Residential Housing Newsletter #36
June 7, 2024
Welcome to the 36th issue of our WA State residential housing newsletter!? Here's what happened this week:
Local
Seattle Levy Grows to $1.55 Billion, Extra $500 Per Year for Homeowners
Seattle councilmember Rob Saka introduced an amendment to increase the proposed transportation levy to $1.55 billion .?This would increase taxes for the?average homeowner by about $500 per year.
King County Homebuyers Facing Mortgage Payments of $4K to?$6K
To afford a median home?in the Seattle area, homebuyers with a 20% down payment would face a monthly mortgage payment of $5,800 , up?10% from 2023.?The median house in Seattle sold for $965,000, up 7%.
New Co-Living Law Takes Effect in Washington State
Independently rented rooms?with shared kitchens and common spaces, called "co-living ,"?will be legal again in cities and counties across Washington starting June 6th, when a slew of new laws passed during the last session take effect . ?
WA Insurers Must Now Reveal Reasons for Price Hikes
Home insurance in WA has jumped by 40% for some homeowners?in the past year. A new rule took effect on June 1st, 2024 that requires insurance companies?to let their policyholders know why their premiums have gone up.
King County Court Issues Emergency Rule for Unlawful Detainers
On May 29, the King County Superior Court adopted an?emergency amendment ?to?LCR 40.1(b)(1)(L) , for unlawful detainers?that affect the health and safety of other tenants. Read our blog update ?from attorney David Britton.
"Chronic Nuisance Property" in Fife Gets New Owner
Sherwood Park Apartments in Fife (now Ramallah Apartments) was designated as a "chronic nuisance property" by Fife Police for a wide range of criminal activity. Now a new owner aims to breath new life into the complex .
Tacoma Apartment Complex Sells to Another California Investor
Bella Vista, a 9-building, 88-unit property located in South Tacoma, was sold by a private investor based in San Francisco to another California-based investor for $18.5 million on May 7th, 2024.?It was 97% occupied at the time of the sale.
Seattle Land Development Startup Raises $25 Million
Seattle-based startup?TraceAir , a tech company that?analyzes drone survey data,?raised?a $25 million funding round . TraceAir has raised $36 million to date and works with some of the largest homebuilders in the U.S.
Seattle Apartment Fire Kills 1, Injures 3
A fire?in a vacant apartment complex in Seattle on Tuesday killed one and injured three . The Seattle City Council passed a new emergency ordinance intended to fast track the process for abating or demolishing dangerous vacant buildings.
Office-to-Townhome Conversion Project Near I-90 Gets Green Light
A proposal to demolish a 1980s-era office building off of Interstate 90 to make way for 67 townhomes received an environmental determination of non-significance May 30th from the Bellevue Development Services Department.
Seattle Ranks #1 "Smartest City" in the U.S.
Seattle?ranked as the #1 smartest U.S. city ?in 2024. Home to tech companies like?Amazon and Microsoft, Seattle scores highly for tech infrastructure, with 34 AI companies and 13 IoT companies per 100,000 people.
领英推荐
Pierce County Unlawful Detainers Update
National
FBI Raids Atlanta Apartment Manager in Rent Price Fixing Probe
The FBI raided the headquarters of Atlanta-based Cortland Management, which operates 85,000 units nationally, on May 22nd over allegations of rent price fixing in connection with the DOJ criminal antitrust?investigation into RealPage.
Mortgage Payments Reached $2,256 in April, Jumping 6.8% Annually
The U.S. median mortgage payment reached?$2,256 in April , up from $2,201 in March. The median mortgage payment?rose?$144 compared to April 2023,?a 6.8% increase. Median earnings were up 4.6% compared to one year ago.
Los Angeles County Moves to Cap Rent Increases to 3%
The L.A. County Board of Supervisors?voted ?3 to 2 to ask staff to draft a change to rent stabilization?rules . Under the proposal, many landlords in unincorporated L.A. County would be barred from raising rent by more than 3% a year .?
Record 550 U.S. Cities with Average Home Price of $1 Million+
The U.S. has a record-high 550 “million-dollar” cities ?where the typical home is worth $1 million or more, an increase of 59 cities from 2023. Washington State ranks #7 with 18 "million-dollar" cities, up from 16 in 2023.
Testify Against New HUD Rule on Housing for Criminals
A new HUD?rule would prevent housing providers from denying people with criminal records ?for HUD-assisted housing if it becomes official. Submit your testimony on this new rule by June 10th to keep housing safe for all residents.
Are Evictions and Homelessness Caused by Poverty?
Why is it that Detroit, with 42% of residents living below the poverty line, has?a lower rate of homelessness than?San Francisco, one of the wealthiest cities in the world? In looking at the data , poverty?may not be the only factor at play.
Keller Williams Launches 'KWIQ' AI Chatbot for Agents
Keller Williams, the largest real estate franchise by agent count, launched KWIQ , an AI-powered real estate assistant chatbot trained on the company’s proprietary models, systems,?books, and training resources.
1 in 6 Renters Now Living in The Same Home For 10+ Years
One in six (16.6%) renters stayed in their home for 10 years or more in 2022, up from 13.9% a decade earlier.?One-quarter (25.2%) of renters stayed in their home for 12 months or less?in 2022. That’s down from 32.2% in 2012.?
Housing Affordability Is Gen Z’s Top Voting Issue
According to a survey commissioned by Redfin , Gen Zers rated housing affordability the most important factor in their vote, more important than the economy, abortion and gun rights, preserving democracy and foreign wars.?
Sotheby's London Hosts First Live Luxury Housing Auction
'Exceptional Global Properties ' became?the first-ever exhibition of luxury real estate to gavel live in Europe at Sotheby’s since its founding?in 1744.?83% of lots were sold and over $160 million in aggregate bids were placed.
Want to advertise in our newsletter? Inquire by emailing [email protected]