All of the statistics and speculation surrounding our local housing market could be summarized by one basic economic principle – supply and demand. We simply have not had enough homes, among other resources, to accommodate the rapid growth in our region. However, Puget Sound Business Journal (PSBJ) recently reported there is hope ahead in the form of several big condo projects in Bellevue and Seattle.
At the beginning of December Windermere’s Chief Economist Matthew Gardner offered some predictions for the 2017 housing forecast. According to his outlook, “In the coming year, there should be a modest increase in the number of homes for sale in most major West Coast markets, which should relieve some of the pressure.”
These five – possibly six – developments will certainly help support his prediction. According to PSBJ buildings will range in size and unit prices will vary; however, all but one have at least one thing in common – developers from China or Canada. This could indicate that foreign investors that became ubiquitous in 2016 will maintain a strong presence in our real estate market in 2017.
How many units will these projects bring to Bellevue and Seattle?
The PSBJ is reporting these projects will add somewhere between 1,400 and 1,680 units. Keep in mind this number of new units to our region does not include other mixed-use developments that are underway, such as the Totem Lake redevelopment and Kirkland Urban.
The last cycle of additions was nine years ago when there were 3,765 condo units under construction in the greater downtown Seattle area alone. Since then only two major projects have been built in Seattle.
This resurgence of projects is a sign of how quickly local real estate is adapting to keep up with continued growth in our area. I am always working to ensure I stay up-to-date on the most relevant news to help you navigate the market, so reach out to me so I can put my knowledge to work for you!
Read the full articles from Puget Sound Business Journal here and here.