Residential Housing Newsletter #35
May 31, 2024
Welcome to the 35th issue of our WA State residential housing newsletter!? Here's what happened this week:
Local
Fatal Shooting of Suspect in "High-Risk" King County?Eviction
On May 24th, six police officers and deputies?served a "high-risk" eviction order in Auburn. The suspect opened fire and the officers shot back, killing the suspect.?The officers have been placed on leave and an investigation is open.
WA Set to Receive $1.6 Billion from Opioid Settlements
WA is?set to receive around $1.6 billion in settlement funds from companies that allegedly fueled?the opioid epidemic.?$26 billion will be paid to states across the country by three pharmaceutical distributors and an opioid manufacturer.
$18 Million in Affordable Housing Funding Available from Pierce County?
Pierce County?is seeking proposals?to buy, build, and/or rehabilitate affordable housing. $18,263,002?is available in the Notice of Funding Availability (NOFA). Proposals must be received by 2:00 pm on Monday, June 24, 2024.
King County Unlawful Detainer Cases Filed in May Not Heard Until 2025
King County is facing a backlog of eviction cases. Before 2020, evictions typically concluded in 6-7 weeks if a tenant failed to make payment. An "unlawful detainer" case filed in May 2024 won’t be heard until 2025.
Northwest MLS Will Not Join?NAR Commission Settlement Terms
Northwest MLS, which covers 26 of Washington’s 39 counties, including King, Pierce, and Snohomish, will not join a national settlement on NAR agent commissions. NW MLS?said its existing practices are already open and fair.
Seattle Renters Hosting Their Apartment on Airbnb Make $5K Per Year?
Airbnb now allows some renters to host their apartments part-time. Tenants in the Seattle area who hosted their apartments?on Airbnb typically earned about $5,000 a year.?27?apartment?buildings?in Seattle allow renters to host part time.
Multifamily Properties for Sale in Lakewood and Port Angeles?
Two properties, one in Port Angeles and one in Lakewood, will be auctioned off between June 25th and June 27th, 2024. The?31-unit property in Port Angeles starts at $800K and the 16-unit property in Lakewood starts at $700K.
High Housing and Labor Costs Lead to Slowdown in WA Job Creation
Washington State was 6th in the nation in new job creation in the period from 2014 to 2019 but dropped down to 15th place in the period from 2019 to 2024. Analysts cite high labor and housing costs as the deciding factor.
Puget Sound Multifamily Developments
领英推荐
National
Top Tier Real Estate Investors Lose 26%, First Such Loss Since 2008
For the first time since 2008, investors in the AAA tier of a CRE bond backed by the mortgage on?1740 Broadway in Manhattan lost 26% of their investment when the mortgage sold for less than half of the previous sale price.
Pending Home Sales Slumped 7.7% in April
Pending home sales in April fell 7.7%?and fell 7.4% year-over-year.?All four U.S. regions registered month-over-month and year-over-year decreases.?6.4% of home sellers cut their asking price?last month, the highest share in 18 months.
House from ‘Home Alone’ Hits the Market for $5.25 Million
Kevin McCallister’s childhood home has hit the market for $5.25 million. At just over 9,000 square feet, the house from the “Home Alone” movie was last sold in 2012 for $1,585,000, rising by over 3.3 times in price in just 12 years.
Palm Beach Private Island Sells for Record $152 Million
Tarpon Island, the only private island on Palm Beach, sold for a record $152 million in May, down 30% from its 2022 original listing price of $218 million. Australian investor Michael Dorrell is the buyer of the 29,000 sf property.
50% "Pride Premium" on Home Prices?in States with LGBTQ+ Protections
U.S. homebuyers need to earn $150,364 to afford the median priced home in states with laws protecting LGBTQ+ people from housing discrimination, a "pride premium" of 46.8% compared to states without LGBTQ+ protections.
Black Homeownership Improves But Still Shy of 2004 Peak
Nearly 46% of Black households own their home in 2024, an improvement from the?low of 43% in 2019, but still down from the?49.7% peak ownership rate reached in 2004 and far off from the 74% rate for white households.
U.S. Housing Market Undersupplied by 1.5 Million Units
A new report from Freddie Mac shows that rental and homeowner vacancy rates remain?low compared to historical averages. To correct the vacancy rate, the U.S. needs to add?1.5 million vacant for-sale and for-rent homes.
Real Estate Broker at Linden Property Services
9 个月The housing shortage tells me investment properties will be good hold as long as I can keep dealing with the work. I’m still going to 1031 into DSTs any that have a turnover of our long term tenants. We have had nothing turn over for several years now with moderate increases, because of the shortage of options for renters.
Helps Real Estate Investors Maximize Profits w/ Seller Financing, Note Investing & Private Money Nationwide
9 个月It seems like there are quite a few interesting updates in the housing market this week. The news about the 'Home Alone' house hitting the market is intriguing.