As we respond to this time of uncertainty, brought on by the Covid-19 pandemic, it is important for us to consider not only our own health, but the health of our clients and the community at large. As trusted and experienced real estate advisors, we have quickly pivoted to guide our clients through a completely new home buying and selling experience.
Last week, S&P Case-Shiller released the latest Home Price Index and shortly after, the Seattle Times proclaimed the rapid decline of residential home prices in the Seattle metropolitan region. Contrary to headlines, however, the trendlines paint a much more nuanced picture. To be sure, Seattle was still named among the top three fastest growing regions on the Index, reporting an 8.4 percent year-over-year gain in home prices.
Puget Sound Business Journal and Realogics Sotheby’s International Realty partner to bring you the “Home of the Day” platform, where exclusive listings are featured to readers around the sound.
Last week, S&P Case-Shiller released the latest Home Price Index and shortly after, the Seattle Times proclaimed the rapid decline of residential home prices in the Seattle metropolitan region. Contrary to headlines, however, the trendlines paint a much more nuanced picture. To be sure, Seattle was still named among the top three fastest growing regions on the Index, reporting an 8.4 percent year-over-year gain in home prices.
The ‘Winslow Core’ neighborhood is a short stroll and a 35 minute ferry ride to downtown Seattle, so it is the most pedestrian friendly area on Bainbridge. It is also home to the largest concentration of Islanders. Living in Winslow means easy commuting during the week, leisurely walks to the bakery on the weekend, and quick trips to the library or market.
Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2015, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.
Situated right on the Elwha River, this gorgeous Elwha Retreat Property has expansive views of Hurricane Ridge, the Elwha River & Strait of Juan de Fuca to Canada. Here, you can watch from your own front row seats as the salmon swim upstream and repopulate this magnificent river undergoing a historic river restoration following the Elwha River Dam removal that began in 2011.
I am SO EXCITED to announce the signing of a long term lease for approximately half of the Old Hardware Store building at 240 Winslow Way East on Bainbridge Island. After sitting vacant for the past four years, the nearly 70-year old building was acquired in January 2016 by The Old Hardware Store, LLC managed by local businessman Joseph Lacko.
According to recent Census data, California sends more new residents to King County than any other state in the US, as noted in a recent Seattle Times article. The trend makes a lot of sense considering that the two states share a time zone, a love for the ocean and a propensity for employing high-tech workers, as recently highlighted by The Wall Street Journal and the Puget Sound Business Journal,which described that the average home costs nearly $600,000 less in Seattle compared to Silicon Valley. A delegation of RSIR brokers and owners recently visited the Bay Area to explore these trends firsthand.
Thousands of Californians moving from the Golden State to the Evergreen State. For the year ending July 2015, nearly 22-percent of the 16,999 new residents in Washington came from California, according to State of Washington Department of Licensing:
“Many inbound Californians recognize that Washington offers a bounty of opportunity with a much lower cost of living,” said Dean Jones, President & CEO of RSIR. “I joke that we’re the Evergreen State not just because of the lush forest and landscapes but because we have no state income tax. Washington’s a good place to get wealthy and stay wealthy, whereas California has the highest combined tax rates in the US and top earners can pay up to 13-percent state income.”
Jones says one of the trends is for affluent Californians to buy a principal residence in Washington State and keep their current home in California as a second home. By becoming a Washington resident and living in the Puget Sound region for the majority of the year, passive income earners can avoid paying state income tax in California and invest those savings in building equity in two homes instead of paying the government.
Californians remain a targeted consumer group for RSIR, as have immigrating Asian home buyers, who comprise the second largest relocating demographic in Washington.
Sunny & casual west-facing waterfront home with coveted deep water dock in sheltered Manzanita Bay. Spectacular views & French doors to decks from every room. Airy & bright with cathedral ceilings, open layout and wide plank pine floors. Level entry & romantic main floor master with fireplace. An entertaining sized kitchen with new steam oven & high end appliances. Extra room upstairs with endless possibilities. Indulge yourself in an accessible waterfront lifestyle – sandy beach & 253′ dock suitable for 50′ sailboat.
The latest issue of Significant Sales features top sales from around the world beginning with soaring Central Park views in New York. Also featured is a gated enclave in Colorado, an award-winning home in Connecticut and more than twenty other properties from around the globe.
$18,500,000 USD | New York, USA | Sotheby’s International Realty – East Side Manhattan Brokerage
New York - This exceptionally rare Upper East Side duplex, pre-war Condominium offers 8 bedrooms and 8 baths over approx. 7,500 square feet. The size and scale of a sprawling townhouse with the services and security of a white-glove service building, enter through a key-lock elevator onto a private landing with marble entrance gallery and an expansive corner great room boasting Central Park views.
$17,500,000 USD | Colorado, USA | Aspen Snowmass Sotheby's International Realty
Colorado - Located in the private, gated enclave of Pyramid Point, this captivating estate is on a 5.4-acre lot with views of Aspen Highlands and Pyramid Peak. The slopes of Tiehack and the Maroon Creek Golf Course are just down the road. Features include spa area with steam room, sauna and massage, exercise room, recreation room, three bars, theater, wine room, two offices, eight fireplaces, three-car garage, large patios with fire pit, waterfall, two hot tubs, and an expansive lawn area.
$17,000,000 USD | Connecticut, USA | Sotheby's International Realty Greenwich Brokerage
Connecticut - This extraordinary stone Georgian home has been fully executed by the award-winning Judith Larson and Bill Gardiner residential design team. A pristine and prestigious property over 8.7-acres with two gated entrances includes an additional building site for the potential of an extensive family compound. Lush, level grounds are perfect for ardent lawns and formal gardens. Exquisite chef’s kitchen and catering kitchen by Smallbone of Devizes, herringbone floors, 12’ ceilings, 55’ indoor pool, sauna, squash/basketball court, exercise room, in-law/staff wing, fiber optics for trading floor, theater, wine cellar, generator, and more complete this ultimate Greenwich residence.
$15,000,000 USD | Texas, USA | Briggs Freeman Sotheby's International Realty
Texas - This estate is unmatched in grandeur and luxury, with a sprawling 5.3-acres and 14,139 square feet of living space. A picturesque drive along a tranquil creek reveals a truly breathtaking facade of classic stonework and slate roof. Inside reveals gold leaf accented ceilings, Venetian plaster corridors, rooms draped in rich textures of leather, hand-scraped herringbone and marble, a hidden stairway, a 2,200 bottle climate-controlled wine vault and a 10-car garage with six climatecontrolled spaces make this estate exceptional in every way.
$13,750,000 USD | Florida, USA | One Sotheby's International Realty
Florida - Spectacular lower penthouse exquisitely designed by Italian architect Marina Nova. This magnificent 6,557 square foot apartment features five bedrooms, five full and one half bathrooms, den, impressive and elegant living and dining rooms, state-of-the-art gourmet kitchen, Venetian walls, private elevator, fully integrated security and entertainment system, double ceilings and indirect lighting. Expansive terraces showcase amazing panoramic ocean, golf and Miami skyline views.
Whether it’s the French Riviera, a private island in the Caribbean or living by the many rivers, lakes or sea in the Puget Sound region, our brand artfully unites extraordinary properties with extraordinary lives both at home and around the world.
Each waterfront market is as unique as the buyers that seek its privileged lifestyle, so keen information and expert representation are paramount. There is a reason why waterfront is the leading lifestyle search on our website (and why 45-percent of our online visitation originates from outside the US)—savvy consumers know that to enjoy the best of the Pacific Northwest you just need to add water.
Thinking of listing or buying a waterfront property? Contact me today for a complimentary consultation. Working with the right broker makes all the difference in the world.
While interest rates are at historic lows, does it make the most sense to refinance? Many people around the country are taken with the great rates, but are left in a state of wonderment as to what these low rates actually mean to them.
It's important to realize that although it can lower monthly payments and shave years off of total repayment (thus reducing overall interest paid), the cons of refinancing can actually outweigh the pros, especially when the balance remains above $350,000. Number crunching is essential when considering essentially another, new 30 or 15-year mortgage loan.
It's no secret that the Millennial generation is coming into the home-buying market in full force. And it is also no secret that this is the first generation to have grown up their entire lives with the computer and Internet at their fingertips. As such, the demand for innovation and ingenuity for the real estate sector has never been higher.
In a recent article from Inman, a real estate news source for realtors and brokers, Jason Turner breaks down what brokers should and shouldn't be doing amidst the growing rise of new media and marketing strategies.
The more open and approachable a broker is, the more appealing to a Millennial buyer. Despite such innovations as being able to search for homes from the convenience of their smartphones, Millennials are really searching for a personal touch from a dedicated broker that is going to be able to mentor and be available to them with indispensable knowledge from firsthand experience.
I am excited to announce that my Vintage Beach Cottage is featured as the Home of the Day on the Puget Sound Business Journal!
Rare vintage beach cottage tucked in the trees w/wide open Seattle and Mt Rainier views. Wonderful sunny, level yard in natural setting with conservation land next door, public beach access across street. Tastefully updated to retain original charm - newer main floor master suite and lower level family room, new 3 bathroom septic system, newer furnace, public water. Cozy fireplace, hardwood floors, clerestory windows, kitchen with classic eating nook covered porch. Beautiful sunny deck on view side.
View the full feature here.
Home of the Day is a feature presented by the Puget Sound Business Journal & Realogics Sotheby’s International Realty. It is your invitation to view some of Puget Sound’s most-luxurious properties. Come inside and take a look around.
Vote for your favorite "Home of the Week" here!
I am excited to announce that my Sunny Agate Pass Retreat is featured as the Home of the Day on the Puget Sound Business Journal!
Enjoy a relaxed waterfront lifestyle in this resort-like setting with multiple decks, outdoor fireplace, patios, hot tub and sandy beach while you watch the passing pleasure boats sail through Agate Passage.
This home offers a Stunning great room with vaulted ceiling, stone fireplace, and 2 story high wall of view windows. Special features incluede granite counters, sub-zero fridge, Viking range, a large rec room that opens onto a covered patio with hot tub and extra sleeping rooms for guests. The master suite loft has incredible views all the way to Mt Baker and a bonus room for office/nursery/exercise. The grounds enjoy sunny SE exposure, exquisite easy care landscaping, with sprinklers, automatic outdoor lighting and an artistically and sturdy bulk-headed waterfront. This is a very quiet location just 15 min to Bainbridge Island and 20 to the Kingston ferries. Just an hour from Seattle, but worlds away!
View the full feature here.
Home of the Day is a feature presented by the Puget Sound Business Journal & Realogics Sotheby’s International Realty. It is your invitation to view some of Puget Sound’s most-luxurious properties. Come inside and take a look around.
Vote for your favorite "Home of the Week" here!
Nearly US$3 trillion of the world’s private wealth is held in owner-occupied residential properties, a value greater than the GDP of India, a new report by Wealth-X and the Sotheby’s International Realty® brand released yesterday showed. Meanwhile, Seattle-based affiliate Realogics Sotheby’s International Realty says a wave of foreign-direct investment and immigration has arrived to the Pacific Northwest as an alternative to traditional West Coast gateway markets.
There are 211,275 ultra-high net worth (UHNW) individuals – defined as those with US$30 million and above in net assets – in the world and 79% of them own two or more residences. Some of the main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations – such as Lugano, the Hamptons outside New York City, and rural areas around the world – are gaining in popularity.
“We know that some secondary markets have become a primary focus for many savvy overseas investors – they target and help to create the next global cities,” says Dean Jones, President and CEO of Seattle-based Realogics Sotheby’s International Realty. “The Seattle/Bellevue metro area has gained favor as a destination for UHNW, especially those from Mainland China. They prefer the close proximity to Asia, relative affordability compared with other top-tier cities and a high quality of life without a state income tax.”
The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report forecasts that the ongoing shift in the wealth creation cycle from the West to the East, and the growing significance of inter-generational wealth transfers will have significant consequences on the luxury residential real estate market – with a noted emphasis on new developments and a change in investment grade cities.
Below are other key findings from the inaugural report:
The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015, which looks at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.
Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this inaugural report, which underscores Wealth-X’s commitment to conducting groundbreaking research on the world’s ultra-high net worth (UHNW) population. Expert commentary from the Sotheby’s International Realty team complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate. Luxury residential property is a core component to the anatomy of the ultra-affluent at the intersection of their lifestyle and investment.”
“We are proud to partner with Wealth-X to provide valuable insights into today’s luxury real estate market and the buying behaviors of the ultra-high net worth consumer,” says Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We believe that a solid investment in real estate is one of the single best factors for building long-term wealth, and that many of today’s ultra-high net worth consumers would agree.”
Download the above-referenced report here.
A previous Luxury Lifestyle Report published by Sotheby’s International Realty with reference by Dean Jones on the portrait of an affluent Chinese consumer can be found here.
About Wealth-X: Wealth-X is the world’s leading ultra-high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents.
