Area’s Strong Economy Attracting Real Estate Investment
The local Puget Sound area is getting a lot of attention nationally from real estate investment firms. Investors from around the region and other parts of the country are starting to realize this area is a hot bed for long term growth and investment.
People are expecting good things from investing in the local Puget Sound real estate market. Recently The Wall Street Journal was quoted about the nation’s commercial real-estate market, noting that population and job growth is prompting investors to take a fresh look at the Puget Sound area. It cited a PricewaterhouseCoopers study of 45 areas in which Seattle ranked fourth behind New York, Washington, D.C., and Los Angeles for investment.
As recently as last Thursday, a Portland, Ore.-based real estate investment firm purchased Paine Field Business Park. An executive there talked about our population growth and wanted to be part of what he expects will be a thriving area.
The deal wasn’t a huge one - $9 million and change. But there have been others of much larger proportions. This fall, a Lynnwood office building sold for $39 million to a San Francisco real estate investment firm. Two years ago, it had been picked up for $13 million.
Before that, a Chicago firm paid more than $39.5 million for Cosmos Lynnwood Center. Office buildings weren’t the only big sales in Snohomish County. Apartment complexes were even more popular to outside investors.
In February, On the Green at Harbour Pointe sold for $69 million to an investment firm. In June, complexes in Everett, Lynnwood and Mill Creek sold for a combined $38 million. In October, Walden Pond apartments in Everett sold for $31 million. In November, Crystal Cove and Silver Lake Heights in Everett sold for a combined $53 million. Most sales were to outside investment groups. Via Heraldnet.com
Deals like these are usually not a big deal individually, but when it’s one deal after another, that’s something to take notice of. Investors from around the country are buying up property all over Western Washington from Bellingham, WA to Portland, Oregon. These people are putting their money where their mouth is.
All you have to do is look around the Bellingham area and one can see all the Commercial activity going on in Fairhaven, Barkley Village, Bakerview, Cordata and of course downtown Bellingham. Good solid investments in a high quality area is going to naturally attract investment no matter where that money is located. Real estate investment company’s want to be positioned where the next best markets are going to be. Looks like a lot of that is going to appear right here in the Puget Sound region.
Jerry Campbell - Muljat Group - Bellingham, WA - Bellingham Real Estate
what about investing in South Whidbey Island?
Comment by john — September 1, 2007 @ 8:52 pm
Well John, I’ve actually been down to South Whidbey Island fishing near Bush Point for the migrating Pink Salmon the last couple of weeks. While I was down in the area I was also checking out the local real estate market as well and it seems prices are still going pretty strong.
I would refer you to Paulette Hill, a local Realtor in the Freeland, WA area. She works at Coldwell Banker Tara Properties and I think she would be the one most qualified to answer your question. I believe her web site and information can be found at Whidbey Island Real Estate.
Comment by Jerry — September 2, 2007 @ 12:28 pm