Why no new homes in Snoqualmie Ridge? (Seattle, Bellevue: foreclosure, rent)

[CrazyDonkey]

Originally Posted by Legacy Bear

These things take time though. I just can't imagine seeing people 'sustaining' these types of prices.

Just look at California, that's where a lot of the buyers are coming from, especially for the Eastside. Increased supply will moderate price increases, but it isn't at all certain prices will come down. Those who can't afford to get into a bidding war with out-of-staters will simply buy and live elsewhere.

[Legacy Bear]

Originally Posted by CrazyDonkey

Just look at California, that's where a lot of the buyers are coming from, especially for the Eastside. Increased supply will moderate price increases, but it isn't at all certain prices will come down. Those who can't afford to get into a bidding war with out-of-staters will simply buy and live elsewhere.

i agree, but im trying to rationalize things. i gather that this BOOM is driven my apple, tech boom, foreign investing, low interest rates? what i mean is, i understand and can see how leveraging to boost a bubble or prices. but when you tell me people are doing OVER asking via cash in a bidding war for RE, well, that‘s another thing in itself.

the trickle effect seems more foreign based is what im trying to say. on the two fold, if organic growth was that legit, then HP, GE, CAT, etc, etc, wouldnt necessarily be cutting jobs. the peak is just a trickle effect, meaning, the bids aint organic, or in house,.or however u wanna label it.

what do you mean by east side?

[Hemlock140]

Originally Posted by Legacy Bear

i agree, but im trying to rationalize things. i gather that this BOOM is driven my apple, tech boom, foreign investing, low interest rates? what i mean is, i understand and can see how leveraging to boost a bubble or prices. but when you tell me people are doing OVER asking via cash in a bidding war for RE, well, that‘s another thing in itself.

the trickle effect seems more foreign based is what im trying to say. on the two fold, if organic growth was that legit, then HP, GE, CAT, etc, etc, wouldnt necessarily be cutting jobs. the peak is just a trickle effect, meaning, the bids aint organic, or in house,.or however u wanna label it.

what do you mean by east side?

"Eastside" refers to those areas east of Lake Washington, so Mercer Island, Issaquah out to North Bend, Renton, Bellevue, Sammamish, Redmond, Kirkland, Newcastle, Woodinville, and sometimes people include places north of the lake like Mill Creek and Bothell. Most also include places farther east such as Carnation, Duvall, and as far south as Maple Valley/Covington. Generally the areas east of the lake that are still at least borderline commutable to Seattle.

Those companies cutting jobs are not the ones whose employees are buying and driving up prices, it's Amazon, Microsoft, Expedia, Costco and others. Even when MS has layoffs, it's often to go in a different direction, and they end up hiring a whole lot of new people with different skills.

[Garfunkle524]

Originally Posted by mspkiddo

Oh yeah I agree about the Issaquah comment, that's me, but see here is where I'm in totally confused, our household income is $200K and WE can't afford Issaquah -- who is living there? It's totally mind boggling.

We shopped for houses last summer and I found myself asking this question over and over and over and over and over again. As mid-to-late 20's kids with what I consider excellent income (quite a bit less than your 200k), excellent credit, and 20% down payment we could still barely afford anything. We saw a nice older house in Kirkland listed at 410k that had over 15 offers in one weekend and ended up selling for 550k cash.

The house we bought we ended up winning a bidding war at about 3% over asking price. We would not have won if our mortgage agent hadn't personally written their realtor about our finance-readiness since we weren't the highest offer. Our home is in Woodinville but pretty far out, a long way from the "desirable" areas.

I can't even count the amount of times I cursed the heavens. "How do so many people have so much damn money?!?!" I thought we were doing incredibly well financially and house shopping in this area made us feel incredibly poor.

[flyingsaucermom]

Originally Posted by Garfunkle524

We shopped for houses last summer and I found myself asking this question over and over and over and over and over again. As mid-to-late 20's kids with what I consider excellent income (quite a bit less than your 200k), excellent credit, and 20% down payment we could still barely afford anything. We saw a nice older house in Kirkland listed at 410k that had over 15 offers in one weekend and ended up selling for 550k cash.

The house we bought we ended up winning a bidding war at about 3% over asking price. We would not have won if our mortgage agent hadn't personally written their realtor about our finance-readiness since we weren't the highest offer. Our home is in Woodinville but pretty far out, a long way from the "desirable" areas.

I can't even count the amount of times I cursed the heavens. "How do so many people have so much damn money?!?!" I thought we were doing incredibly well financially and house shopping in this area made us feel incredibly poor.

Count me in... I live in Issaquah Highlands and honestly, we'd be priced out of (SFH) in today's market. We bought in 2012, about 20 seconds after residential real estate hit bottom.

Can ALL these people be making this much???

[Legacy Bear]

i don‘t get it either, cash over? jesus christ!!!!!!!!!!!!!!

not my game to play.

[mspkiddo]

Hemlock140 - you said Duvall and Carnation which got me thinking why aren't they also ultra expensive like the other places?

They're in fact closer to Seattle than Snoqualmie Ridge, but less expensive. I think I'll need to look at Duvall, Cottage Lake, Woodinville, and Carnation as well.

[Hemlock140]

Originally Posted by flyingsaucermom

Count me in... I live in Issaquah Highlands and honestly, we'd be priced out of (SFH) in today's market. We bought in 2012, about 20 seconds after residential real estate hit bottom.

Can ALL these people be making this much???

Median Household Incomes:

Issaquah $113,598
Sammamish $143,861
Bellevue $90,333
Redmond $96,214

Since median is the number at which there are an equal number of residents making more and making less, there are many residents making much more that are buying homes, and many making less that either live in apartments or bought long before the prices shot up. I know I couldn't afford to buy my home today at the current value, and I'm glad we bought 21 years ago and have stayed in it. There are several new home developments in progress here in Sammamish, but they are starting at about $750k and on up to 1.2 million.

[Inkpoe]

Originally Posted by mspkiddo

Hemlock140 - you said Duvall and Carnation which got me thinking why aren't they also ultra expensive like the other places?

They're in fact closer to Seattle than Snoqualmie Ridge, but less expensive. I think I'll need to look at Duvall, Cottage Lake, Woodinville, and Carnation as well.

Those 2 are a bit remote as they're not as convenient to the highway. There's a swath of the floodplains in the area, so be sure not to buy those homes near that (buy uphill). Duvall also has a big prison, so some might see that as a deterrent.

[Garfunkle524]

Originally Posted by mspkiddo

Hemlock140 - you said Duvall and Carnation which got me thinking why aren't they also ultra expensive like the other places?

They're in fact closer to Seattle than Snoqualmie Ridge, but less expensive. I think I'll need to look at Duvall, Cottage Lake, Woodinville, and Carnation as well.

It's a pain to get to Seattle from Duvall and Carnation. Snoqualmie Ridge, on the other hand, is right off the freeway.

The houses in Cottage Lake are all older, but many are still nice. That's where we bought. There are a few fancy schmancy neighborhoods and Hollywood Hill is just down the road with their multi million dollar houses. Getting to Seattle isn't bad if you leave early enough, it can be a pain getting home though and you're always paying the toll.

Originally Posted by Hemlock140

Median Household Incomes:

Issaquah $113,598
Sammamish $143,861
Bellevue $90,333
Redmond $96,214

Since median is the number at which there are an equal number of residents making more and making less, there are many residents making much more that are buying homes, and many making less that either live in apartments or bought long before the prices shot up. I know I couldn't afford to buy my home today at the current value, and I'm glad we bought 21 years ago and have stayed in it. There are several new home developments in progress here in Sammamish, but they are starting at about $750k and on up to 1.2 million.

Interesting. There's no way the median income in Redmond can support the house prices there.