The JayMarc Blog

Seattle Boom in Luxury Real Estate

Categories: In the News | Posted: October 12, 2015

 

Luxury Daily recently posted an article about how Atlanta & Seattle real estate emerge as growing affluent hubs for luxury real estate. The article specifically stated the following about the Seattle area:

“Seattle has again experienced a boost as a result of the business and stock market success of local companies, Microsoft and Amazon chief among them, with Adobe Systems and Tableau Software also of note. The city has also benefited from Facebook and Google’s new offices, as well as from Asian buyers, although one should not be quick to attribute this to trouble in the Shanghai Stock Exchange or peg the purchases as investment homes.

Seattle, WA

‘There is no hard reporting on [the role of foreign buyers and investment homes] because the information is not required in a real estate transaction,’ Ms. Wright said. ‘Anecdotally, foreign buyers play a significant role at the top of the market (20+ million) on both coasts – but this in no way discounts the role and wealth of U.S. ultra-high-net-worth buyer pool.’

Despite a lack of data, a realtor quoted in the report notes the impact that overseas buyers have had in the market.

‘The typical Chinese buyer is an all-cash buyer,’ said Bill Riss, owner and CEO of Pacific Northwest-based real estate company CB Bain|Seal, for the report. ‘We have a group of 16 families and 15 business people from China coming over in two weeks, and they’re looking for single-family homes above $1 million. I see a number of buyers from India, too, since Microsoft hires a lot of highly paid Indian nationals.’

Bellevue, WA

The Seattle boom includes cities further from downstairs, most notably Bellevue and Gig Harbor, whose sales over the past year have more than doubled and more quadrupled, respectively.”

 

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