Seattle is So Hot People Are Moving to California

http://www.king5.com/money/markets/real-estate/ballard-couple-sells-home-for-big-profit/433922788

Apparently people in Seattle don’t see the rain coming down on them. They just stand on the sidewalk and keep on talking… that’s… weird. :thinking:

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Seattle has doubled in the last 5 years. A big issue for some is there’s no prop 13 or similar law. That means property tax bills have doubled in the last 5 years.

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Soon, they’ll all move back to the bay.

Yes, all those California traitors will come back to the Bay Area to kiss the liberal state and say thanks God! :stuck_out_tongue:

Source: Here are the states where house prices are hottest - MarketWatch

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Even if people are migrating out of CA, it doesn’t address properties which are held as rentals. I suppose property tax is a reason why people would choose to sell in other areas.

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That’s not the case for property tax. Property tax is based on tax value, not market value of the house. Tax value increases by a certain percentage much less than market price increase.

Even though most states have no prop. 13, they all increase their property tax at a very modest rate. Seattle is the same.

Seattle’s typical house sold for a record $722,250 in April, less than three years after crossing the $500,000 threshold. Seattle median prices climbed $22,000 just in the past month.

And the Eastside reached an all-time high of $880,000, up a scorching 20 percent in the last year, the biggest jump since 2013. The typical Eastside house cost grew $150,000, the largest dollar increase on record, which dates back 11 years, and almost assuredly the biggest in history.

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SFH went up 13%. Condo went up 18%. :fire: :fire: :fire:

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Home prices in the city have seen double-digit growth for more than a year, according to the S&P CoreLogic Case-Shiller Home Price Index.

“This is the craziest market I’ve seen,” said Kyle Moss, a real estate agent with Redfin who was born and raised in Washington. “We have a sea of very, very well qualified buyers coupled with the lowest amount of homes for sale. It’s a serious problem.”

One reason is that the city has been flooded with new residents, thanks to its strong economy. The Seattle area is home to tech giants like Amazon (AMZN, Tech30) and Microsoft (MSFT, Tech30), as well as other big employers like Starbucks (SBUX) that tend to pay well.

“If someone is making enough to qualify for a $700,000, $800,000 or million dollar mortgage, that is always going to drive housing prices up,” said Moss.

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Pssssht. They’ll move to Oregon or somewhere else.

They are coming to Tahoe too…Many can telecommute. …I am ready and waiting…Have several homes waiting to sell to BA people with cash…Will have one for sale soon…Waterfront, triple boat dock, 1/3acre 4/2.5 under $900k…Less than a 1bedroom condo in SF

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Tech in Tahoe…Virnetx…Recently won a lawsuit for $300m against Apple
Corporate headquarters in Zephyr Cove…Tax refugees from California. .Plenty in Incline too.
http://quotes.wsj.com/VHC/company-people


The founder lives fulltime in Tahoe

Incubator space in Tahoe.

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