What is currently happening with Seattle real estate (or any other ‘hot’ area)?

And just when we thought it could get a little better… Just wait until Google moves in. :frowning:

https://www.geekwire.com/2017/aerial-photos-construction-begins-on-googles-massive-seattle-campus-in-amazons-backyard/

We bought our first house in Toronto, a semi-detached with a very small yard, in 1979 for $72,000. An identical one on the same street is now for sale asking $999,000.

Toronto and Vancouver prices are completely insane.

Maine is having its busiest real estate year since 2006. :slight_smile: Good for structural engineers!

@BunsenBurner Google, coming to South Lake Union too? We are going to need that gondola.

The latest newsletter from our realtor reported that the local inventory for April hit the record low: 0.7 month supply. Yikes.

@gosmom , here’s the Seattle and other hot market real estate thread!

I saw a real dump I rented near Green Lake for $900 BITD (1991) now shows a value of $800K according to Zillow. It does not appear to be renovated either. But very good location.

Apparently rent increases are starting to slow down: https://www.seattletimes.com/business/real-estate/seattle-rent-hikes-slow-amid-apartment-boom-but-average-two-bedroom-tops-2000/. Not that rents aren’t still outrageously high.

Fingers crossed! I’ve tossed in the towel on buying for now, but did wrangle a lease extension on my Green Lake apartment so the Chinese investor who purchased the building can’t evict me for a while.

https://www.seattletimes.com/business/real-estate/26-75-million-medina-mansion-is-priciest-local-home-sale-ever-and-it-could-be-a-teardown/

Speechless.

Threw 2 “we buy properties for cash” flyers from well-known builders of $3M+ homes in the recycling bin today. Sigh.

I could live in that little shed with the hydrangeas. :slight_smile:

@BunsenBurner -why no interior shots of the house?

But the rent increases will be starting again. The idiots in Olympia decided to raise property taxes by 20-30%. So tack that one on to your rents.

Jym - it is a teardown. Why even bother with interior shots?! Maybe the sellers did not want the world to see their belongings. :slight_smile:

Yup, bus. Glad that kiddo sighed a lease in December right before the news about 20% tax hike broke out. Feel sorry for her LL - she has to eat the hike. Bet the market will swallow the rent increase, so here we come.

Another builder wants to buy our swamp. Sorry pal. Not for sale.

When you’re selling a home for over $26M, if folks who can truly buy it want to see it, they’re broker will get in touch with your broker. It’s going to be a very small subset of humanity. Why put interior shots of what basically amounts to your life and lifestyle up for all the looky-loos who can’t possibly afford it to gawk and comment. :slight_smile:

The reason to not show interior shots is if there is something they don’t want to be seen. Like maybe light fixtures and appliances stripped, etc. Why is it a tear down, @BunsenBurner? What did they do to the property?

I am sure it is fabulous inside with perfect lighting and appliances etc. It is a teardown because it is only 5,300 sft. :slight_smile: As some of the comments in the Times said, it is almost guaranteed that the house will be torn down and replaced with a monstrosity full of the latest and greatest modern conveniences (this what apparently BG did when he bought his property - rumors are he sold the structure for $1 to someone who hauled it away on a barge). Not cool for a billionaire to live in a tiny, “dumb” house. :slight_smile:

I am not joking. It is insane what is happening in that area. And it really hurts the neighbors.

That’s a shame. The house was built decades ago and is now tossed with yesterday’s trash to build a McMansion. :frowning: