Record Breaking Real Estate Sales in West Bellevue
https://www.bizjournals.com/seattle/news/2018/02/14/steel-gear-budongchan-bellevue-towers-sale-medina.html
Seattle's latest real estate mystery is the identity of the buyer who paid a record $26.75 million last week for a waterfront estate in Medina.
An $11.95 million sale of a Bellevue Towers penthouse that recorded Tuesday offers a clue.
A bit of advice, if you hire a discount broker (Hi Redfin!) to represent the buy-side, you might end up overpaying by SEVERAL MILLION DOLLARS.
Comments
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Online brokers like Redfin and Zillow say they calculate the value of a home for sale yet for some reason always end up where the seller sets the price.
There are two homes for sale near us that are 50 grand over any comp and Redfin notes that the sale price is legit
The more you know -
Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
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Be careful what you ask forRedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.
The good old US of A is still the most stable place to park cash.
The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism -
Agree 100%RaceBannon said:
Be careful what you ask forRedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.
The good old US of A is still the most stable place to park cash.
The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism
I was just on the road listening to StephenA on the radio. Made me really want yell at someone. A protectionist doesn’t want any part of me today! -
I'm less concerned about the Chinese competition in multimillion dollar mansions and more concerned with their scooping up of single family homes in the <$1M range.RaceBannon said:
Be careful what you ask forRedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.
The good old US of A is still the most stable place to park cash.
The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism
Had 2 neighbor homes that were owned by foreign Chinese. Both were sitting mostly unoccupied. One has a care taker that stops by a few times a month. The other recently sold and is now occupied. In Vancouver somewhere between 15-20% percent of the foreign owned homes are unoccupied. Creates a big displacement problem for local residents because the Chinese prefer not to lease which is why Vancouver implemented the unoccupied housing tax. Having Chinese prop up housing markets is not a good thing see Australia and New Zealand if Vancouver isn't enough evidence of where this is going. Cirrhosis be damned. -
RedRocket said:
Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
In this market, all the residential buyers over $10M have been local (funds originating in the US). These deals were no different. -
Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.RedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
It's a supply issue, so build more houses/condos/apartments.
The Vancouver tax has said to have "zero impact" on affordibility btw. -
RedRocket said:
I'm less concerned about the Chinese competition in multimillion dollar mansions and more concerned with their scooping up of single family homes in the <$1M range.RaceBannon said:
Be careful what you ask forRedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.
The good old US of A is still the most stable place to park cash.
The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism
Had 2 neighbor homes that were owned by foreign Chinese. Both were sitting mostly unoccupied. One has a care taker that stops by a few times a month. The other recently sold and is now occupied. In Vancouver somewhere between 15-20% percent of the foreign owned homes are unoccupied. Creates a big displacement problem for local residents because the Chinese prefer not to lease which is why Vancouver implemented the unoccupied housing tax. Having Chinese prop up housing markets is not a good thing see Australia and New Zealand if Vancouver isn't enough evidence of where this is going. Cirrhosis be damned.</p>
How do you plan to implement that tax without being chided as "racist Donald Trump"?
Serious question. I'm not certain our current political climate would allow that. -
From the second article that you linked.pawz said:RedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
In this market, all the residential buyers over $10M have been local (funds originating in the US). These deals were no different.The buyers could have a connection to China as Budongchan appears to translate to real estate in Mandarin -
From your article:UWhuskytskeet said:
Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.RedRocket said:Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.
It's a supply issue, so build more houses/condos/apartments.
The Vancouver tax has said to have "zero impact" on affordibility btw.
While it continues to trend up, it certainly looks like there was a slow-down.
