Chuck Chrobak, Real Estate Pro in Mill Creek, WA

There is an Australian builder that plans 500 houses in Seattle market. Do you think this is a begining of good things for us?

Asked by Chuck Chrobak, Mill Creek, WA Fri Mar 25, 2011

Please read the Seattle Times article "Australian builder plans 500 houses in Seattle market." Personally, I see this as a vote of confidence for the Seattle Housing Market.

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8
Aaron Schreiner’s answer
My initial response is "yes." Investor interest seems like a great opportunity for our area. But, I must admit that the scenario going on in Bend, Oregon, pops into mind as well. We certainly don't want to flood the market with new construction and decrease the value of the overall inventory.
0 votes Thank Flag Link Tue Mar 29, 2011
BEST ANSWER
A vote of confidence yes, but I would much rather see less new construction until we get the glut of existing construction absorbed. Just my thought.
1 vote Thank Flag Link Fri Mar 25, 2011
Yes, When the big guys get interested better times are ahead.
1 vote Thank Flag Link Fri Mar 25, 2011
Building always means good things to come! King County still has much more new construction going up than Snohomish County. We used to have 250 builders, down to 25 or so. Can't wait till all these bank owned properties move out of the system. Then we should be moving strong!
0 votes Thank Flag Link Mon Mar 28, 2011
Fact check... "Henley Properties said Monday it plans to build 500 houses in King, Snohomish and Pierce counties by the end of 2012". This is not in Seattle, the nearest the article mentions is Kent. But any builder building can be seen as good news. Building equals jobs. Jobs equates to demand for housing.

The biggest problem facing the housing market is the terrible job banks and brokers are doing pricing foreclosed or short sale properties. If the banks really cared about these assets, they would pay attention to the way homes are (or, are not more precisely) being prepared for a sale and how the brokers mismanage the marketing of these homes.
Web Reference: http://www.columbia-re.com
0 votes Thank Flag Link Fri Mar 25, 2011
Do I detect some concern in your question, Chuck? I'm a bit concerned too. Seattle is attracting builders from Texas, Michigan, California, Japan, and now Australia. It may or may not be a good sign that we're attracting builders from distant countries. I believe it is a reflection of a misguided city housing policy that is stimulating development at a time when we have a glut of unsold inventory and a large number of foreclosed homes which will be hitting the market in the next 12 months.

Seattle offers a number of lucrative incentives, including no required off-street parking, Incentive Zoning, and the Multi-family Tax Exempt program. Most new construction qualifies for one or more city incentives. The incentives must be lucrative to attract builders from places like Japan and Australia.
0 votes Thank Flag Link Fri Mar 25, 2011
A good sign but I agree with Rob re: new construction. But then "plans" are a long way from permits which is a long way from construction.
0 votes Thank Flag Link Fri Mar 25, 2011
yes.......................
0 votes Thank Flag Link Fri Mar 25, 2011
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