The number one place to live and work in the U.S. is Bellevue, Wash. according to a recent CNN Money article.The article lists the coexistence of large companies like Microsoft and Boeing alongside startups, and cites a “highly skilled” local workforce as the driving factor in this city’s marketplace success. Also notable is the absence of a corporate income tax, meaning small businesses are exempt from the B&O tax, so long as they gross less than $135,000 in taxable income. This fact alone has made the area attractive to entrepreneurs and small business owners.Bellevue also boasts one of the better school districts in the state, which—when coupled with large suburban neighborhoods—makes for a healthy family environment. Just 15 minutes across the water from downtown Seattle (without traffic), Bellevue will most likely be an even match to the growing metropolis in coming years.
Also, this view doesn’t hurt:Labels: Bellevue, business, CNN Money, real estate, Seattle
Investors from Village Roadshow, Ltd., Lambert Entertainment, Act III and the Retirement Systems of Alabama pension fund in Texas are committing to partner in investing a whopping $200 million into 50 luxury movie theatres that will sell tickets for $35 apiece, according to a post made today on PerezHilton.com via Variety.
The first two theatres will open outside of Seattle and Chicago, and will sell high-end luxury concessions, including pricey gourmet but theatre-friendly foods created by an on-site chef. Oxymoron, anyone? I’d think twice before putting $35 down on a movie ticket, but each theatre will boast 40 reclining chairs with footrests (score), a full bar and concierge services including valet.NuWire published an article not too long ago about both the benefits and implications of investing in indie films discussing its viability as an investment for the right type of investor. Entertainment execs have always claimed that the film industry is insulated from recessions, and if they are right, then this investment could actually take off. But this old-fashioned girl still prefers some homemade popcorn (extra butter, please), slippers and her own couch.Labels: Chicago, investors, movie theatres, perezhilton.com, popcorn, Seattle, The Big Picture, Variety
Seattle has birthed yet another real estate tech start-up. This one, SecondSpace, seeks to make home ownership easier for those with pockets deep enough to own second homes. Considering some 40 million Americans own a second home, it sounds like they’ve tapped into a solid market.
The issue for those buying second homes is not usually affordability–more likely it is the challenge of finding the right property to fit their needs. Do they want a house on the water or in the mountains? Overseas or within easy travel distance? Maybe they simply want raw land to build their second (or third or fourth) home on. All tough questions for the discerning buyer.
Through ResortScape, a user is able to go in and survey properties based on price range, type of property and physical location. A simple search for a property in an "ocean/seaside" lifestyle, for $400 to $800K in an unspecified location quickly brings up 63 listings varying from condotels to single family vacation homes–all for purchase.
Even tougher, some may argue, is what to do once the property is purchased. Many require renovations, maintenance and upkeep. SecondSpace claims to easily connect buyers with service providers able to assist them with their needs while they are away from their homes.
SecondSpace is aiming to establish itself as the preferred site for those looking to buy second homes worldwide. In partnership with their two other sites, ResortScape and LandWatch, SecondSpace recorded well over $1M in revenue in 2007.
Backed with $6.6M from Ignition Partners, the company employs people from Seattle-area companies such as Microsoft, RealNetworks and Amazon.
Keep your eyes out for more from SecondSpace–while they aren’t the only ones catering to consumer lifestyle needs, they appear to have the resources and partnerships to do it right.
Labels: real estate, Seattle, technology
I just received a call from my friends’ cousin Mikey, who was planning to move into my basement in the wake of a condo conversion in his apartment building.
Cousin Mikey, I just found out, isn’t moving in after all. His landlord informed him and the other 100 tenants in his downtown pre-war apartment complex that they could, in fact, keep their homes. The developer changed their mind, deciding that condo conversions are just too saturated in this market.
Apparently Mikey isn’t the only one living with the tug of war between tenants and developers.
Seattle’s real estate market has seen condo conversions drop sharply since a peak in 2006 because of changes in our housing market, including demand for rentals, housing costs and developers’ ROI.
This week, the House is considering a bill that proposes three things for Washington state:
- Developers must give tenants 180 days notice prior to development and are not allowed to start construction during the notice period.
- Monetary assistance would be granted to qualified tenants--qualifications would be determined by the tenants' earnings. Developers would have to pay tenants up to three times the monthly rent to cushion moving out and into a new building.
- Local governments would be given the faculty to put a cap on the number of apartment/condo conversions in the city.The city of Seattle is supporting this legislation.
I’d like to make one point clear before discussing this any further. I agree with the first two proposals. It’s the last that I take issue with, and it’s the last that deserves serious discussion.
Seattle is notorious for being one of the most expensive cities in the U.S. in which to buy real estate. It’s also one of the best cities in which to live, in my humble opinion, but still one of the most expensive.
Why, then, would our local government seek to put a cap on how many condominiums the city can build/convert? Because, in their minds, the city needs to stabilize the increase in development and give the market back to renting tenants who cannot afford to buy.
I suppose I see both sides of the argument, but as a single girl living in the city, if the condo shoe fits, I’ll wear it--just as soon as I find that right shoe. Er, condo.
What happens to the person who enjoys the benefit of home ownership but doesn’t want to move to the suburbs? Or can’t afford to buy in the suburbs? They are stuck renting.
There is a huge and stable market here for (semi) affordable homes among gen x and gen y-ers alike– and those (semi) affordable homes? They are condominiums, not single family suburban residences.
Investors should keep a close eye on this legislation because if the local government adopts this cap, it will not only affect landlord/tenant state laws, but limit the amount of properties available to purchase.
But, good for Cousin Mikey. And, good for me. I mean, I’m a Led Zeppelin fan, but...c’mon.
Labels: condo conversions, development, investors, real estate, real estate law, Seattle
