1.325M ($407/sq. ft.)

The founders of Seattle’s most popular bookstore – Elliott Bay Book Co. – are selling their Mt. Baker home after 45 years. Walt and Maggie Carr, who sold the bookstore 24 years ago before the landmark shop moved to Capitol Hill, are now living with family in their retirement years on Vashon Island, according to the Puget Sound Business Journal (paywall). The 5-bed, 3.5-bath, 4350 sq. ft., 3-story Colonial (with basement) never looked better. Built in 1929, the residence offers water and mountain views and the home now enjoys plumbing and electrical updates, refinished hardwood floors and fresh coats of paint. The third floor was added in the 1980s. List: $3.175M ($778/sq. ft.), a $210K price drop from earlier this month.

A century ago, the rich and famous of Seattle lived closer to downtown. This 5-bed, 4-bath, 6500 sq. ft., 1915-built, Georgian-style, Capitol Hill home speaks to that time and the bold and beautiful homes that were commonplace. The home was constructed for olive-oil importer John Vittucci. Ironically, the current owner reportedly was raised on an Italian farm that produced olive oil and he and his family are now returning. Rich oak beams are featured in this majestic mansion along with period-appropriate light fixtures. Yet, the amenities are modern from kitchen to bath, plumbing and electrical, with a reported $2M in updates to the property since it was purchased in 2009. Check out the listing’s lookbook and cinematic video flythrough. Wow! The home is hidden with a smart layout of trees, bushes and plants on a shy, quarter-acre of landscaped grounds. The attention to detail and craftsmanship is astounding. List: $5.25M ($808/sq. ft.)

What else is happening in and around your Seattle?

Free Classical Concert, May 18
Students join the Seattle Symphony to produce a memorable evening – the Merriman-Ross Family Young Composers Workshop Concert. Support the arts through a donation at this free community event – Benaroya Hall (200 University St., Seattle) 7:30pm

Big Trucks, May 20
When I was a young boy, there was nothing more fun than playing with my Tonka trucks and Matchbox cars. Well, for kids of today they can enjoy the real thing! Rig-a-Palooza will feature a fire engine, aid car, state patrol vehicle, backhoe and more – plus food trucks! The free event takes place at Sammamish Commons Plaza (801 228th Ave. SE, Sammamish). 11am-2pm

University Street Fair, May 20-21
The first big event I ever attended in Seattle was right outside my apartment – the University District Street Fair, with outstanding arts & crafts booths all along University Way NE and food trucks throughout the immediate UDistrict area. There is live music, dance and comedy, as well as a beer garden, farmers market (9am-2pm, Saturday only) and kids’ zone. Free to attend. Saturday, 11am-7pm; Sunday, 11am-6pm

Pro Basketball Returns, starting May 20
The winningest pro basketball team in Seattle history returns to the hardwood for a new – and dramatically different – season beginning May 20. The Seattle Storm of the WNBA open their home campaign at Climate Pledge Arena (334 1^st Ave. N.) against former UW star Kelsey Plum and the Las Vegas Aces. Former Storm center Breanna Stewart makes her Seattle return on May 30 with the New York Liberty, and former Seattle superstar Sue Bird – the Storm’s all-time leading scorer – will have her No. 10 jersey retired in a ceremony on June 11. Tickets

Folklife, May 26-29
A very Seattle celebration is preparing to hit our main cultural hot spot – Seattle Center (305 Harrison St.). Celebrate traditional arts by attending some of the hundreds of dance and musical performances, workshops, and panels from around the world held at Northwest Folklife Festival. This year’s theme is “lagom” – not too much, not too little, just right! Donations are welcome in lieu of entry fee.

Memorial Day Festivities, May 29
The unofficial start of summer – Memorial Day weekend – includes a series of activities and events to mark this important holiday to honor those who served and lost their lives to protect our freedoms: Museum of Flight in Seattle, Tahoma National Cemetery in Auburn and Evergreen Washelli Cemetery in Seattle (see my video blog post from 2022). Various times.

Pride Month, June
It’s time for all our LGBTQ+ neighbors and friends to join in celebration of Pride Month. (June is here, already? Well, clutch my pearls!) My favorite part of this wonderful time is Pride in the Park, which offers a range of music, speakers, food, a beer garden and craft vendors for all ages – on June 3 at Volunteer Park (1247 15th Ave. E; grounds map). 12-7pm. The annual Pride Parade – the largest parade in the state – is on June 25 and runs along 4^th Avenue from downtown to Seattle Center. 11am-till

Eastside Concert Series, June 4-Sept. 22
It’s that time of year again – outdoor concerts! – and the Eastside has you covered. Marymoor Live  presents a variety of fantastic music in a green setting. Bring $10 cash for parking and a blanket or chairs to Marymoor Park (6046 West Lake Sammamish Pkwy NE, Redmond). UB40, Young the Giant, and Rick Springfield are among this year’s headliners. And, Chateau Ste. Michelle showcases its Summer Concerts  with big-name acts from James Taylor and Ringo Starr to Charlie Puth and Sheryl Crow. Reserved seats or hillside seating are available in Woodinville (14111 NE 145th St.).

International Dance Festival, June 10-18
Seattle International Dance Festival  is an explosion of dance and the arts at Broadway Performance Hall and the Erickson Theater on Capitol Hill. Performers from South Korea, France, Switzerland, India and across the U.S. are scheduled to appear. Tickets

Events are subject to change. Please check with venues to confirm times and health-safety recommendations.

In case you missed it….

One of the joys of working in this business is to get a glimpse inside many outstanding residential buildings and then share my findings – both with visuals and text – for your benefit. My video featurettes of condo buildings attract many hundreds of views on my YouTube channel (and I thank you!).

Those videos also appear within the blog posts that shine a bright spotlight on the buildings, amenities and distinct characteristics of the community. My journalism background helps dig up interesting nuggets about the history of the street or neighborhood, or it may provide surprising data points when comparing one condo building with others.

My most recent foray into the condo world was a trip to Seattle’s stadium district to have a look at Gridiron. The name may give you a clue as to its exact location. Here is my detailed report for you to enjoy.

My Living the Dream blog also recently featured two environment-related articles that spotlight the impact climate change and Mother Nature may have on our homes and how flooding is a rising concern.

Thanks for reading! If you think about it, please forward this newsletter to a friend or family member who may enjoy it! They can also sign up here to receive a copy every month.

Will

HOUSING AND THE CARBON CONUNDRUM

Happy spring! If you’re looking for something fun to do on a day off, check out the Skagit County Tulip Festival in and around Mt. Vernon, Wash. (pictured). The sights will dazzle your eyes!

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In the spirit of the season and to mark Earth Month, this newsletter examines the question of sustainability and meeting goals to reduce carbon dioxide emissions.

It is frustrating to many that we continue to rely so heavily on gas-powered cars, SUVs and trucks. Although efforts are underway to shift consumer preferences from pump to (electric) plug, the pace of conversion appears sluggish.

Exacerbating the problem is the growing challenge facing less-fortunate households forced to live further and further from job centers. 

One of the true, root causes of this carbon/commute conundrum is simple: Too few homes are built where people want to live.

Hard-working, middle-class Americans cannot afford to live today in high-productivity zones such as in cities in King County.

Across Washington, 60% of low-income and 23% of middle-income households are burdened by housing costs, compared to only 6% of high-income households. A full 33% of King County households, or roughly 300K, spend 30% or more a month of their income on housing costs.

Meanwhile, this state’s commute times are higher than the U.S. average; 63% of Washingtonians have a commute of 40+ minutes, compared with 33% across the country. Building more housing in the right places will help reduce average commute times and emissions as individuals spend fewer minutes on the road.

It can be maddening. Even while we live in a country that encourages homeownership, America has fewer dwellings per thousand inhabitants than the European Union.

I mentioned the term “steering” in last month’s newsletter – you know, the illegal act of leading people in one direction or another when buying a home. Well, there is a different type of steering that I am advocating for today. 

We need to steer away from a vehicle-dependent lifestyle. To address many people’s insatiable appetite for driving, we must accelerate the switch to electric vehicles. (Did you see what I did there?) Speaking of Europe, major cities – from Porto to Prague – encourage the masses to use public transportation, bikes and walking over the use of vehicles.

Portland – the City of Bridges, for crying out loud! – is working toward reducing the number of parking spaces required in new developments while adding more resources to support walking, cycling and public transport. The goal: reduce the city’s carbon footprint.

Why not us?

Start with urban centers, such as Bellevue and Seattle. Instead of driving a few blocks to the Safeway or Bartell, lace up those sneakers and walk to purchase the necessities. Instead of being a constant chauffeur for the kids, let them bike to soccer practice or at least carpool the little ones whenever possible.

This is the only way to change our collective mindset to reduce pollution – all for a higher quality of life and the betterment of humanity. It’s not too late to change.

Happy Earth Month!

OLYMPIAN SHIFT ON HOUSING

Lawmakers in Olympia, where they are finishing a 3-month session, have delivered bipartisan support on an incredible 22 pieces of housing-related legislation and are seeking the governor’s signature. Some of the most notable of that group:

• Exempting the sale and leaseback of property by a seller from the residential landlord-tenant act when the seller agrees to a written lease of no more than three months at closing.
• Easing rules that limit the construction of accessory dwelling units as well as incentivize the rental of ADUs to low-income households. 
• Consolidating the construction-permit process and establishing project-review deadlines.
• Requiring a services agreement of 60 days (negotiable) between home buyers and their broker, similar to existing arrangements with sellers.
• Creating a program and funding to address the history of housing discrimination from racially restrictive real estate covenants – an issue we at John L. Scott Real Estate have been pushing to address for years.
• House Bill 1110 will require most cities, depending on population, to increase density in residential areas with duplex, triplex and fourplex homes where only single-family housing was permitted and even sixplexes within a quarter-mile of transit hubs and light rail stations. A portion of these multifamily homes must be put toward renting or selling affordable housing. The specifics are still being discussed between House and Senate lawmakers (as of April 14). The shortage of both market-rate and affordable housing has helped to keep home prices buoyant, prompting state and local governments to ease zoning restrictions on residential development. The Seattle Times summarized the still-fluid legislation as of late last week.

Our region is at a critical juncture and desperately needs more housing. An editorial in The Times – co-written by chamber of commerce CEOs from Seattle, Snohomish County and Pierce County – put it best when describing the potential consequences: 

“We will lose future generations of talent, future innovators and future leaders, as well as much-needed teachers, nurses and entrepreneurs to communities where housing is more affordable if we don’t see progress soon.”

Meantime, lawmakers were addressing how to fund all matters of government. An $8.3B bipartisan House Capital Budget proposal would set a state record for construction funding. Some of the highlights:

• $4.6B in new state bonds
• $3.16B in federal, local and dedicated state funds
• $704M for affordable housing and home upgrades

Then there is Gov. Jay Inslee’s proposal to borrow billions to fund housing construction. If approved by both chambers, voters will get to decide on its fate this November.

Lawmakers had until April 12 to pass legislation in both chambers and now must iron out differences between House and Senate versions before sending the measures to the governor’s desk. The session is scheduled to end on April 23 and we will update you in next month’s newsletter.

BY THE NUMBERS

>> Seattle metro experienced one of the most profitable years on record for home sellers, according to figures compiled by ATTOM Data Solutions. Raw profits on median-priced home sales in 2022 topped $100K in half of all U.S. metros. Leading the way were the California cities of San Jose ($621,000), San Francisco ($473,000) and San Diego ($295,000), with Seattle ($304,063) squeezing in at No. 3. The average national profit margin of $112K represented a 51% return on investment for sellers, up from 45% the previous year.

>> Seattle metro (which includes Everett and Tacoma) experienced a 33% decline in new mortgages between Q3 of 2022 and Q4. That ranks the fifth-highest percentage decline among cities with populations of at least 1M. Honolulu topped the list with a 48% quarterly drop in new mortgage completions, according to ATTOM, with Tampa having the smallest decline among large cities at 15%. Lenders issued 1.5M residential mortgages in Q4, the lowest number since Q1 of 2014.

>> Washington has been selected as the best state to retire in, according to research by Global Residence Index. Measuring seven factors – such as life expectancy, environmental quality and Medicaid spending – the Evergreen State finished at the top. Minnesota and Massachusetts were Nos. 2 and 3. Alabama was last.

>> A review of seasonal residential sales history in the U.S. shows Washington and Wisconsin have the sharpest imbalance of transactions on a typical year. The two northern states average about 36% of annual sales each year in Q2 – the national average is 31% – and only about 16% of sales in Q4. The states with the most consistent sales from quarter to quarter are, unsurprisingly, in warm climes of Hawaii and Florida.

>> Seattle was named the third-best city in the U.S. for digital infrastructure by ProptechOS. The real estate tech company examined 11 areas to determine smart city scores; it looked at broadband internet speeds, tech jobs, electric vehicle charging locations and more. On a 1-100 scale, the Emerald City registered a score of 73.3. Austin, Texas (75.4), and Los Angeles (74.5) topped the list.

>> Seattle has the smallest apartment units on average in the U.S., according to a report from RentCafe. The Emerald City’s new-build apartment units averaged 659 sq. ft. in 2023 – a loss of 30 sq. ft. in the last 10 years. The average size of all apartments in Seattle was 689 sq. ft., tied with San Francisco for the smallest units in the nation. Portland, Ore., and Queens, NY, were tied for second smallest of new-built apartments at 681 sq. ft. Tallahassee, Fla., boasts the most space, with new apartment units averaging 1182 sq. ft.

APRIL HOUSING UPDATE

The signs are generally pointing in the right direction for our local (and national) residential real estate scene, but it is taking more time than usual to turn a cruise-ship-sized sector around without leaving damage in its wake.

“After nearly a year, the housing sector’s contraction is coming to an end,” notes Lawrence Yun, National Association of Realtors® chief economist, speaking about the U.S. market. “Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months.” 

Locally, the number of home buyers to sign pending-sale contracts has risen for four consecutive months – indicating an increase in demand. There were 2364 Pendings in March on all home types combined in King County, a 19% increase from February and the highest total since August. 

That’s not really saying much since the housing market has mostly been in hibernation during the fall/winter months. In fact, after the first quarter, we are on pace to deliver the third-fewest annual home sales in this still-young century.

Read a detailed assessment of our housing market in my most recent blog post: King County Housing Market ‘Springing’ in Right Direction

CONDO NEWS

We learned in recent weeks that the grand unveiling at Infinity Shore Club Residences, featured in the February newsletter, has been delayed yet again. Liens from building contractors reportedly totaling about $14M have been placed on the 37-unit project near Alki Point in West Seattle. The sale of homes with pending legal issues cannot be completed until the matter is resolved.

We toured this stunning beachfront condo earlier this year and were ready to celebrate its opening – but all is now on hold. The president of the project developer told Puget Sound Business Journal that it hopes buyers can take possession of their condo residences this summer pending resolution. Of course, a lot of the issues will resolve themselves when buyers complete their purchases and funds can be used toward any outstanding contractor bills. Stay tuned!

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An update on an item last reported in the January newsletter: The civil complaint filed by the homeowners of Insignia Towers in Belltown against Bosa Development Washington and 21 of its subcontractors has a new trial date – Nov. 16. The date has been postponed three times, most recently this month, as parties attempt to resolve outstanding issues and avoid trial.

The complaint centers around Insignia’s owners claiming a breach of the Washington Condominium Act pertaining to warranties – a commonly seen action against contractors of new condos. The building’s Homeowners Association is claiming defects or deficiencies by Bosa and its contractors in a range of materials, design and construction.

This has caused challenges for buyers seeking financing to purchase a home in the two-tower community that opened in 2015. Buyers must rely on portfolio lenders – known for holding the mortgage through the duration of the loan – such as Washington Federal to finance the purchase. That’s because traditional lenders typically do not underwrite loans when there is a high risk of pending litigation.

LUXURY LIVING

We start this month’s biggest and best listings with one of the priciest on record. Hold onto your jaw and clutch your pearls, for this is one stunning property. This 85-plus-acre estate in the San Juans – known as Halftide Farms – includes three luxury mansions, each with guest cottages, as well as two pools, four ponds, caretaker quarters, tennis and pickleball courts, putting green, and about 650 ft. of private beach along Griffin Bay. In total, there are 11 bedrooms, 9.75 bathrooms, 13,109 interior sq. ft. and garage parking for 13 vehicles. A property like this cannot be adequately described in a traditional listing, so the listing agent put together this helpful lookbook. The Ackerley family are reportedly the owners – they of Seattle Sonics ownership fame – and have decided to sell the expansive compound after three decades of stewardship. List price: $75M ($5721/sq. ft.) – the second-highest price ever listed on the Northwest MLS. (An $85M property on Hunts Point was listed last year but did not sell. The most expensive MLS-listed property to sell was $60M in 2020, also on Hunts Point).

Here’s another stunner, making a return to our newsletter after failing to sell last year. It’s a 5-bed, 5.5-bath, 11,412 sq. ft., 2-story with basement on 10 acres in the May Valley section of unincorporated Issaquah. The Ralph Anderson-designed estate sits on a plateau near Squak Mountain and provides outstanding Cascade views. The iconic Northwest contemporary home delivers wood ceilings, beams, built-ins and floors. A massive wine cellar, sports courts and putting green will keep everyone busy. The estate has been on the market, on and off, since 2021, then at $14.75M. Now, the sellers are seeking “only” $7.825M ($686/sq. ft.), or a 47% discount of the original figure.

We tend to uncover at least one eye-popping new home on the market in the exclusive city of Medina every month and April is no different. Here is a 4-bed, 3.5-bath, 4600 sq. ft., 1997-built, 2-story home. The 1-acre estate – located only a few homes north on the same street as where Bill and Melinda Gates raised their children – features a dramatic, gated entrance, landscaped grounds and a mostly-white, open-plan interior that is both elegant and comfy. The capstone to this gem is the walls of windows that look west at the Seattle skyline and – on a clear day – the Olympics. Oh, did I mention your own 62 ft. of private waterfront with a 100 ft. boat dock? The owners purchased the place about 2 years ago for $7.7M. Today’s list: $17.5M ($3804/sq. ft.) 

Finally, we take you to what I would call The Bold and the Beautiful style of living. Immerse yourself in ultra-luxury living atop a hotel/condo high-rise in downtown Seattle. This 3-bed, 3.5-bath, 4400 sq. ft. breathtaking penthouse is perfectly suited for top business execs and their partner as they live and socialize amid stunning views from the half-floor, 39^th-story Residences at Olive 8 (which sits above the 17-story Hyatt Hotel). The rooms, balconies and even walk-in closet are massive. What I love about Olive 8 is that residents can enjoy the comforts of home along with outstanding amenities of the hotel – housecleaning, room service, valet and discounted hotel dining. List: $7.475M ($1699/sq. ft.).

Interested in seeing one of these beautiful homes or something else? Give me a call to set up a time to talk!

What else is happening in and around your Seattle?

Traveling Tech Museum, through Sept. 4
WNDR (pronounced “wonder”), a high-tech art museum, has opened on the Seattle waterfront, offering about two dozen immersive and multi-sensory installations for all who visit. The blending of art and technology is on full display in the vast Maritime Building (906 Alaskan Way). Tickets. Daily, 12-9pm.

Science Night, April 19
Our region is so friendly to the tech community, even when enjoying happy hour. Organizers at the Pacific Science Center (200 2^nd Ave. N., Seattle) are holding an adult science fest for one night only. PacSci Happy Hour gives attendees hands-on experiences as well as a laser show and planetarium program while also enjoying an adult beverage. 21+ only. Tickets. 5:30-8:30pm.

Earth Day, April 22
We mark the 53^rd Earth Day with a range of exciting activities and events. They include:

• Wallingford community street cleanup
• Earth-a-Thon tech project at Microsoft, Bldg. 20, Redmond
• Earth Day Run and tree planting at Magnuson Park, Seattle
• Mercer Island Green Earth Day Fair
• Sammamish Earth Day
• South Park Electric Vehicle Show
• Washington Park Arboretum volunteer day

Body Building Expo, April 28-30
Emerald Cup is a bodybuilding, fitness, figure, bikini, and physique championship with health-industry vendors at Meydenbauer Center (11000 NE 6th St., Bellevue). Check it out! Tickets. Times vary.

Mexican Celebration, May 5-6
Mexico’s May 5^th party to mark the country’s victory (albeit brief) over France in 1862 includes events and festivities – featuring a chance to enjoy food, drink and culture from our southern neighbors. In Seattle, you may want to check out the Cinco de Mayo cruise from Waterways Cruises, departing from Chandler’s Cove (901 Fairview Ave. N.), 8pm. 21+ only. Tickets. The celebration continues the next day with live music, food and children’s activities at Plaza Roberto Maestas (2601 17^th Ave. S., Seattle). Free

Boat Parade, May 6
It’s that time of year once again – to formally open our region’s boating season. Watch hundreds of watercraft parade with their joyous passengers and crew through Montlake Cut between Lake Union and Lake Washington. A bonus: the Windermere Cup boat races. One great viewing location is behind the Institute for Learning and Brain Sciences (1715 NE Columbia Rd., Montlake/Seattle). 9am-7pm

Italian Opera, May 6-21
La Traviata is a bittersweet love story by Verdi and performed in Italian with English subtitles at McCaw Hall (321 Mercer St., in Seattle). Add a dash of culture to your life! Various times.

Going to the Dogs!, May 7
What are the odds that two Eastside communities are holding separate events with the theme of dogs on the same day? It’s apparently true! Walk or run the Wag Love Fest 5K cancer fundraiser, then make flower garlands, hear speakers and take part in activities with your dog at Marymoor Park (6046 West Lake Sammamish Pkwy NE, near the Velodrome, Redmond). 9am-noon. Walk ‘n Wag includes a 3K trail plus an agility course, vendor booths and a pet show at Lake Sammamish State Park (2182 NW Sammamish Rd, Issaquah) to raise funds for improving the park. 10am-3pm.

Film Fest, May 11-21
The Seattle International Film Festival celebrates its 49^th edition at various theaters across our region. Join top directors, actors and critics who attend festival premieres and screenings by buying a single ticket or special pass. Tickets.

Events are subject to change. Please check with venues to confirm times and health-safety recommendations.

In case you missed it….

Since the last newsletter, we have covered a wide range of topics on my Living the Dream blog. Here they are:

• How to Appeal Your Property Taxes in King County
• New Wire Fraud Scheme Exploits Virtual Meetings
• VIDEO: Behind-the-Scenes Tour of Climate Pledge Arena

Thanks for reading and please forward this report to someone you know who would appreciate the insights.

Will

IS IT ILLEGAL FOR REALTORS TO SHARE CRIME STATS?

Consumers want to be armed with information before making a financial decision on an important purchase. That’s especially true when shopping for a home, often the biggest transaction one ever makes.

In addition to wanting to understand the purchasing process and how much home one can afford, prospective buyers also tell us that crime and safety are prime considerations when choosing an area to live.

That makes sense, as no one wishes to learn after moving in that, say, a nightclub is nearby and known for random gun and drug-related incidents. How do we protect ourselves against a case of buyer’s remorse?

Some ask whether the streets are safe and if I would live in the area. That’s not an easy answer because it is against the law to guide buyers in one direction or another when it comes to describing safety aspects (as well as quality of schools).

One would think providing crime statistics to buyers would be a welcome service by a real estate broker. It’s not … and here’s why.

Among many goals of the Fair Housing Act is to prevent “steering.” That’s a term used to describe real estate professionals (agents, brokers, lenders) who encourage buyers toward – or more importantly, away from – communities based on race, religion and a number of other protected classes. Simply saying, “You don’t want to live in that neighborhood” is essentially a violation of the law even when based on crime data.

A survey conducted in 2021 by a competing real estate brokerage noted half of all owners said crime and safety were their top priorities when deciding where to move. Since then, the same brokerage – along with competitors – has stopped providing neighborhood crime stats from their websites to avoid the potential liability of steering people in one direction or another.

These real estate sites suggest the data is unreliable, possibly misleading and risky. I think it’s all of that, plus the information can reinforce racial biases – whether explicit or implicit.

A quick aside: Despite what people might think, the increase in temporary shelters for homeless people does not necessarily lead to a rise in crime. “On average, an increase in the number of tents and structures in an area is not associated with any increases in property crime – very close to zero,” says Charles Lanfear, an Oxford University sociologist who examined data compiled by Seattle Pacific University students on our city’s homeless tent population.

Real estate brokers can provide links to crime statistics for their clients but they should never interpret the severity of the neighborhood’s safety based on those figures (unless, perhaps, that broker is trained in criminal studies). Instead, buyers and sellers should take advantage of resources on the internet from local governments for crime stats and make their own judgments.

SEATTLE MEASURE APPROVED

A ballot measure in Seattle (featured as this month’s main photo) that was aimed to establish a social housing developer has passed. Initiative 135 collected 57% of the vote amid turnout of 33% of the electorate. It’s now up to City Council to determine how to fund the public program, which will likely take many millions of dollars to support. Stay tuned!

At the state level, lawmakers have passed through one chamber of the Legislature an incredible 28 pieces of legislation aimed to improve housing conditions for all. A primary goal in Olympia as they prepare a new two-year state budget is for lawmakers to address the shortage of affordable housing. Washington’s population has grown by 60% in the last 30 years while only 33% more housing has been produced with an estimated 1.1M additional homes necessary over the next 20 years to catch up, including roughly half needed for lower income residents.

The challenges have been created by slow-moving government, shortages of labor and materials to build, and backlash from residents who rather keep their neighborhoods as-is. NIMBYism flies in the face of public surveys that, in one recent case, shows 71% of Washington voters support legislation to allow higher-density housing, and 68% would support policies even if it meant allowing new duplexes or triplexes to be built near them.

The main bottleneck on the path to housing growth is restrictive zoning laws that limit where multi-family structures can be built. The Puget Sound region is the fourth-most regulated in the country for permitting and land use, according to a 2019 Wharton School study. A report by the Urban Institute says 70% of the land in Seattle and Bellevue is zoned exclusively for single-family use, including about one-third of the land near transit hubs.

House Bill (HB) 1110 is the main piece of legislation targeting the issue of zoning. The House passed the bill that would require cities of 75K or more people to remove single-family zoning restrictions and permit duplexes and fourplexes everywhere and sixplexes within a quarter-mile walking distance of a major transit hub. Cities between 25K and 75K would be required to allow duplexes everywhere and triplexes if one of the units is deemed affordable. It also removes off-street parking requirements for homes within a half-mile of a major transit stop in all cities. (The Seattle Times editorial board urges caution on this measure.)

Gov. Jay Inslee is seeking $4B in the state budget (2023-2025) to help address the housing shortage and homelessness. He hopes to use the funds to build thousands of units and shelters for the unhoused in Washington, which has the fewest number of homes per household of any state in the country.

HB 1046 is moving swiftly through both chambers. It aims to expand supply by supporting the ability of public housing authorities to finance affordable housing developments by re-benchmarking area median income limits to a higher 80%. Other measures that have passed the House include actions to permit the splitting of parcels for more homes and the loosening of restrictions on the construction of smaller flats known as accessory dwelling units (both within a primary residence and stand-alone in the backyard).

“Addressing increased cost of housing and the epidemic of homelessness that is affecting not only Seattle, but every part of our state, is long overdue,” state senator Noel Frame told me in an email. “I am committed to developing strategic approaches to expand access to affordable housing and addressing some of the root causes of homelessness.” Frame’s 36^th Legislative district includes areas around Queen Anne and Magnolia.

Opponents of eliminating single-family zoning and other actions to add density have sought ways to maintain control over the decision-making process and preserve the character and fit of each neighborhood.

Many local governments have taken actions to address the issues over the years. The City of Bellevue reduced parking requirements, Spokane leaders have cut the time to complete permitting from months to weeks and Seattle upzoned 27 hubs with transit stations. But it’s not enough and not widespread, so the state is taking more responsibility.

Lt. Gov. Denny Heck is Washington’s point person on housing. He summed up the situation best: “It’s at an emergency scale and our public policy response ought to be proportionate to that.”

Legislators have until April 12 to approve or reject the proposals that have already passed one chamber. They then must negotiate with the opposite chamber over the final 10 days of the legislative session to hash out the approved bills. We will update you next month on progress.

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So, you think you know about homelessness in America? Take a quiz to test your knowledge.

BY THE NUMBERS

>> Washington ranks No. 12 in the nation for “best states in the country to raise a family,” according to a report from WalletHub. The website used 51 metrics – from education and childcare to health and family fun – to deliver its rankings. Massachusetts and Minnesota topped the list. Mississippi was last.

>> It is now more affordable in 95% of the country for the typical household to rent a 3-bedroom home than to own, according to research released by ATTOM Data Solutions. That’s a huge reversal from 2022 when 60% of households would be better off owning than renting a similar sized home. The main causes for the turnaround: skyrocketing mortgage rates and inflation since the previous report was issued 12 months earlier.

>> The same 2023 report from ATTOM noted median single-family home prices are rising faster than average weekly wages in 93% of the country. The widest rent vs. own affordability gap is in Honolulu, where average 3-bed rents consume 66% of average wages while single-family homeownership expenses consume 140%.

>> Seattle came in at No. 39 in the 2023 World’s Best Cities Report, said a study by global advisors Resonance Consultancy. In addition to tourist appeal, the rankings account for infrastructure, nature, the arts and diversity among other aspects. London and Paris were Nos. 1 and 2. The Emerald City ranked No. 12 in the U.S., with New York and Los Angeles topping the national list.

>> More single women own homes in Washington than single men, according to data from the online lending marketplace LendingTree. Of the 1.94M homeowners in the state, 11.3% are single women and 8.8% are single men. The difference places Washington 34^th among all 50 states in this category. Florida has the widest gap between single women (14.8%) and single men homeownership (10.3%) at 4.5 percentage points. Only two states – North Dakota and South Dakota – have single men owning more homes than their female counterparts.

>> About 74M Americans, or 28% of the U.S. population, live in a homeowners’ association, condominium community or housing cooperative – all better known as community associations. In Washington, around 2.4M residents occupy roughly 944K homes in more than 10K communities. The data was compiled by Foundation for Community Research, which projects another 5K communities will join the list in 2023 across the U.S.

MARCH HOUSING UPDATE

The opening months of the Seattle/King County housing market can best be expressed as sparks of activity within a mostly tentative purchasing environment. Unless the listed home is in a favorable location, priced competitively and move-in ready, activity has been somewhat muted as prospective buyers and sellers wait for economic conditions to improve. 

Sellers who priced their homes appropriately enjoyed busy open houses in their first weekend on the market followed by multiple offers. However, many potential buyers appeared to be in a wait-and-see mode amid a backdrop of rising mortgage rates that usually spell affordability challenges. General uncertainty about the future of the economy and job security have helped to slow market mojo and wrench power away from buyers and sellers alike.

“Today, real estate is ‘nobody’s market,’” notes realtor.com’s chief economist Danielle Hale. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to [mostly] climb, reflecting still-hesitant buyers.”

The number of new listings of all home types (single-family, townhome and condo) in King County climbed 6.4% (1866 units) from January to February, as expected, and total inventory at the start of March (2064) was 111% higher than a year ago. The median days on market for resale homes across the county is now 20 days, up from only 5 days this time last year, suggesting a significant market slowdown.

Median home prices are lower in most parts of the county compared with February 2022. Issaquah (-42%) and Kirkland (-31%) are most notably experiencing a price correction, though Redmond remains higher (+17%) year-on-year. (See chart)

Read a detailed assessment of the King County area housing market in my most recent blog post: Economic Turbulence Prompts Seattle Area Market Concern vs. Year Ago

CONDO NEWS

It’s full speed ahead at Avenue Bellevue, the two-tower, high-end condominium project in the heart of the city. The structures have been topped out and construction cranes are soon coming down. All that is left is to complete individual residences and add amenities. Here’s a video of its progress.

Avenue consists of a 25-story classic luxury condo known as the Residences, with all the traditional perks and priced from $1M. The ultra-luxe Estates stands 26 stories and features floor-to-ceiling marble bathrooms and waterfall edge marble kitchen islands as part of a special home experience. Prices start at $1.14M at the Estates, which will share space with a new InterContinental Hotel.

There is a lot of interest in Avenue, with slightly more than half of the 365 homes in the towers reserved by buyers. The community will include high-end shopping from world-renowned brands (though nothing yet has been announced) and restaurants influenced by Michelin-star chefs.

The condo project is working toward opening later this year – summer for the Residences tower and fall for the Estates. A sales gallery is open for private meetings, so let me know if you’re interested in paying a visit.

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One block north, another high rise is beginning to blossom. The 20-story luxury condo Mari is under construction with a 2024 target opening.

The sales office is preparing to open and take initial deposits to live in the building. The community will have a complete array of amenities – 24/7 concierge, top-floor lounge and rooftop deck, private dining space, library, fitness and yoga space, and pet spa.

Mari is developed by Bellevue-based Create World, the same company that built Mira Flats, a six-story condo that opened in 2018 next to the Mari site.

A friendly reminder: Whether new construction or resale condos, always visit the sales gallery or home with a buyer broker for trusted representation.

LUXURY LIVING

We kick off this month’s stand-out listings with a glimpse at new home construction looking east over Lake Sammamish in Bellevue. It’s a 6-bedroom, 4.5-bath, 4527 sq. ft., 2-story with basement. Contemporary craftsmanship, open plan, partial water views … what more can you ask for? This is one of three new homes available from local developer Crestline. List: $2.95M ($652/sq. ft.). Take a video tour and contact me for an in-person visit.

Over to the north side of Mercer Island and this 4-bed, 4-bath, 5580 sq. ft., 2-story home with basement and shared waterfront dock. Nestled within tall trees, the place delivers areas for play, entertaining, work and rest, while offering panoramic views of Mt. Rainier and Lake Washington. Wow, I don’t think this one will last long. List: $3,888,000 ($697/sq. ft.)

Or how about West Seattle waterfront living? This is a rare opportunity to own two homes on adjoining parcels. According to King County records, the first home is closest to the water – near the Fauntleroy Ferry Terminal – a 3-bed, 1.75-bath, 2460 sq. ft. space built in 1925 and includes a driftwood-dotted beachfront with unobstructed westerly views. Can you imagine glancing out the kitchen window and seeing a pod of Orcas swimming by? The second home – or accessory dwelling unit, perhaps – is a 2-bed, 1.5-bath, 820 sq. ft. structure built in 1941. Neither home has aged well but think of the possibilities! The land reportedly has been in the same family’s hands since 1968. List: $3.498M ($1066/sq. ft.)

What else is happening in and around your Seattle?

Kid-Focused Learning, anytime
Seattle offers a variety of museums with young people at their center. The Seattle Children’s Museum inside the Armory Building (305 Harrison St.) is perfect for kids ages 10 and under and includes a special exhibit – Neighborhood Paws – that helps young ones understand the workings of a veterinary office. Check out the massive whale while you’re there! Just a short walk away, the Pacific Science Center (200 2^nd Ave. N.) is ideal for the curious children of all ages. The museum recently introduced an immersive maze that runs the journey of a drop of water into an adventure quest. Very hands-on! What a great way to spend a day … or two!

Variety Show, Mar. 23-Apr. 16
Seattle is host to what organizers call the world’s largest comedy/variety festival in the world (though I’m pretty sure Edinburgh’s Fringe has it beat). Check out Moisture Festival, which includes 40 shows at the Broadway Performance Hall (1625 Broadway, Capitol Hill). The shows at 3pm and 7:30pm are for all ages; later performances are for folks 18+. Calendar. Tickets.

Getting into the Spirit, Mar. 26-Apr. 2
Seattle Cocktail Week is a fascinating and fun time around the city with dozens of participating bars. But the Saturday event is where people can really make a splash at Carnival of Cocktails (Seattle Center Exhibition Hall, 301 Mercer St.) with demonstrations, shops, food trucks and much more. Here’s a preview. (Please drink responsibly!)

Mariners Baseball, from Mar. 30
The postseason sweep of the Blue Jays in Toronto was just the appetizer. Now the main course! Your Seattle Mariners carry high expectations into the 2023 campaign with new faces (Teoscar Hernandez, Kolton Wong) and returning All-Stars (Julio Rodriguez, Ty France). The season opens with a four-game set at T-Mobile Park against the Cleveland Guardians. The home opener is sold out, with seats available for the next three games (all featuring giveaways). Tickets.

Toy Show, Apr. 1-2
Explore the greatest mix of toys, comics and collectibles from 200 vendors at the Washington State Toy Show. The fun takes place at the Washington State Fair Events Center (110 9^th Ave. SW, Pullallup). What a great place to find a special toy (or three!) for birthdays, Christmas or just for fun!

Tulips, Tulips, Tulips, Apr. 1-30
Mt. Vernon may be about 60 miles to the north of Seattle but I can’t help but hop in the car (during a quiet weekday) and check out the Skagit Valley Tulip Festival. The rows and rows of blooming tulips and daffodils are a spectacle for people young and old. Plus, there is a free Tulip Festival Street Fair, Apr. 21-23. Check it out … and remember to take Instagram-worthy photos.

Seattle by Land, Sea or Air, most days
Have you ventured around this great, big city by car, light rail and Uber? Sure you have! But have you tried a special tour by another mode of transportation? Check other expeditions by boat, electric bike and helicopter. What a great way to see the Emerald City!

Spring Fair, Apr. 13-16, 20-23
Back to Puyallup we go for the annual Spring Fair at the Washington State Fair Events Center (110 9th Avenue SW). The show blends livestock, food, drink, garden show, BMX races and a demolition derby into two weekends of family fun. Tickets.

Cherry Blossoms, Apr. 14-16
As spring develops so too do the cherry blossoms. Japan gifted a thousand cherry trees in the mid-1970s to mark our country’s 200^th birthday. The gift delivers beauty every year for people from the University of Washington campus to streets in nearly every neighborhood of the city. Celebrate the pops of pink and white at the annual Cherry Blossom & Japanese Cultural Festival at Seattle Center (near Fischer Pavilion, where 2^nd Ave. N. meets Lenny Wilkens Wy.) What a special occasion at an equally special time of year!

Events are subject to change. Please check with venues to confirm times and health-safety recommendations.

In case you missed it….

My Living the Dream blog covers the serious to, sometimes, the silly. Case in point:

We provide educational pieces on topics such as closing costs and helpful links to Seattle/King County resources.

But we also find time to showcase our favorite purveyors of chocolate in and around Seattle.

We must have a little fun amid all this serious talk! 

Thanks for reading and please forward this newsletter to one of your friends or family members who may benefit from its information!

Will

Here we are venturing through a half-dozen weeks of the new year and in anticipation of a busy residential sales season when a series of tremors hit. This was not “the big one” that seismologists expect for Puget Sound, rather the type of shakeup economists saw coming. At the epicenter: our region’s mighty tech sector.

In one week last month, Amazon, Google (Alphabet) and Microsoft announced or confirmed job cuts totaling some 40,000. Many of those positions were right here in King County.

The layoffs bring uncertainty to many thousands of households – not only for tech workers suddenly in search of a new job but with people fearing they may be next. That, in turn, can often weaken the confidence of builders, consumers and investors amid a looming recession.

Essentially, many of the jobs that were added during the hustle-bustle of the pandemic are going away. Execs describe it inelegantly as “unwinding head count.” (At least Boeing is adding more jobs and smaller tech firms will reportedly benefit from the industry turnover.)

A byproduct of this January jobs jolt is a significant halt to corporate expansion. Some evidence from recent weeks and months:

• Amazon delayed plans to build roughly 3M sq. ft. in Bellevue where the commerce and cloud colossus had planned to add 25K employees in the next couple of years. The company recently confirmed it was also pulling out of an office tower with about 370K sq. ft. of space near its Seattle HQ (pictured atop).
• Facebook (Meta) is evolving its office arrangements, leaving space in Seattle and Bellevue and contemplating additional contraction while opening a new lab (Frank Gehry-designed Building X) in Redmond later this year. It joins other companies seeking to embrace remote work for more staff.
• Google’s plans to expand its Eastside footprint by purchasing a large car dealership lot is no longer moving forward. It would have been the third Kirkland campus for Google and its fifth in the region, according to Puget Sound Business Journal.
• Microsoft said it will not renew its lease on 1.7M sq. ft. in Bellevue. It also confirmed more office consolidation in the region is a possibility just as the company plans to unveil soon its massive campus expansion – including 17 new buildings – in Redmond.

The tech pullback will likely spell trouble for landlords in parts of the county who have struggled for years with near-empty buildings following the pandemic and a shift to hybrid work arrangements. Seattle office vacancy rates have risen in 10 of the last 12 quarters, according to commercial broker Kidder Mathews, with the city having an 11% vacancy rate today, up from about 5.8% in mid-2019. Eastside office vacancies are considered low for today at 5.6% but Kidder reports office usage east of Lake Washington is only at about 25%.

Without the large number of people in offices compared to pre-pandemic years, local businesses from restaurants to retailers are suffering too. Seattle’s retail vacancy rate is around 14%, sharply higher from 2019 numbers when it was slightly below 2%. Bellevue’s retail vacancies are only 1.5% today.

The Bellevue City Council last month reported that, even with the lower number of office workers today job production has already outpaced housing production in the city. That may lead to higher rents and housing prices as the year moves forward.

While Bellevue and other areas of the Eastside remain in better health despite difficult times, Seattle is showing signs of illness.

Seattle recently lost iconic retailer Nike (moving to Bellevue), restaurants continue to close and open at a frequent pace and even Northlake Tavern and Pizza House has shut. (Say it ain’t so!) The city’s 16-screen Regal Meridian theater, first thought to be shutting, appears to have been saved … for now.

The good news is that people still want to live downtown, with the population at about 95K, a 67% increase since 2010 – quite remarkable growth in a dozen years.

Looking more closely however, the sale of condo homes in downtown (excluding new construction) has numbered in the single digits for three consecutive months – about a third of the normal seasonal rate. There is about 9 months’ available supply (down from 13 the month previous), meaning it would take that long for all existing inventory to sell before needing to be replenished.

Seattle feels unsettled. Evolving. Uncertain of its direction.

If downtown could put a mirror up to itself, it would see, at least in part, crisis – in crime, drug use and homelessness. The sidewalks don’t feel safe (at least to me), though data suggest things are improving. Violent crime in downtown declined 10% year on year, according to recent reporting, and the city says it is slowly closing the gap of 450 police officers needed to backfill its 1400 target.

Yes, with time, the reflection in the mirror will improve. Downtown will rebound – as it has before – but it will take grains of our pre-existing cultural, social and political infrastructure (and hard work) to help germinate a new and better world-class city.

SEATTLE VOTES ON HOUSING ISSUE

Seattle residents voted this week on whether the city should establish a public developer to build permanently affordable housing. We covered this social housing ballot proposal in the November newsletter.

Early results from Tuesday’s special election showed Initiative-135 leading, with about 53% of the vote. Updates can be found here and final results should be released within a week.

If approved, the initiative puts Seattle City Council on the hook for paying startup costs of about $750K over the first 18 months. The question, then, is where will the money come from? Critics of the initiative say that’s not nearly enough to get the organization off the ground.

Public development can be a great option for increasing the supply of homes. It would leverage available public land while reducing obstacles faced by private developers.

This initiative is in addition to a separate housing levy that voters will be asked to renew at about $900M. That question will be answered on the November ballot.

Meantime, lawmakers in Olympia are moving with more urgency this term to address the housing shortage and making homes affordable. More than a dozen bills are on the table with a few already passed by one of the two chambers. Watch this space next month for a closer look at what may reach the governor’s desk for his signature.


GO (RECON)FIGURE

Consumer tastes change but no more so than since the start of the pandemic. The “great reshuffle” has been chronicled – households moving further from urban job centers in search of additional space inside and out of the home while mostly enjoying telecommuting over a drive to work.

Home designers have been listening too. They are creating plans that “right size” rooms to address consumer demands – including affordability. This means strategically shrinking areas to lower costs and provide more functional space.

Bedroom-sized home offices are no longer the norm in modern floor plans. Instead 86% of “young families” (homeowners and renters) surveyed preferred offices in tighter, narrower spaces (some examples).

Forget dedicated sit-down eating areas for breakfast. Eighty-five percent of homeowners prefer the space-saving tradeoff of having countertop seating with stools (examples). Households surveyed also seek more functional areas in the main bedroom for greater privacy or secondary workspace.

“What we considered a closet in the past is now considered livable space in the home,” Nancy Keenan, president of Dahlin, a California-based design firm with offices in Bellevue, told attendees of the 2022 New Home Trends Summit.


BY THE NUMBERS 

>> Five Seattle-area cities/towns were among the top 100 Best Small Cities in America, according to an analysis from WalletHub. Sammamish came in at No. 12 among the 1300 areas reviewed with populations between 25K and 100K. The Eastside city was highly rated on affordability, economic health, education & health, quality of life, and safety. Redmond (No. 21), Issaquah (No. 37), Mercer Island (No. 50) and Kirkland (No. 69) also made the list.

>> Forty-five percent of all homes include three bedrooms, according to new Census Bureau data. The percentage has slipped marginally for two consecutive years while the share of four-bedroom homes has increased the last two years and now stands at 36%. Five-bedroom homes (10%) surpassed homes with two beds or fewer (9%) in the latest report that includes 2021.

>> Seattle metro is among the top 10 areas in the nation for highest return on investment of a home when downsizing, according to analysis from StorageCafe. The research examined typical home prices for two- and four-bedroom homes, factoring in taxes and closing costs, to determine which metros offer the most potential savings by reducing by half the number of bedrooms in a home. Seattle/Tacoma delivers a savings of $298K when downsizing to a 2-bed home, the eighth-highest figure among 100 areas analyzed. San Jose, Calif., ($777K) and San Francisco ($563K) were at the top.

>> A survey of 1980 adults showed 39% plan to move to a new home in the next three years. A full 77% of this subgroup say that working remotely encourages them to broaden their living options, and 64% say it’s scary to live in a major or densely populated city.

>> Major home-ownership costs consume 32% of an average household’s wage, hitting a 15-year high, according to Q4 research from ATTOM Data Solutions. That percentage – considered unaffordable by traditional lending standards – is up from 24% in Q4 of 2021. In King and Pierce counties, it now takes 45% of annual wages to afford the purchase of a home, soaring from 33% a year ago.

>> Seattle experienced the sharpest cost-of-living increase of any U.S. metro between 2010 and 2021, according to data from the U.S. Bureau of Economic Analysis. Bloomberg News used the data to create a Regional Price Parity index, which showed Seattle area consumer prices were about 15% above the U.S. average. The index for Seattle metro rose nine points since 2010, the largest increase of any area, with our city ranked as the 5^th costliest market. San Francisco was No. 1.

FEBRUARY HOUSING UPDATE

The first month of the year in residential real estate is typically one of resetting and preparing for the spring rush, which can start as early as February (despite the groundhog’s forecast of six more weeks of winter). The Seattle/King County housing year kicked off slowly with some promising signals.

From a macro perspective, the 2023 outlook for home buyers is the best it’s been for three years. Danielle Hale, chief economist for realtor.com, said: “There will be more homes for sale, homes will likely take longer to sell and buyers will not face the extreme competition that was commonplace over the past few years.”

Economists and real estate geeks like me look for any signs that may raise hope. Inflection points are important in finding those signals and since last month’s assessment of the market, we are beginning to see what appear to be important – possibly significant – upward inflection points in housing market data.

Mortgage Applications – The number of consumers seeking a mortgage, the earliest sign of home-buying intent in the purchasing funnel, is averaging 9% above the trough of Q4.

Pending Sales – These are the homes that go under contract and typically complete the transaction within two months. The number in King County rose in January from month to month for the first time since August.

Easing Inflation – The rate of inflation has fallen for six straight months from a peak of 9.1% in June. (The rate is 8.4% for Seattle metro.) This easing of everyday costs is a psychological boost to consumers even while the cost of living remains high.

Inflection points matter and they appear to show things are “getting less bad.” Or, as we optimists like to say, “getting better.”

Read a detailed assessment of the King County area housing market in my most recent blog post:

Promising Signs Amid Headwinds in Seattle Area Housing Market

CONDO NEWS

I recently had the opportunity to tour a new boutique condo on the West Seattle waterfront. It’s called Infinity Shore Club Residences, a special place offering incredible views that will never go away – unless there’s marine layer!

The 37-unit, 6-story, glass-and-steel marvel looks directly onto Puget Sound near Alki Point, where ferries and finned friends will stimulate the senses every day. The place comes with top-notch amenities, including a heated infinity pool and concierge services curated by Columbia Hospitality – best known for its amazing perks.

To learn more, check out this blog post with a video tour of the newest condo to hit Seattle’s shores. Then contact me with your questions and to plan a visit

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As a Seattle condo specialist, I closely track sales activity for downtown, Belltown and the surrounding area. My research shows condo activity slowed in 2022 vs. the year before. A typical turnover rate – the number of homes sold against the total number of units – is about 5% and a little more than half of the sampling in this chart were below that figure last year. A majority of buildings saw owner-occupancy rates remain unchanged or fall compared with 2021.

LUXURY LIVING

A number of homes featured in this newsletter last year are still on the market – a clear sign of a slowdown in the luxury sector. Two examples:

● A 2-story Spanish revival and one-time residence to former Washington Gov. Albert Rosellini. This 1925-built home has 4-bedrooms, 4.25-baths, 4470 sq. ft. in the Mt. Baker neighborhood of Seattle. Designed by William J. Bain, who founded what is now Seattle architectural firm NBBJ, the home features period details throughout, including a tiled entry, custom archways, leaded-glass windows and turret. Check out the views of Lake Washington. Sold as-is. List: $2.65M ($593/sq. ft.), down $845K from the original asking figure when it came on the market last March. Update: The listing is now Pending Inspection, which means buyers will determine whether to complete the purchase based on findings from the ongoing home inspection.

● Described as the “last of the large parcels” around Redmond, the long-time owners of 35-plus acres are looking for a buyer in Union Hill. The sale includes a 5-bed, 4.25-bath, 4450 sq. ft., 1-story home with finished basement, a charming bunkhouse cabin and equestrian amenities. This is a horse farm hidden within the tallest of trees now searching for a new owner. The area is large enough to subdivide into seven properties(!) or keep the sweeping cascade views, rolling pastures and serene sounds of songbirds all to yourself. List: $6.95M ($1561/sq. ft.), surprisingly unchanged since it made a big splash last July. An adjacent 22 acres is also available for sale.