Washington
Related: About this forumSelling Seattle: Tech workers drive up home prices
Several homes are for sale in my Queen Anne neighborhood.
One is listed at $995,000. It had 60 visitors yesterday in just three hours. Another smaller home down the block is going for $800,000, though it will require a lot of updating.
Ive long suspected that tech workers are driving up these housing prices, in my neighborhood, at least. Many of my neighbors work at nearby technology companies, including Facebook and Google.
My hunch is apparently correct. Seattle online real estate company Redfin today found that for every 1 percent increase in technology workers, home prices increase about a half-percent above the typical rate of appreciation.
In Seattle, the statistics bear that out.
Home prices are up 12.7 percent in the past year, while the number of technology workers increased 21 percent. Redfin says the median listing price of a Seattle home is $533,000.
-more-
http://www.bizjournals.com/seattle/blog/techflash/2015/06/selling-seattle-tech-workers-drive-up-home-prices.html?ana=e_tf&s=newsletter&ed=2015-06-15&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1434414310
Capt.Rocky300
(1,005 posts)tech workers trying to escape the ridiculous prices in Silicon Valley and San Francisco by coming to the Seattle area.
I suspect demand may elevate local prices equal to those in the places they are leaving behind.
Paka
(2,760 posts)they are the very ones who drove up the prices in the Bay Area. They trash every place they go.
Capt.Rocky300
(1,005 posts)because of, in my opinion, overly generous salaries. My wife's nephew works for a tech company in San Jose and gets over $200K a year plus a sizable year end bonus. And he's just a middle management guy, not some V.P..
dixiegrrrrl
(60,010 posts)I watched housing prices soar in late 70's and again in late 1980's in Seattle.
In late 70's Vancouver BC had an insane housing bubble, driving by wealthy Iranians fleeing after the Shah was deposed. They had tons of money, I knew some of them, and they discussed their new business of flipping as
many houses as they could buy.
Exactly the same thing as the Cal. housing bubbles.
so, by end of the 1980's, I was priced out, and had to move where jobs and lower housing could be found.
Now it is foreign investors and real estate moguls who are making a market we cannot afford.
SoCalDem
(103,856 posts)We have to stay in the grasp of Kaiser due to my stroke in January (too scared to switch)..There are MANY houses in that area that would work just fine for us....Seattle is too pricey for our pocketbook and too "Traffic-y"..
I fell in love with Port Orchard, but due to medicare necessities, we are stickinh with Kaiser and south Washington has kaiser...
dixiegrrrrl
(60,010 posts)My family lived in Port Orchard when I was born, but my birth certificate says Bremerton because Mom took the ferry over.
Bremerton does not have Keiser.??
SoCalDem
(103,856 posts)I fell in love with Port Orchard..but after my stroke in January, I am too scared to risk getting crappy insurance.. It only cost us $200..the bill was almost 40k for 32 hours in the Er/hospital.. and we have zero per month in copay, so all we pay is $104.90 per person on medicare..
dixiegrrrrl
(60,010 posts)It has, for years, been the less expensive of the immediate Seattle neighborhoods.
I was always partial to Green Lake/Phinney Ridge area, myself, it is close to the Univ. of Wash.
My son and my brother both live in Seattle, neither drives, they are very happy with bikes in good weather and bus service in wet weather. Really a good city for getting around in.