One of the arguments that is frequently heard from people who don’t think there is a real estate bubble in Seattle is that the Seattle area is somehow special, and has unique characteristics that will protect it against real estate price corrections. Although I agree that Seattle is a wonderful place to live (why else would I be here?), I also recognize that every place has a list of unique characteristics.
However, I am still an open-minded kind of person, and I know full well that there are lots of people around that look at other markets in the country and see a bubble, but think that Seattle is either not in a bubble or has special protection against a bubble bursting (i.e. – price decreases). So, I would like to hear from you. What is it about Seattle that makes it special and immune to a price correction in real estate?
Please keep your comments on the subject of why Seattle is special/unique, as opposed to arguing why it is not. Next Friday I’ll post the opposite question.