Seattle-area home prices jump 10.6 percent year over a year!!!!
“Seattle and all 19 other cities in a 20-city S&P/Case-Shiller composite index posted positive year-over-year gains in home prices. It was the third straight month of year-over-year increases for the 20-city composite. The data for March represent a three-month rolling average for January, February and March.”
Average home prices nationwide are now at levels last seen in mid-2003.
Written by: George Erb
May 28, 2013, 10:33am PDT, Puget Sound Business Journal
Read the entire article here: http://www.bizjournals.com/seattle/news/2013/05/28/seattle-area-home-prices-jump-106.html?iana=ind_rre
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Eastside real-estate brokers say they’ve noticed a wave of affluent mainland-Chinese buyers, to name a few, buying luxury homes in Medina, Clyde Hill and other millionaire rows in West Bellevue. Data and public records show they’re right. It’s part of a cash-buyer phenomenon sweeping the home market.
In King County, a Seattle Times analysis of property-tax payers with foreign billing addresses found the largest number are from Canada, China (including Hong Kong) and Japan.
International buyers are investing in Seattle-area real estate in growing numbers, buying multimillion-dollar homes, rent-producing properties and land for commercial development. There are at least a few who are buying property without setting foot on it.
The buyers have several motives: Some want a safe place to invest and diversify their fortunes. Others want their children to start school or university studies here. And some want to launch businesses here. The buyers have cash to spend and are eager to close a deal.
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Excerpts from recent Seattle Times Article:
Originally published May 18, 2013 at 5:30 PM
By Sanjay Bhatt
Seattle Times business reporter
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