The Seattle Daily Journal of Commerce did a Condo Analysis worth reading
In 1995, I relocated to Seattle from Vancouver, B.C., convinced that downtown Seattle would soon simulate the explosion of residential development that I witnessed in my hometown. After all, the markets share similar characteristics: strong economies, healthy population growth, relatively compact downtown cores, growth-management boundaries, unbearable suburban commutes and beautiful natural surroundings.
Over the past decade, downtown Seattle has experienced a 67 percent population surge, the second-fastest urban growth rate in the nation. Seattle was voted the nation’s most livable city by the 2005 Conference of Mayors and, just last year, residential zoning downtown was changed to encourage our city’s emergence as a 24/7, high-rise metropolis.
Today, downtown Seattle is a bright spot in the national landscape, with enviable demand for new retail, office, industrial, biotech and residential development. Still, our condo boom is in its infancy, lagging behind West Coast markets like Vancouver, San Francisco and San Diego. Even Portland has delivered more housing units in a market that’s half the size. Seattle is just starting to catch up.
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