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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (283438)	10/14/2010 1:53:38 PM
From: tejek	Read Replies (1) \| Respond to of 306849

Lots of very expensive RE around Seattle. Not really. First this is a rare conversion. In addition, you've got to remember Seattle is a lot like SF....surrounded by lots of water both west and east, and then mts to its east. At the same time, the state is creating a green belt around the metro area like OR did around Portland....in an effort to curtail pouching of farm land. At the same time, the economy is pretty solid.....AMZN, MSFT, FFIV, DNDN, Nordstroms, T-Mobile, the port are all growing. Even BA is hiring again....getting ready for the next wave of plane purchases. Those conversions are signs of a frothy top.. Savy local RE dealmakers running out of ideas or ways to milk the market any further and local bankers willing to oblige as the numbers always seem to pencil out. You're reading it wrong. Local developers are starting to talk about going back into the ground with projects.....mostly apts. One just announced a major project for downtown Bellevue. I will post the article later. Now this is purely anecdotal but I would say construction is quickly returning to normal here. Just in my local neighborhood there are three major projects underway and talk of more. Remember not all markets did what CA, NV, AZ and FLA did. There wasn't a lot of overbuilding locally and prices did not shoot up like in those other markets. Then again, we don't grow as quickly as those other markets either.