Everything is relative, as Einstein proved, and when things are pretty horrible all over, being not so bad is good.
While we here in Seattle are not as affected by the economic downturn and reeling housing market as much of the rest of the nation, we are still feeling some pain.
That is why it is nice to hear that Seattle has been named Seattle its top U.S. real estate market to watch next year by the Urban Land Institute in its Emerging Trends in Real Estate 2009 report released Oct. 21.
It is not a completely rosy picture. Some of the negatives mentioned were:
- the market braces for rising downtown office vacancies; now at 10 percent
- Tepid job growth will flatten rental rates
- Housing demand drops and prices will slip, but stay above national averages (remember, it's all relative)
In spite of this, the ULI rates Seattle market a strong ‘buy’ for apartments, and the ‘number-one buy’ among industrials is the Puget Sound ports.
According to their webiste, the Urban Land Institute is a 501(c) (3) nonprofit research and education organization supported by its members.
Founded in 1936, the institute now has more than 40,000 members worldwide representing the entire spectrum of land use and real estate development disciplines, working in private enterprise and public service. As the preeminent, multidisciplinary real estate forum, ULI facilitates the open exchange of ideas, information and experience among local, national and international industry leaders and policy makers dedicated to creating better places. Sounds like they've done their homework. And if you do yours (hopefully with the help of a skilled agent), you can navigate your way around this marketplace effectively. My best,
Lake Forest Mark
