Here are a few short quotes from some recent interesting articles (followed by some pithy one-liners) that I haven’t had the time to dedicate entire posts to: Slumping sales of lots could presage fewer new houses for region A key future indicator of the housing market is down sharply, but that could be a good…
Seattle Bubble Concedes Defeat
Well everyone, it’s been a fun couple of years, but the time has finally come for Seattle Bubble to throw in the towel. Paul Campbell, Some rights reserved. We’ve analyzed the local market from every conceivable direction, explained all the logical reasons why today’s Seattle home prices are not sustainable, watched the national housing market…
Office space in Snohomish Co. 17-18% vacant, Industrial good.
Speaking of small business creating jobs: Snohomish Co. office space is currently showing vacancy at about 18%. In Lynnwood, the office vacancy rate is approximately 25-30%. Industrial space (read: Boeing & suppliers) appears firm. Office space, meanwhile, remains harder to fill. Cushman & Wakefield and Colliers International commercial property firms reported that 17 to 18…
Spot the Fundamentals, Addendum
Fact: As of 2005, Seattle area per capita income is the 15th highest in the nation (source). Fantasy: “That pretty much says it all.” i.e. – Incomes in the Seattle area are so high, that it doesn’t matter how slowly they are growing. High incomes alone will keep home prices from falling. Reality: Of the…
Spot the Fundamentals
Let’s play a game. It’s called “Spot the Fundamentals,” and the way we play it is by looking at some of the “fundamentals” to figure out which ones are responsible for our area’s high home prices. The frequent condescending argument of the cadre of Seattle area housing bulls (real estate agents, “analysts,” the press, and…