Welcome back to Ten Days of Buzz! This week we’ve got taller towers in South Lake Union, growth in Bellevue, renting trends in urban housing, and more…enjoy!
“We fully intend to be on the crest of the wave.”
Greg Johnson, President of development company Wright Runstad. Developers plant seeds for ‘Spring District’ growth in Bellevue, Seattle Times, 6/18/12.
“There is clearly an opportunity, lots of REO [bank-owned] properties coming into the market over the next few years. …So the next thing is to say, how do you assemble a pool with some geographic diversity, how do you take homes from different markets, so how do you put that pool together?”
Vandana Sharma, S&P. Investors Get Creative with Hot Rental Market, CNBC, 6/20/12.
“I deliberately chose to not live near work because lifestyle was more important than having to commute.”
Nathan Manley, renter who works for Microsoft but lives downtown. Renting Trends in Urban Apartments, Zillow.com, 6/21/12.
“Seattle’s economy is recovering faster than many other cities in large part because of growth in South Lake Union.”
Mike McGinn, Seattle Mayor. City plan would allow taller towers in South Lake Union, Seattle PI, 6/25/12.
“As a result of these various interests, forces and developments, there is an increase in real estate investors that are realizing good rate of returns with the increase in the number of renters.”
Mary Ann Clark, Coldwell Banker. Investors seek rental properties, Greenwich Post, 6/27/12.
“Today’s recession-scarred young people are placing greater emphasis on where high-quality, high-paying jobs are created. Seattle’s technology workers represent a growing workforce that is just slightly smaller than Silicon Valley’s.”
Ross DeVol, director of regional economics at Milken Institute. Boom! Here come the apartments, Daily Journal of Commerce, 6/28/12.
“Just under $900 million in 5 unit and larger apartments sold so far this year in the tri-county market (King, Pierce, and Snohomish counties), compared to $380 million by this time last year and $150 million by June 2010.”
Dupre + Scott, from the June issue of Apartment Advisor.
That’s all for this week! Have a great weekend. And speaking of Apartment Advisor, we’ll have a full rundown on the latest issue for you next Friday. Until then, happy renting!