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(GeekWire)   Median home price in Seattle jumps $20K in one month. Act now before that urine-soaked cardboard box on the side of I-5 gets priced out of reach   ( geekwire.com) divider line
    More: Interesting, Seattle, hopeful home buyers, median price, Multiple Listing Service, Coldwell Banker Bain, Real estate, hyper job market, high home prices  
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395 clicks; posted to Business » on 08 Mar 2018 at 12:05 PM (31 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-03-08 10:27:55 AM  
On Redfin:
There is one house for sale in Seattle under 300K.  Its listed at $299K
There are a total exactly 40 condos and town homes under 300K in Seattle right now.

There are exactly 13 houses for sale under 400K, most of which are around or under 1000 sq ft.   Only 2 are over 2,000 sq ft.

There are a total of 36 houses for sale under 500K in Seattle.
 
2018-03-08 11:22:13 AM  
All that money for a house where you're going to go insane during the winter months.

GOOD.

Also, fark Amazon. They're a good part of the reason why trying to live in Seattle sucks so much.
 
2018-03-08 11:38:23 AM  
A urine soaked catdboard box on the side of I-5?

Luxury!

We lived for three months in a brown paper bag in a septic tank. We used to have to get up at six o'clock in the morning, clean the bag, eat a crust of stale bread, go to work down mill for fourteen hours a day week in-week out.
 
2018-03-08 11:56:26 AM  

whidbey: All that money for a house where you're going to go insane during the winter months.

GOOD.

Also, fark Amazon. They're a good part of the reason why trying to live in Seattle sucks so much.


This is specifically why "its all about the job creators" is a horrible argument. 

When Amazon wanted to open their new HQ, we should have had a national conversation and said, fine, you an build it in one of these 9 locations that can accommodate and have a huge need for this.
 
2018-03-08 12:01:07 PM  

blastoh: whidbey: All that money for a house where you're going to go insane during the winter months.

GOOD.

Also, fark Amazon. They're a good part of the reason why trying to live in Seattle sucks so much.

This is specifically why "its all about the job creators" is a horrible argument.
When Amazon wanted to open their new HQ, we should have had a national conversation and said, fine, you an build it in one of these 9 locations that can accommodate and have a huge need for this.


I swear every job I applied for at Amazon was totally specialized bullshiat that required people to move to the area, or admin jobs way above my experience level. We got farked.

*bored, clicks profile*

Whoa dude your pics are mindblowing!
 
2018-03-08 12:05:17 PM  

whidbey: blastoh: whidbey: All that money for a house where you're going to go insane during the winter months.

GOOD.

Also, fark Amazon. They're a good part of the reason why trying to live in Seattle sucks so much.

This is specifically why "its all about the job creators" is a horrible argument.
When Amazon wanted to open their new HQ, we should have had a national conversation and said, fine, you an build it in one of these 9 locations that can accommodate and have a huge need for this.

I swear every job I applied for at Amazon was totally specialized bullshiat that required people to move to the area, or admin jobs way above my experience level. We got farked.

*bored, clicks profile*

Whoa dude your pics are mindblowing!


thanks.  But its easy out here. 

And everyone I have met who worked at Amazon fell in one of two categories. 
a. they were obsessed with money and loved it. 
b. they hated it. 

Amazon pays...  but they make the military seem like casual day.
 
2018-03-08 12:11:39 PM  

Archidude: A urine soaked catdboard box on the side of I-5?

Luxury!

We lived for three months in a brown paper bag in a septic tank. We used to have to get up at six o'clock in the morning, clean the bag, eat a crust of stale bread, go to work down mill for fourteen hours a day week in-week out.


Luxury!

We lived for 26 years in the digestive tract of a beluga whale. We had to get up at 3am, 45 minutes before we went to bed, and feed ourselves to the whale. Then we had to work 27 hours a day at the asbestos factory 7 days a week. And all we got was a glass of sea water before bed.
 
2018-03-08 12:13:24 PM  

Land Ark: Archidude: A urine soaked catdboard box on the side of I-5?

Luxury!

We lived for three months in a brown paper bag in a septic tank. We used to have to get up at six o'clock in the morning, clean the bag, eat a crust of stale bread, go to work down mill for fourteen hours a day week in-week out.

Luxury!

We lived for 26 years in the digestive tract of a beluga whale. We had to get up at 3am, 45 minutes before we went to bed, and feed ourselves to the whale. Then we had to work 27 hours a day at the asbestos factory 7 days a week. And all we got was a glass of sea water before bed.


You got SEA WATER?
 
2018-03-08 12:14:39 PM  

blastoh: When Amazon wanted to open their new HQ, we should have had a national conversation and said, fine, you an build it in one of these 9 locations that can accommodate and have a huge need for this.


This is an amazingly horrible idea.
 
2018-03-08 12:21:22 PM  

MugzyBrown: blastoh: When Amazon wanted to open their new HQ, we should have had a national conversation and said, fine, you an build it in one of these 9 locations that can accommodate and have a huge need for this.

This is an amazingly horrible idea.


Yeah, the concept of Industrial Democracy.

So un-American.
 
2018-03-08 12:27:01 PM  
The evil supervillian SupplyAndDemand strikes again!
 
2018-03-08 12:28:25 PM  

Geotpf: The evil supervillian SupplyAndDemand strikes again!


When both are artificially inflated, it's not simple econ, bro.

But you knew that.
 
2018-03-08 12:32:39 PM  

whidbey: Geotpf: The evil supervillian SupplyAndDemand strikes again!

When both are artificially inflated, it's not simple econ, bro.

But you knew that.


In what way are housing prices in Seattle being artificially inflated?
 
2018-03-08 12:35:02 PM  
Hmm, that looks like my street...no wait, it's probably 65th and 18th NW.
 
2018-03-08 12:36:06 PM  

max_pooper: In what way are housing prices in Seattle being artificially inflated?


Usually the answer to this is local zoning restricting housing.
 
2018-03-08 12:36:22 PM  

UTD_Elcid: Hmm, that looks like my street...no wait, it's probably 65th and 18th NW.


Wow. Ballard used to have so much elbow room. That was the attraction.
 
2018-03-08 12:37:59 PM  

whidbey: Geotpf: The evil supervillian SupplyAndDemand strikes again!

When both are artificially inflated, it's not simple econ, bro.

But you knew that.


No, I don't know that.

Supply is certainly artificially reduced in many areas due to zoning restrictions and red tape.  This affects apartments and condos more than houses (because you can always build up (barring artificial zoning restrictions on density), but at some point you run out of virgin land to build single family housing), although large quantities of land in many areas are set aside as parkland or for other environmental reasons.

Demand is just demand.  It's how many people want to live in a given area.  (Yes, yes, foreign buyers leaving places empty you cry.  That happens.  Feel free to ban such; it doesn't happen nearly enough to be the main cause of the problem.)  There are some tax laws that artificially favor ownership over renting (the ability to write off interest on mortgages), but that doesn't really change the number of housing units needed, just the legal status of them.

The simple solution is to build more stuff, and the way to build more stuff is to reduce red tape and zoning laws restricting density.
 
2018-03-08 12:38:13 PM  
Maybe if the house wasn't in the median of I-5.
 
2018-03-08 12:41:06 PM  

Geotpf: whidbey: Geotpf: The evil supervillian SupplyAndDemand strikes again!

When both are artificially inflated, it's not simple econ, bro.

But you knew that.

No, I don't know that.


Yeah you do, actually. The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.

Don't even try to pull this shiat.

The simple solution is to build more stuff, and the way to build more stuff is to reduce red tape and zoning laws restricting density.

No it isn't. The solution is to protect the people living in a community, and limiting harmful outside influences--like Amazon from farking shiat up for the people who already live here.
 
2018-03-08 12:46:12 PM  

whidbey: The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.


I don't think you know what the word artificial means.
 
2018-03-08 12:46:14 PM  

whidbey: Geotpf: whidbey: Geotpf: The evil supervillian SupplyAndDemand strikes again!

When both are artificially inflated, it's not simple econ, bro.

But you knew that.

No, I don't know that.

Yeah you do, actually. The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.

Don't even try to pull this shiat.

The simple solution is to build more stuff, and the way to build more stuff is to reduce red tape and zoning laws restricting density.

No it isn't. The solution is to protect the people living in a community, and limiting harmful outside influences--like Amazon from farking shiat up for the people who already live here.


That is not artificial. That is the market forces at work. More people are moving to Seattle to work for huge corporations like Amazon than supply for housing can handle. Increased demand means without an increase in supply means increase cost.
 
2018-03-08 12:50:52 PM  

MugzyBrown: whidbey: The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.

I don't think you know what the word artificial means.


Yeah I do, actually. Amazon got the money, got people to move here and then the housing costs went up because of the sweet deal they got.

This is exactly what's going on.
 
2018-03-08 12:52:20 PM  

whidbey: UTD_Elcid: Hmm, that looks like my street...no wait, it's probably 65th and 18th NW.

Wow. Ballard used to have so much elbow room. That was the attraction.


I lived in a side-by-side duplex in Ballard for many years, where the widest space was 13' from exterior wall to middle divider. All these toothpick townhomes are the same, except you only get a quarter of the house length as well.  The lack of width really got to me after a while, so I got a bigger house. Plus they all come with no parking, and it will only take until 2035 until we get a light rail station. I need to sell out soon anyway and move back to Texas.
 
2018-03-08 12:54:22 PM  

whidbey: MugzyBrown: whidbey: The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.

I don't think you know what the word artificial means.

Yeah I do, actually. Amazon got the money, got people to move here and then the housing costs went up because of the sweet deal they got.

This is exactly what's going on.


And that is not "artificially inflating" housing costs. That is very basic supply and demand.
 
2018-03-08 01:13:40 PM  
Has anyone mentioned how badly housing sucks in Seattle?
 
2018-03-08 01:14:39 PM  

max_pooper: whidbey: Geotpf: whidbey: Geotpf: The evil supervillian SupplyAndDemand strikes again!

When both are artificially inflated, it's not simple econ, bro.

But you knew that.

No, I don't know that.

Yeah you do, actually. The housing market is artificially being driven skyward by huge corporations like Amazon coming into Seattle and affecting the market adversely.

Don't even try to pull this shiat.

The simple solution is to build more stuff, and the way to build more stuff is to reduce red tape and zoning laws restricting density.

No it isn't. The solution is to protect the people living in a community, and limiting harmful outside influences--like Amazon from farking shiat up for the people who already live here.

That is not artificial. That is the market forces at work. More people are moving to Seattle to work for huge corporations like Amazon than supply for housing can handle. Increased demand means without an increase in supply means increase cost.


If his claim is that Amazon only exists in Seattle due to some huge tax break they got, I suppose he sorta has a point.  Of course, Amazon is not the only reason Seattle is a popular place, and I'm not aware of any gigantic tax break they got anyways.
 
2018-03-08 01:19:33 PM  
Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.
 
2018-03-08 01:20:29 PM  

MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.


I hope it's on a hill.
 
2018-03-08 01:53:17 PM  

whidbey: MrSteve007: .......it might be time to cash out and buy a waterfront place on San Juan Island.

I hope it's on a hill.


What if there was competition for this location on San Juan Hill, even a battle perhaps?

/Charge!
 
2018-03-08 01:53:31 PM  

blastoh: And everyone I have met who worked at Amazon fell in one of two categories ... Amazon pays... but they make the military seem like casual day.


All of my friends who have ever worked for Amazon (both IT and non-IT positions) said that the place was a meat grinder.  The pay was very good, but eventually you tire of the work:life balance.
 
2018-03-08 01:55:53 PM  

Geotpf: but at some point you run out of virgin land to build single family housing


You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.
 
2018-03-08 02:00:50 PM  

Saiga410: Geotpf: but at some point you run out of virgin land to build single family housing

You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.


You could probably buy a house in Des Moines, WA for about 400K. A bargain. I guess. If you were a smart millennial couple with a decent job.

Lulz: they pronounce the second "s."
 
2018-03-08 02:04:47 PM  

MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.


I hope you don't think the prices in the san juans are staying where they are...
 
2018-03-08 02:13:43 PM  

whidbey: Saiga410: Geotpf: but at some point you run out of virgin land to build single family housing

You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.

You could probably buy a house in Des Moines, WA for about 400K. A bargain. I guess. If you were a smart millennial couple with a decent job.

Lulz: they pronounce the second "s."


No no, IA
 
2018-03-08 02:27:42 PM  

Saiga410: whidbey: Saiga410: Geotpf: but at some point you run out of virgin land to build single family housing

You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.

You could probably buy a house in Des Moines, WA for about 400K. A bargain. I guess. If you were a smart millennial couple with a decent job.

Lulz: they pronounce the second "s."

No no, IA


From what I recall from living in KS, Des Moines is kind of a hipster mecca for shows and stuff.
 
2018-03-08 02:36:24 PM  

whidbey: Saiga410: whidbey: Saiga410: Geotpf: but at some point you run out of virgin land to build single family housing

You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.

You could probably buy a house in Des Moines, WA for about 400K. A bargain. I guess. If you were a smart millennial couple with a decent job.

Lulz: they pronounce the second "s."

No no, IA

From what I recall from living in KS, Des Moines is kind of a hipster mecca for shows and stuff.


Hipsters from KS.  Yes.  From most everywhere not the cornbelt?  I am not sure of that.
 
2018-03-08 03:00:56 PM  
My house in Redmond is worth 35% more than what I bought it for 2 years ago

It's nuts
 
2018-03-08 03:05:05 PM  
Last time my house was worth this much everything crashed soon after....
 
2018-03-08 03:10:17 PM  

pounddawg: Last time my house was worth this much everything crashed soon after....


This.

Am I complaining I bought a duplex here 15 years ago? Of course not. But unless I sell and move to a new city all it means in the meantime is I pay 8k annual in property tax.
 
2018-03-08 03:20:33 PM  

whidbey: All that money for a house where you're going to go insane during the winter months.

GOOD.

Also, fark Amazon. They're a good part of the reason why trying to live in Seattle sucks so much.


Actually, housing prices in Seattle is skyrocketing due to no supply. This in turn is because the majority of residential zoning in this city is marked for single family housing. The zones that do allow denser housing are being filled with apartments because condos are de-incentivized in Washington due to the condo liability law.

If the city council and state actually realized the true depth of the housing shortage this could be stopped. Instead they upzone small patches of land and throw in some piece meal affordable housing clauses. Even if developers aggressively built out on these patches we would still fall very short of meeting demand.

Pricing is running away quite simply because the market is not changing to meet demand.

Is there any other city in the US with comparable density (8,398/sq mi) that is also zoned mostly single family? I can't think of one.
 
2018-03-08 03:32:29 PM  

whidbey: Saiga410: whidbey: Saiga410: Geotpf: but at some point you run out of virgin land to build single family housing

You live in middle of a valley.   It will always be valley.   Nothing will change that.  Move where the land is.   Now granted most hipster millennials probably are not looking at DesMoines but hey,  miles and mile and miles and miles of corn that could be developed easily.

You could probably buy a house in Des Moines, WA for about 400K. A bargain. I guess. If you were a smart millennial couple with a decent job.

Lulz: they pronounce the second "s."

No no, IA

From what I recall from living in KS, Des Moines is kind of a hipster mecca for shows and stuff.


From what I recall from diving through NM, Des Moines is kind of a dump.
 
2018-03-08 04:58:23 PM  

JohnBigBootay: MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.

I hope you don't think the prices in the san juans are staying where they are...

Considering the rate of price appreciation here in the Ballard area vs. almost anywhere else, even though prices are rising up in the islands, they aren't rising as fast as around here.

This place looks pretty nice.
https://www.zillow.com/homedetails/01​5​-Brown-Is-Friday-Harbor-WA-98250/20930​02373_zpid/
 
2018-03-08 05:01:03 PM  

MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.


My 1 bedroom condo in Redmond has doubled in value since I bought in 2010.  In the unlikely event it crosses the $2M mark, I plan on cashing out and living in a van down by the river.
 
2018-03-08 06:18:38 PM  

blastoh: On Redfin:
There is one house for sale in Seattle under 300K.  Its listed at $299K
There are a total exactly 40 condos and town homes under 300K in Seattle right now.

There are exactly 13 houses for sale under 400K, most of which are around or under 1000 sq ft.   Only 2 are over 2,000 sq ft.

There are a total of 36 houses for sale under 500K in Seattle.


Have NINA or NINJA loans come back?
 
2018-03-08 06:35:56 PM  
Well, according to Zillow (I know, I know) the value of my urine soaked box in SF went up $17k last month. (My house is actually urine soaked, potty training two boys.)
 
2018-03-08 06:37:51 PM  

wax_on: Well, according to Zillow (I know, I know) the value of my urine soaked box in SF went up $17k last month. (My house is actually urine soaked, potty training two boys.)


You have a house in SF...and you complain about raising the minimum wage?

I know, I know... it's for a different thread.
 
2018-03-08 07:26:23 PM  
Real estate changes rapidly. Even in hot markets, it can quickly fluctuate. There's places like where my parents live, where I'd be shocked if a positive profit would ever occur, and places like where I live where people routinely talk about how they will sell their homes for 200K+ profit in 20 years.

To me a home is a home. It's where I kick off all my clothes and just relax a bit in my own little zone. It's where I can be naked and stupid and cook weird food without a care. If you look at property as an investment, then you might just be part of the clothed problem.
 
2018-03-08 07:43:00 PM  

MrSteve007: JohnBigBootay: MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.

I hope you don't think the prices in the san juans are staying where they are...
Considering the rate of price appreciation here in the Ballard area vs. almost anywhere else, even though prices are rising up in the islands, they aren't rising as fast as around here.

This place looks pretty nice.
https://www.zillow.com/homedetails/015​-Brown-Is-Friday-Harbor-WA-98250/20930​02373_zpid/


That is indeed lovely. But waaaay out of my range and far bigger than I'd ever want to deal with maintaining.

I'm partial to Lopez or maybe whidbey. I need to spend my money finishing the house I have but I have been looking at land. There's tons of shiatty land out there for cheap . the nice lots are priced pretty high
 
2018-03-08 08:57:15 PM  

mrsleep: Land Ark: Archidude: A urine soaked catdboard box on the side of I-5?

Luxury!

We lived for three months in a brown paper bag in a septic tank. We used to have to get up at six o'clock in the morning, clean the bag, eat a crust of stale bread, go to work down mill for fourteen hours a day week in-week out.

Luxury!

We lived for 26 years in the digestive tract of a beluga whale. We had to get up at 3am, 45 minutes before we went to bed, and feed ourselves to the whale. Then we had to work 27 hours a day at the asbestos factory 7 days a week. And all we got was a glass of sea water before bed.

You got SEA WATER?


I only got D water. :(
 
2018-03-08 09:20:22 PM  

JohnBigBootay: MrSteve007: JohnBigBootay: MrSteve007: Life is good up here in North Beach. Once they finish off building the new mini-mansions across the street, I wouldn't be surprised if our property value goes up $200k in a month.

My wife and I like it here, but when our place crosses the $2M mark in another few years, it might be time to cash out and buy a waterfront place on San Juan Island.

I hope you don't think the prices in the san juans are staying where they are...
Considering the rate of price appreciation here in the Ballard area vs. almost anywhere else, even though prices are rising up in the islands, they aren't rising as fast as around here.

This place looks pretty nice.
https://www.zillow.com/homedetails/015​-Brown-Is-Friday-Harbor-WA-98250/20930​02373_zpid/

That is indeed lovely. But waaaay out of my range and far bigger than I'd ever want to deal with maintaining.

I'm partial to Lopez or maybe whidbey. I need to spend my money finishing the house I have but I have been looking at land. There's tons of shiatty land out there for cheap . the nice lots are priced pretty high

I've got a couple parcels of waterfront land over on Vashon. They were mighty cheap in 2011. Not bad, but it's damned near impossible to build anything near the beach in King County these days.
 
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