Seattle among top ranking cities for recovery
The real estate market in Seattle has been recovering, and now there is much wider evidence of a bounce-back, according to The Seattle Times. The Urban Land Institute’s influential Emerging Trends report found that real estate in Seattle is doing quite well compared to other U.S. metro areas. Because of the high number of technology-based corporations in Seattle, it is ranked as one of the nation's top markets.
The Seattle Times reported that Seattle ranked seventh nationally for investment, homebuilding and development, and also earned high marks on the basis of diverse economy and high quality of life. Median home prices in King County are currently rising, and there are fewer listings available in Seattle.
Over the past decade, the population of Seattle increased by 20 percent, with the largest percentage of this growth made up of young professionals. Because of Seattle’s density, its variety of mass transit options, walkability and bike accessibility, more people are attracted to the city. However, the city did drop from sixth to seventh in the Urban Land Institute report, highlighting the fact that promise exists in other cities nationwide as well. Seattle ranked eighth in development, seventh in homebuilding and sixth in investment.
“Many of the top markets have gotten crowded, leading investors to look at smaller cities," real estate expert Mitch Roschelle told The Seattle Post-Intelligencer. “One of the darlings of that field is Seattle (which is seventh on the list) ... If I were to pick a place where I’d see cranes in the skyline in the next 24 months, Seattle’s one of those places.”
One of the major motivators for people to relocate to the area is the addition of Amazon.com offices to the South Lake Union neighborhood. Similarly, many businesses are attracted to the industrial space, which more than 51 percent of respondents believe now is the time to purchase, according to the Urban Land Institute's report. Because of the city’s position, it is now serving as the main corridor to Asia, and industrial-to-mixed use business parks are becoming more attractive to companies.
Nationwide, the recovery track is slower than what many would consider optimal, but plenty of educated young adults and baby boomers are becoming increasingly attracted to living in cities like Seattle. Many people are willing to trade space for the opportunity to live in a vibrant city.