The last few years have proven fortuitous for Seattle, as the city has undergone sustained growth with new development projects. The Downtown Seattle Association recently reported that there are a total of 66 major projects currently under construction, a figure that is expected to stay relatively stable in the near future. From South Lake Union to SoDo, it isn’t hard to see that the city is expanding. Cranes are in view in nearly every direction you turn and it is hard not to wonder what is being built. The answer? Mostly, apartments.
The value of condominiums in downtown Seattle continues to rise, and in 2017, a lack of new construction opportunities and increasing demand for in-city homeownership pushed the median home price of downtown Seattle condos to $625,000, a $100,000 – or 19% – increase from last year. Though the S&P/Case-Shiller Home Price Index has continued to report record gains for single-family home prices, up by nearly 13% in October 2017, it’s key to note that the index does not include new construction or resale condo properties, and hence doesn’t reflect condominium price growth.
Following the release of the most recent “Emerging Trends in Real Estate” report, Curbed put together a list of “The 10 top emerging trends that will shape real estate in 2018,” from demographic and economic considerations to the lack of inventory and workplace of the future. In response to the article, I have put together a list of questions generated by the article that will be key to consider as we say goodbye to 2017.