2007 Puget Sound Economic Forecast* These are the …

2007 Puget Sound Economic Forecast*
These are the highlights of the annual growth and forecast report given by Mike Grady – President and Designated Broker of Coldwell Banker Bain at their annual award ceremony.

• More than 30,000 net new jobs will be created each year for the next 3 years.

• The Average population growth will increase nearly 3% each year for the rest of the decade – 180,000 new people annually.

• Building permits will be further restricted by Growth Management and Critical Areas ordinances to less than 50,000 for the entire state, resulting in fewer subdivisions and more expensive building lots.

• Due to fewer building permits than jobs or population growth, housing prices will continue to appreciate in value significantly.

• Interest rates will remain “reasonable,” around 7%, in 2007 and will probably hover in that range for the balance of the decade.

• Gen X and Gen Y – the largest combined demographic segment of the population – will continue to purchase their first and second homes.

• Baby Boomers, the next largest segment will continue to lead the charge as they purchase or sell their last “big” home.

*Forecast derived from information from The State of Washington Department of Financial Management, The Real Estate Research Center at Washington State University, Herbert Research and Washington State Employment Security.

Jim Reppond of Coldwell Banker Bain #1 in Seattle …

Jim Reppond of Coldwell Banker Bain #1 in Seattle

The Coldwell Banker Bain Awards Ceremony was held today at McCaw Hall at Seattle Center. The Reppond Team was awarded the President’s Premiere Award for the second year a row, The President’s Premiere Award is the highest designation awarded by Coldwell Banker and only the top half of 1% of agents nationwide achieve this level of sales. There were a total of nine agents for Coldwell Banker Bain who were awarded this designation and Jim Reppond of The Reppond Team was the only agent in Seattle to receive it.

2nd + Pine development renamed to “1 Hotel and Res…

2^nd + Pine development renamed to “1 Hotel and Residences”

It’s official. The much anticipated hotel brand name that is associated with Second + Pine has been decided. Starwood’s new addition to its already prestigious hotel line will be called “1” Hotel, and the Second + Pine project from here forward will be referred to as “1” Hotel and Residences. This will be their flagship hotel and will be the first luxury, eco-friendly global hotel brand. This planned to be above and beyond the LEED Certification level. Details to follow in Spring of 2007.

2nd Design Review Meeting for project and 1521 2nd…

2nd Design Review Meeting for project and 1521 2nd Ave

Things have really moved forward and become finalized on this project. It’s clear that William Justin’s detailed influence on this project has made it one of the most in-demand projects downtown. With all units at or above 1500 square feet, this promises to be an ultimate condo destination for baby-boomers who are looking to downsize from those huge Victorian and craftsman homes on Capitol Hill and Queen Anne. Attention to detail is obvious here and the quality is very high. It seems that most views of the water will be protected to the west since the same developer owns both properties and plans to put in convenients that will restrict future building heights. The one question is the property to the south on the NW corner of 2^nd and Pike where the owner is trying to get approval to build. This might block some precious views of units on the south side of the 1521 building.

Second and Pine Event The Second and Pine marketi…

Second and Pine Event

The Second and Pine marketing team has began hosting preview events to introduce buyers to the project concept and allow people to make reservations for units when they become available. There are a number of unique aspects to this development which will make it very unique. The advent of hotel room-ownership is new to Seattle, and is certain to be popular. This will make it possible to purchase a hotel room, use it whenever you wish, and leave it in the hotel rental pool for guests to occupy when the owner does not need it. This is perfect for the commuting executive who just spends a few nights a month in Seattle. Judging from how quickly the reservations are going on these, I think this is going to be a hit.