Following a fun year of home features, Zillow crowned the 2017 “House of the Year” and it’s a one-of-a-kind treehouse on Bainbridge Island that was represented by my team this summer!
Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2015, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.
Realogics Sotheby’s International Realty will be hosting a series of rotating artists for the monthly Bainbridge Island Art Walk at the “Island Living Gallery”. I would like extend a warm welcome to everyone to stop by the gallery, which is located at 240 Winslow Way East, on Friday, December 2nd for the next Bainbridge Island Art Walk.
Last week, our new Bainbridge Island branch office on Winslow Way opened. Occupying approximately one half of the Old Hardware Store – a nostalgic icon of Bainbridge Island heritage built in 1948 – our global real estate brand is now poised for growth. I feel incredibly fortunate to work in a space as beautiful as this one.
Situated right on the Elwha River, this gorgeous Elwha Retreat Property has expansive views of Hurricane Ridge, the Elwha River & Strait of Juan de Fuca to Canada. Here, you can watch from your own front row seats as the salmon swim upstream and repopulate this magnificent river undergoing a historic river restoration following the Elwha River Dam removal that began in 2011.
Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1% monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
I am proud to share that Realogics Sotheby’s International Realty ranked among the top ten largest real estate brands in Washington State according to a recent report by Trendgraphix as of May 2016 based upon the trailing 12 months of total sales volume. The data suggests that amongst its peer group of established brokerage firms, RSIR is the fastest-growing, increasing its unit volume and gross sales volume by 25-percent and 53-percent, respectively year-to-date (May 2016) compared with 2015.
RISMedia recently released their “28th Annual Power Broker Report,” which outlines current and future market trends in addition to their top 500 list of power brokers. I am proud to report that Realogics Sotheby’s International Realty ranked #285 on the list, with $770,863,297 in sales volume in 1,038 transactions with 5 offices and 142 agents (as of the report date).
This award-winning home is stunningly sited for expansive views of Hurricane Ridge, Elwha River & Strait of Juan de Fuca to Canada. An authentic Pacific NW retreat rich with local history, constructed in 1978 of hand selected native posts and solid beams of finest vertical grain fir.
The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019.
Over the weekend, the Kitsap Peninsula Business Journal described plans for Realogics Sotheby’s International Realty and Bruciato to become the main tenants at The Old Hardware Store in a feature entitled “Pizza night will spin off into full-time Bainbridge restaurant” by Tim Kelly of the Kitsap Sun.
I am proud to present the Market Report: Puget Sound Real Estate Trends & 2015 Year in Review, a comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients.
I am SO EXCITED to announce the signing of a long term lease for approximately half of the Old Hardware Store building at 240 Winslow Way East on Bainbridge Island. After sitting vacant for the past four years, the nearly 70-year old building was acquired in January 2016 by The Old Hardware Store, LLC managed by local businessman Joseph Lacko.
I am excited to share that my recently released broker film, produced by the extraordinary team at Evoker, is the featured film of the week on Realogics Sotheby’s International Realty! Not only is it the first film option in the gallery, but it is a featured post on the RSIR blog and has been shared on all of their social media accounts.
Our Bainbridge Island Office is pleased to share a partnership with North Kitsap Fishline Christmas Child 2015, bringing joy to local children’s lives this Christmas season. Pick up a gift tag from the Bainbridge Island office that includes three wants and three needs confluent with the child’s interests, hobbies and abilities. Then purchase the items to fill the season with a little more holiday cheer. Please return all unwrapped gifts with attached tags to the Bainbridge Island Office by December, 17th. Wrapping paper rolls are greatly appreciated!
Realogics Sotheby’s International Realty’s Bainbridge Island Office is located at 271 Madison Avenue South in Bainbridge Island.
According to a new study released by Wealth-X and the Sotheby’s International Realty® brand, more and more ultra high net worth (UHNW) individuals are buying second homes outside of their domiciles. The report revealed that there are currently more than 211,000 UHNW individuals around the world and that their purchase of international homes has risen. “Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth,” said Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates, LLC. “The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”
As the report reads, “five years ago international homes accounted for 11% of non-primary UHNW residences, whereas they now account for 16%.” Further, “nearly 80% of UHNW individuals own at least 2 homes and over half own at least 3 homes.”
According to the report, “while many of these homes are being purchased in traditional UHNW centers, additional home buying is becoming a truly global enterprise.” The image below spotlights “the top 10 secondary residence countries, outside primary business country”:
Realogics Sotheby’s International Realty (RSIR) has emphasized the importance of Chinese international buyers for the last few years. Among their many initiatives, RSIR most recently announced a partnership with Tiger Oak Publications on an all-Mandarin magazine, “Seattle Luxury Living,” to target affluent Chinese consumers both locally and overseas. In addition, they launched a “Fly and Buy” luxury tourism program and are developing an exclusive We Chat App that will feature the Seattle Luxury Living content as well as other market reports, featured listings and reference resources for Mandarin-speaking homebuyers exploring investment in the Pacific Northwest. Read more about the firm’s initiatives >>
Other key findings from the report:
- The average UHNW Mult-homer is 63 years old, has a net worth of US$165 million and is married.
- The United States is the most popular location for second homes among the ultra wealthy, followed by the United Kingdom and Switzerland.
- Four types of luxury home types have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands, and Serviced Apartments. These types of luxury residences serve their needs, aspirations, and lifestyle considerations.
- The Caribbean and the Mediterranean remain favorites among UHNW buyers for private island homes, but Southeast Asia, Canada, Belize and the United Kingdom are gaining popularity.
- UHNW Multi-home buyers are fueling market growth in regions beyond urban hubs such as London, New York City and Hong Kong. The report profiles Miami, Florida; Geneva, Switzerland; and Long Island, New York.
This fabulous spread is a regular occurrence at our bi-weekly office meetings. Lots of LOVE and ENTHUSIASM for all the hard working agents at Realogics Sotheby's International Realty. What a great team to work with!
I am thrilled to bring you this week’s event calendar! Your comprehensive guide, take a peek at what’s going on! From TONIGHT'S Homebuyer Symposium in Kirkland, to this weekend’s Tomato Battle at Pyramid Alehouse and the Cedar Suede concert on Bainbridge, here’s what’s happening around the sound: