Did someone say that Seattle, Tacoma and Puget Sound real estate is way overvalued? Some people may hope so, with thoughts of getting a killer deal... then, once you bought your killer deal... where do you want your value to go when it comes time to resell? - I thought so.
Thanks to our Pacific Rim location and our deep natural harbor, a spectacular level of deep-draft tonnage passes through our ports every day. With the continued explosion of trade, and Panama's inability to finance an increase in canal capacity, the demand on northwestern ports will continue to grow.
While this is mainly a transportation infrastructure problem, it clearly has major ramifications for real estate. For example, due to terrorism's disruptions of global just-in-time manufacturing and the seasonal nature of trade, the need for additional warehousing and other infrastructure space has become critical. We are already seeing significant demand for additional warehousing space in our region. Where are we going to accommodate this growing demand? Thanks John; http://www.djc.com/news/re/11172346.html
Four major demographic factors are causing population growth to be a significant issue for Puget Sound:
*Enhanced trans-Pacific and Latin American immigration
*The huge baby-boom cohort coupled with our growing aging population
*A rapid rise in single-person households, particularly in urban areas
*The nation's population is shifting toward the coasts
"Real estate and infrastructure has not kept pace with this population growth. Witness the demand for housing and our overtaxed highways, which are just the tip of the population iceberg. When you couple an ever-increasing population with a real estate supply that is constrained both by geography and by regulation, it becomes obvious that we will require a vastly different decision making paradigm and a greater level of creativity than we've exhibited in the past....". - Business Journal quote.
Anyway.... I personally bought 4 homes in the past few months. My two sons bought several homes each in the last 2 years....so, just wait and see if the market really goes down or, buy now and when it goes up as it always does, you can prosper with the rest of us. :)
*Note: ...FYI, this is just my personal opinion. ;-)
Donald J. Leske II / Broker
BCI Properties, LLC
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