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Why? Just build more. Population growth is good for cities. Immigration is good for cities. Globalization is good for cities. It isn't foreign buyers driving prices up--it is insufficient construction.
Theoretically yes, but most of these buyers don't make their money in these cities or countries (i.e. no taxes paid) and they don't live in the properties either, they sit empty. It's foreigners parking their money in property.
Go to realtor.ca and zillow.com and compare house prices at the border between Vancouver and Point Roberts (USA) or Blaine and beyond (USA). You go from million dollar minimums for ****ty houses on the Vancouver side to 200k-300k for the same types of houses just across the artificial line.
For Seattle, in terms of infrastructure, the current pace of construction simply isn't sustainable. If you think the traffic is bad now, consider they have at least 44 towers proposed, approved, or under-construction...
now, most buildings are in the 400~550' range..... still, that's pretty impressive. ...but planners may face a backlash for allowing Seattle to grow at the same pace as California.
They did just pass a massive rapid transit expansion measure, and will probably pass another within the decade.
For Seattle, in terms of infrastructure, the current pace of construction simply isn't sustainable. If you think the traffic is bad now, consider they have at least 44 towers proposed, approved, or under-construction...
now, most buildings are in the 400~550' range..... still, that's pretty impressive. ...but planners may face a backlash for allowing Seattle to grow at the same pace as California.
Jealous that Boston isn't building as much towers?
For Seattle, in terms of infrastructure, the current pace of construction simply isn't sustainable. If you think the traffic is bad now, consider they have at least 44 towers proposed, approved, or under-construction...
now, most buildings are in the 400~550' range..... still, that's pretty impressive. ...but planners may face a backlash for allowing Seattle to grow at the same pace as California.
The pace is unsustainable sure, but not for that reason. The allure of highrise housing is partially to AVOID commuting. It lets people walk instead. And all of our new towers are near offices.
Hotels are another element. Hotels don't have rush hours.
Boston now ranks third in foreign investment
Donna Goodison Wednesday, January 04, 2017
Boston is the country’s third-most desired city for foreign institutional real estate investors — ranking behind No. 1 New York and Los Angeles, a new survey says. ....The Hub moved up from last year’s fifth-place tie with Seattle in the survey of Association of Foreign Investors in Real Estate members who hail from 22 countries. Seattle ranked fourth this year, followed by San Francisco, which held the No. 3 spot last year.
Ninety-five percent of the survey respondents said they would maintain or increase their U.S. investments this year, although just more than a third said their outlooks about the U.S. market had become more pessimistic. The U.S. maintained its top ranking as the country providing the most stable and secure real estate investments and the best opportunity for capital depreciation by wide, double-digit margins. More than half of survey respondents said Brexit would have a positive effect on the U.S. real estate market.
“We’re a hot, hot market,” said David Begelfer, CEO of NAIOP Massachusetts, a commercial real estate development trade group. “Obviously we’ve been having a very strong economy here in Boston, so it’s very desirable.”
Purchases by foreign buyers in Boston’s central business district totaled nearly $1.25 billion in the first three quarters of 2016, up from $724.3 million in the same period of 2015, according to commercial real estate services firm Savills Studley. Foreign investments in Boston have totaled $9.15 billion since 2012, growing from $261.2 million that year to $3.07 billion in 2015.
One driver of "best places to invest" is a lack of development. Developers yearn for existing properties in areas with "high barriers to entry" because it meant less competition and higher rents.
Actually, Seattle is even more populated (by 221 thousand, to be exact) and even more densely populated (by 4,801/sq mi). Of course, Atlanta, along with DC, by far have the largest percentage of daytime population growth than any other Major city in the US, and it can see as many as 800,000 people in the city.
In fact, Atlanta, despite it's relatively small population size (in comparison to other big cities) has the 4th largest population growth, period.
If people in the metro area didn't have such a fear of cities and close spaces, the city could easily ad 100,000 people at the least.
It's not about "fear;" it's about very practical matters like housing costs, schools, crime, etc.
Landscape architectural firm selected for $1B Bayside development in Rowlett Tx ( Dallas)
Development to feature Crystal Lagoon, ‘Bellagio-style’ water feature
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