Do you live in one of the new Zoom Towns? (Seattle: real estate market, lease)

[MtnSurfer]

There is a Covid phenomenon occurring across the nation. 'Zoom Towns' are growing faster then ever. Folks can move around and live wherever they want to as their companies' policies have changed dramatically during this pandemic. And many of these companies are realizing the financial benefits of not having to lease/own their large office complexes. So, there is a longer term ripple effect in the real estate market nationwide.

For the first time, many people can live anywhere they want while not being tethered to a physical office somewhere else near their corporate headquarters. They have started to venture out and explore living in places they may have never thought about before. If you thought it was already happening, think again. The magnitude is greatly increasing and will continue in some areas as never seen before. There is a fundamental realignment occurring in places with traditionally very limited industries such as old factories, fishing, timber or tourism. People are starting to spread out more from their economic hubs.

I can see Vancouver growing at accelerated rates with new arrivals having a difficult time finding housing. Some homes are selling above listing price as this upward growth trend continues. We do have a lot of rural land to north. So the developers are really going like gangbusters building out here.

Migration To Booming Northwest ‘Zoom Towns’ Sends Home Prices Into Overdrive

Derek

[flyingsaucermom]

The region has been on FIRE for nearly a decade attracting highly skilled tech workers from around the country and the globe.

Nothing to do with the pandemic.

[Ruth4Truth]

More growth for Port Townsend, I predict. And maybe Humboldt County, CA. And possibly the Kitsap Peninsula. No more need to crowd into Seattle's high-priced RE market. People can spread all over the state. Internet service will have to be upgraded in smaller towns.

[grega94]

I heard that the Maple Valley-Covington-Black Diamond area is attracting a lot of these people. It’s close enough where if you need to go into the office for the day it’s not so bad, but far away enough to find noticeably cheaper housing options.

[StealthRabbit]

Originally Posted by Ruth4Truth

.... People can spread all over the state. Internet service will have to be upgraded in smaller towns.

Since much of eastern WA has had very affordable HS fiber for 10+ yrs, there will be a lot more pressure per capita on the east side. The we_t side has had 30+ yrs of high immigration. Many of my CA coworkers were paying $20k -$100k over listing price in the early 1990's. They had to spend their CA equity, or pay 10-28% tax on it.

[MtnSurfer]

Originally Posted by Ruth4Truth

More growth for Port Townsend, I predict. And maybe Humboldt County, CA. And possibly the Kitsap Peninsula. No more need to crowd into Seattle's high-priced RE market. People can spread all over the state. Internet service will have to be upgraded in smaller towns.

Yes, I could definitely see places like PT growing faster than average along with the entire Kitsap Peninsula. If you read the article, it talks about the San Juan Islands growing much faster as well. Places that were once considered simply nice places to visit or possibly retire will now become homes to these workers.

I know WA has seen this in part for decades. However, this is the first time in history that our nation and the world have worked almost entirely from home via the internet and zoom type meetings. I actually began this before covid along with other whose companies allowed it for certain workers under specific circumstances. But those old rules and 'special remote arrangements' are now being made for the general populace including their bosses. And guess what? For the first time, many old myths are now being dispelled out of necessity - the mother of invention. Namely, that workers can't be productive working from home. Or that the company will lose money or people must meet in person for the really serious work, etc... This is a time like no other allowing workers more options and some are really liking it. Though its not without its challenges.

Some states are seeing this trend and even encouraging it to help fuel their ailing economies. For example, Hawaii is offering to pay remote workers airfare to come and work remotely there! I'm sure there are more than a few who have thought of this with their new found freedom. Why not snowbird in Hawaii while working remotely under a palm tree sipping mai tais? haha

Hawaii’s new remote-work program will cover your airfare in exchange for volunteering

I actually know two people who have gone for an extended time to Hawaii while working remotely. There's not a lot stopping them right now nor is there for folks moving to PT, the San Juans, Wenatchee, Leavenworth, Bham, etc... Sometimes just a few months somewhere new can be a fun, refreshing and enjoyable experience.

Derek

[MechAndy]

When we were looking to buy up here I never thought it be a good investment.
There really aren’t that many high paying jobs but it is beautiful and that’s why we did it.

Oh boy was I wrong.
Our value went up quite a bit and it’s only been a couple years.

[flyingsaucermom]

Originally Posted by MechAndy

When we were looking to buy up here I never thought it be a good investment.
There really aren’t that many high paying jobs but it is beautiful and that’s why we did it.

Oh boy was I wrong.
Our value went up quite a bit and it’s only been a couple years.

We differ here and I've long predicted this would happen. I looked up climate change models years ago, back when I lived in Michigan, and learned that most of the country would be less and less comfortable.

Since moving here my husband and I have had a real sense of urgency to acquire 3 properties.. one for each kid and one for our selves with ours having a good amount of fertile land and access to water. I wanted to "beat" others coming to the same conclusion as we did. We did get our properties... even before prioritizing college savings and traditional retirement planning.

I don't like where two of our properties are located though... they're in the urban/wildland interface zone...

I recently learned that fire likes to travel uphill, which is good, as our third property is in a valley with a creek making up the bottom property boundary. Theoretically I'll watch the neighbors on the hillsides burn.

We are not without our risks, but for the most part you just have to hold your breath between early August and mid-September.

Of course we also have "the big one" to worry about. But my money is on that we will burn before we shake...

[StealthRabbit]

Originally Posted by MtnSurfer

Yes, I could definitely see places like PT growing faster than average along with the entire Kitsap Peninsula. If you read the article, it talks about the San Juan Islands growing much faster as well. Places that were once considered simply nice places to visit or possibly retire will now become homes to these workers.

I know WA has seen this in part for decades. However, this is the first time in history that our nation and the world have worked almost entirely from home via the internet and zoom type meetings. ....
Derek

If you have dependable and fast internet. (enter Elon and Starlink to northern latitudes soon $99/month + $550 system per installation (I will need 5 installations + one for motorhome))

San juans were struggling with coverage, and had invested in private land based line of sight system with very expensive towers. (Which may be obsolete now).

WFH has been minimal interest or criteria in the rural homes I have sold this yr. Far more important to buyers has been... Getting away from cities. Places like Vail and Telluride have been hugely impacted by WFH (about 10 yrs ago). Colorado has significant uptick in housing sales. My places there (near Estes Park) are without internet access as well.

PNW is high on the radar for preppers due to water availability and potential yr round growing options.

I expect WFH property to be a small and short lived blip. As mentioned... USA is very forgetful, our enemies and competitive countries are not. They now have loads of information on how to disable us. USA Internet stability and access is one of their EZ targets. Of all the countries I have lived, worked and traveled.... The USA is really disadvantaged in key community access to technology, education, healthcare, and strong intellectual career growth. Certainly not on par with places like Israel, the Netherlands, UK, Germany...

[texasdiver]

Living in the sticks is attractive when the cities are basically shut down and you can't do most of the stuff that makes cities attractive in the first place. Like dining, shopping, bookstores, coffee shops, concerts, etc. etc.

But when the pandemic is over I expect a lot of these more remote locations to lose some of their appeal. Smaller cities with enough critical mass to have interesting amenities like Wenatchee, Walla Walla, Port Townsend, Hood River, etc. will likely continue to thrive. But I'm not so sure about smaller more remote places. People are going to start missing their Pad Thai, artisan pizza, and brew pubs.

I'm not sure what the critical mass is to make a smaller city thrive post-pandemic. But I expect there will be one. Zoom isn't going to be the savior of every remote small town by a long shot.