What set of problems do you want to have?
This was the topic of conversation I was having with my Dad as we drove around in Naples Florida on my recent visit there. I was marveling at the local housing prices after I popped into an open house near my folks place.
The average price of a home in Naples is $319,200. And that includes averaging in all the mega mansions on the waterfront. Many a hedge fund executive flies south to buy a $15-$50 million dollar mansion right on the gulf. In part because it’s a great escape from the winters of New York and also to establish residency in a no income tax state. So that $319,200 number is skewed a little high. Your typical bread and butter family home can be had in $200s.
Contrast that with Seattle’s average home at $717,400 and Bellevue’s at $912,800, and it’s easy to understand why people are screaming “The rent is too damn high!” I can’t say that I disagree with you, the cost of living in the Pacific Northwest is a heavy load to carry for a lot of people. But I don’t know if that one number – rent – is the best metric to judge a city.
If you’re an Eastsider, you are living in an interesting time… at least from a Real Estate perspective.
I’m talking, of course, about the announcement from Amazon to build their largest building in the entire company in Downtown Bellevue. After that information was released, it was also uncovered that there are plans for a Phase 2 companion building next door that puts something north of 10,000 Amazonians to the east of Lake Washington.
Couple that with the construction of the light rail corridor slicing its way from I-90 through Bellevue, and a perfect storm is brewing for Real Estate opportunities.
Now here’s the part where I need to insert a disclaimer. The ideas I’m about to present are not for everyone. I get that. It’s going to take a little imagination and an open mind. Ok, so what are we talking about?