A few more articles from this week about how dramatically the local real estate market has slowed. Puget Sound Business Journal: Construction defaults rise in Seattle area The latest data on local new-home sales and construction-loan delinquencies illustrate the market forces underlying the growth in mechanics’ lien filings. Delinquencies of single-family construction loans in the…
Tag: construction
McMansions, Condo Conversions, Delays, & Sunny Ballard
Time again already for another inbox-clearing story roundup. First up, the Seattle City Council is apparently in a development-regulating mood lately. Not only are they tackling the ugly townhome issue, now they’re going after “megahomes” as well. After years of complaints about suburban-sized homes that devour lawns and encroach on neighbors, the Seattle City Council…
Puget Sound Business Journal on San Diego vs. King
Last week the Puget Sound Business Journal ran a piece comparing King County to San Diego County. It was behind a subscriber-only wall, but now it’s fully available on their website: How King County dodged mortgage mess compared to San Diego. Unfortunately, the article doesn’t really have any new material that regular readers here haven’t…
Falling Lumber Prices Shutting Local Sawmills
Remember how when prices were going up, up, up, one of the reasons it was allegedly justified was “high construction costs”? See this post for a lengthy example of a local real estate professional making that argument. Well, luckily for us, it would seem that construction costs are dropping like a rock. Or, perhaps not…
Everett Development Bit by Finance Fallout
The still-tightening market for financing real estate is not only taking a bite out of individuals’ ability to buy homes. It’s also starting to affect the ability of large new construction projects to get financing to even begin building. New projects like a waterfront condo complex in Everett. The start of condominium construction on the…