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DECEMBER 12, 2018
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VOL. 99, NO. 50
Seattle by the Numbers: How & why dramatic population growth had such a dramatic impact on Seattle real estate In 2010, SeBaltimore’s denattle’s population was sity: 2868/km2 estimated at 608,000. DC density: Now, eight years later, 4438/km2 the city has more than Minneapolis 730,000 residents density: 3008/km2 making it the US’s Aside from fresh fastest growing large seafood and a percity over the decade. vasive coffee culture, Since 2010, Seattle’s Sam Konswa Seattle’s lifestyle population grew by contrasts with that of nearly 20% or 114,000 similarly dense cities QUEEN ANNE residents. In 2014, in a number of ways. REAL ESTATE this growth shot SeatSeattle’s lack of suffitle onto the US’s Top cient public transpor10 most densely populated large tation is a widely accepted critique cities list for the first time. As of the city. The well-established the nation’s 18th most populous systems in other cities are more city, Seattle sits on 83.9 square varied, logistically practical, and, miles of land making its populaas a result, more widely utilized. tion density 8,645.06 per mile2 or Additionally, our unique neigh3,337.86 per kilometer2. (Source: borhood pockets provide Seattle US Census; City of Seattle) with charm and character, but by Denver is the nation’s 19th nature, these pockets result in dismost populace, with an estimated proportionately high number of 704,621 residents, but due to a single-family zoned housing plots. nearly doubled geographic size An estimated 69% of housing (153mi2), Denver’s density is plots are single-family. To put this 4,596.23 per mile2. This is nearly in perspective, similarly dense DC half the population density of is only 29%. Denver, with roughly Seattle. Since 2010, Denver has half the population density, rings experienced a similar level of pop- in at 67%. ulation growth to Seattle, 16.81% Of all developable land in (up from 603,218 in 2010). Seattle, 49% is zoned single famOther large cities with simiily, while only 8% is multi-family larly dense populations include: with an additional 8% zoned for
mixed-use. In terms of acreage, approximately 19,000 acres are allotted for single-family residences, whereas areas allowing for higher densities account for only 6,200 acres. Zoning places notable constraints on the availability of new housing units, thus limiting the housing supply available for purchase. As Seattle rapidly grew, demand quickly outpaced supply and drove the rapid rise in home prices. (Source: King County) Seattle’s economy steadily grew since the turn of the decade. In 2010, GDP per capita was $69,814. The forecasted value for 2018 is $78,984 per capita, a 13.13% increase since 2010. As the nation recovered from the recession, this level of steady growth was not experienced in all areas. Minneapolis’s GDP growth over the same period is relatively flat. The forecast for 2018 is $61,534. DC’s projected 2018 GDP ($74,159/capita) sits slightly below its 2010 value of $75,227. Similarly populace but less dense Denver experienced 7.78% per capita GDP growth over the same period, rising from $59,191 in 2010 to a projected $63,797 in 2018. (Source: US Census Bureau) With a growing economy, an
expanding population, and limited availability of housing units, an increase in home values is expected. If we compare Seattle to DC and Denver, Seattle’s pronounced growth, zoning limitations, and housing scarcity yielded the most dramatically pronounced impact on home values than these other two cities. In 2010, Seattle’s median sales price of a single-family home was $399,950. In 2018, this figure had nearly doubled to $770,000; a 92.5% increase. (Source: NWMLS) In contrast, DC has a similarly dense population and higher percentage of high density housing, but lacking a similar growth in the local economy. This stagnation of GDP is partially due to the nature of employment in the region. One out of ten are employed directly by the Federal government, and the figures for government related employment far exceed this figure. Nonetheless, DC’s median sales price rose by 34.4%, from $382,000 in 2010 to $513,400 in 2018 (Zillow.com). The much less densely populace, Denver, experienced tremendous economic and population growth. Many new residents hoped to buy relatively low compared to other emerging markets. This
influx of demand for single family homes especially, pushed Denver’s home values to see a 121.3% increase, from $211,000 in 2010 to $467,000 in 2018! (Zillow. com) While this is a dramatic increase, Denver’s median sales price is 49% lower than Seattle’s. Due to Denver’s lower relative population density and a 27.8% lower median household income (Denver: $56,258 vs. Seattle: $74,458), values remain lower than cities with similar levels of economic and population growth. (U.S. Census Bureau) The take-away message for Seattle’s market paints a clear picture. A rapid population influx due to a booming local economy sparked high levels of demand. The housing market was unable to match the increased demand. Many of the new jobs were in the high-paying tech sector, which yielded higher relative ceilings for home values. This combination of factors caused the median sales price of homes to nearly double since 2010. After a decade as an investment banker on Wall Street, the interactions between economics, investing, and real estate perme Market Page R4
The Verdict Is In: These 5 Home Design Ideas Will be Trending in 2019
5 Water-Saving New Year’s Resolutions
(StatePoint) It’s that time of year to start setting New Year’s resolutions: work out more; get a new job; save money. While these are admirable goals, have you considered how your resolutions might make a bigger impact? Protecting our water is one of the biggest challenges facing the planet, but many of us don’t realize how much water flows through our lives every day. According to the EPA, the average US household wastes nearly 10,000 gallons of water each year – roughly enough to fill a residential-sized swimming pool. Talk about a reality check. This year, resolve to care for our most precious resource with a few simple ecoconscious tricks and swaps that will reduce water waste and keep our water clean – not to mention help out your wallet, too.
(StatePoint) Usher in the new year with a crop of inspiring fresh ideas across home design. To help you keep up with the latest décor trends, celebrity interior designer, Taniya Nayak, has pulled together the top five home design trends for 2019 to provide inspiration no matter your personal taste. 1. Natural and Organic. Bring a touch of Mother Nature into your home with this trend that accentuates earthy, organic elements. Nayak recommends adding layers of textures, like natural raw jute, and incorporating muted tones, such as terra cotta, moss green or mustard, to achieve this nature-inspired style. 2. Feminine and Free. This style embraces a pastel palette of pale blue, pink and cream to achieve a romantic and glam look. Infuse this trend into your space by creating a striped accent wall with soft-hued tones or alternate different paint finishes, such as eggshell and satin, in the same color for a dimensional effect. Bring the look to life with fresh greenery and indoor plants.
• Reuse excess water: Your leftover cooking water is liquid gold. Save water remaining from boiling pasta and steaming vegetables and recycle it by nourishing your houseplants
3. Eclectic and Bold. Nayak says “own your own style and show it off…make a statement!” An easy way to achieve this bold trend is to paint a door, an accent piece or even a ceiling in a bright color, like Jester Red or Ceylon Yellow. Unsure if bold colors are for you? Take a look in your closet to see which shades you tend to gravitate toward most. And when it comes to achieving clean, sharp paint lines, one of Nayak’s go-to tools is a premium painter’s tape like FrogTape brand painter’s tape that delivers the sharpest paint lines possible. Treated with patented PaintBlock Technology, FrogTape is a foolproof way to get professional-looking results and eliminate the need for touchups.
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• Implement meatless Mondays: A single pound of beef requires more than 1,800 gallons of water to produce, compared to tofu, which only takes approximately 300 gallons, according to the Water Footprint Network. So, once a week, plan a meat alternative for a meal or hit up your hipster, foodie friend and go to a vegan restaurant (they’re all the rage right now).