Seattle’s tech boom boosts luxury housing
Homes priced above $1.5M surging
The technology boom is moving its way up the Pacific Coast, bringing a new surge in demand in housing for luxury homes listed at $1.5 million or more, an article in The Wall Street Journal said.
Real-estate agents say Seattle, the longtime home of software giant Microsoft and online-retailing behemoth Amazon, is attracting more technology firms because it offers a combination of local talent and lower housing prices than the tech centers of California.
The article explained that while the overall market is staying stable, luxury real estate prices downtown are growing.
For homes priced above $1.5 million, the average price a square foot was $494 in May, up 10% from the previous May. In 2013, Seattle’s population swelled to 652,405, up from 608,662 in 2010, according to census data.
This isn’t the only thing going on in Seattle housing. Real estate in the city could be on the verge of a seismic shift, thanks to a plan that’s working its way through the city’s governmental process.
According to a report from The Seattle Times, Seattle is considering a plan to do away with single-family zoning within the city and replace it with “lower density residential.”
Per the Seattle Times report, Seattle’s single-family zoning is a “defining feature of Seattle’s strong neighborhood feel,” and has been for more than 100 years.