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. -
The article also used the qualifier "could".RedRocket said:
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 -
So like Tariffs then?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.
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The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution. -
UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
Not sure what this is based on. A full 35-40% of our deals last year were to international buyers. -
Yes.salemcoog said:
So like Tariffs then?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.
Foreign ownership of domestic real estate is exactly like tariffs applied to foreign made goods.
Nice work. -
I agree that the foreign buyers aren't as much of a problem in the Seattle Metro. Seattle has a huge condo shortage. There has been tons of multifamilt built but it's mostly apartments. You could make a stronger case for the Eastside and Bellevue which seem to be more desirable to the Chinese based on my anecdotal evidence.UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
I also don't think that the tax solves the problem but it is better than doing nothing. Not sure if a full scale ban on foreign ownership like New Zealand is doing is a good idea but it shows the scale of the problem in some of these places that the Chinese have really zeroed in on. Seattle should be proactive about handling this issue. Foreign buyers might be a small(ish) percentage right now but I'm reading the tea leaves and it's not crazy to think that Seattle could follow Vancouver. Better to try to stay ahead of it. -
WTF cares about the prices?!? The outrage should be over all the fucking Asians about to descend on the roadways.
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Talk to OBK. He's your guy on this one.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.
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But, but, but foreigners!!!!!!!!!!!!!!!!!!!!!!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
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"Protectionist." Christ. Have you ever not been a treasonous whore, Cirrho?CirrhosisDawg said:
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 aware but I've take over the role of Chinese real estate protectionist superiority guy.creepycoug said:
Talk to OBK. He's your guy on this one.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.
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Oh so it's BAAADDD to put a tax on imported products that line the pockets of foreign entities abroad and take work away from American companies and workers.dflea said:
Yes.salemcoog said:
So like Tariffs then?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.
Foreign ownership of domestic real estate is exactly like tariffs applied to foreign made goods.
Nice work.
But just A-OKAY to tax foreigners who purchase real estate here.
Got it.
You're not real smart are ya? -
You mean that big bad ex chauvinist who has lost that NW Bravado?CirrhosisDawg said:
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!
Yeah sounds scary. -
The issue is so localized that it would have to be implemented at a city or county level. I'm not calling for a federal tax because it's only a potential problem in a handful of US cities.pawz said: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.
I think it would have to be done similar to the BC tax. It would get called xenophobic and I'm not sure it would garner enough support right now since it's not viewed as a big enough problem.
In New Zealand their left leaning party was actually the side calling for the full ban on foreign property buying. Vancouver leans left like Seattle and their pushing hard to curb the problem. At some point the problem becomes too obvious to ignore and the protectionism seems to become bipartisan. -
WoodPurpleThrobber said:
WTF cares about the prices?!? The outrage should be over all the fucking Asians about to descend on the roadways. -
https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/pawz said:UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
"But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.
What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.
Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service." -
This thread really gives me some perspective on how low down the totem pole I really am
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The sentence in the article immediately after the last you quoted:UWhuskytskeet said:
https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/pawz said:UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
"But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.
What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.
Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
But the ratio is higher in places like Bellevue, local realtors say.
Which has been our experience.
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You just showed him!!!pawz said:
The sentence in the article immediately after the last you quoted:UWhuskytskeet said:
https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/pawz said:UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
"But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.
What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.
Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
But the ratio is higher in places like Bellevue, local realtors say.
Which has been our experience. -
Do you guys specialize in foreign buyers or something? 35+% obviously isn't the norm.pawz said:
The sentence in the article immediately after the last you quoted:UWhuskytskeet said:
https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/pawz said:UWhuskytskeet said:
The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.pawz said:
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.
I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.
Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
"But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.
What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.
Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
But the ratio is higher in places like Bellevue, local realtors say.
Which has been our experience.
