4 ms·

Seeing lots of evidence indicating that prices are falling in cities and it’s very hard to sell. Meanwhile in the suburbs around cities the market is booming i

Seeing lots of evidence indicating that prices are falling in cities and it’s very hard to sell. Meanwhile in the suburbs around cities the market is booming in certain segments. Lots of people who vowed they were always city dwellers are suddenly keen to live in the burbs. Hearing lots of stories of houses in desirable suburbs getting multiple competitive offers the first day they go on the market. In the rental space in suburbs and vacation communities heard lots of stories of places being rented at above market prices sight unseen by people just looking to get out of the city for the summer/year. Things will probably pick up in cities once things start to return to normal, but like a lot of things it’s likely going to be a very long time before things get back to where they were before all this started.

manuelabeledo 6y ago
Where I live, it is _noticeably_ cheaper to buy a house in a suburb 20 minutes away from the city center, than renting an apartment half the size, that would cut such car trip by 10 minutes. Given the current situation, it's a no brainer.
nostromo 6y ago
That seems to be the case in Seattle. Apartments in the city center are desperate to sign leases. But houses are actually a little more expensive this year, and they sell within a few days of hitting the market. And it make sense. New urbanism is dead at the moment: parks, cafes, and theaters are closed. There are no events. Nobody wants to take transit. But in single family neighborhoods, life is basically normal. Not to mention there is no traffic and gas is dirt cheap.
- tomcam 6y ago
  Also because, you know, a goodly chunk of Seattle was ransacked, covered with graffiti, riddled with gunfire, responsible for at least 5 shootings in a month, looted, boarded up, and deprived of any protection at all.
  - Klonoar 6y ago
    This is needlessly dismissive of why those events occurred to begin with. SPD themselves (as evidenced by numerous videos) caused more than enough of the anguish and problems, and Durkan's actions speak for themselves. There are many reasons to not want to be in Seattle right now, but casting it as a warzone without "protection" (from the very aggressors themselves) is a bit much.
    - lr4444lr 6y ago
      What about the rampant homeless and drug use problems that predated all of this?
      - Klonoar 6y ago
        I see people bring this up all the time for Seattle. However... I've literally lived in the radius of the oft-demonized stretch of 3rd and Pike/Pine for the past 2-3 years. I can assure you that while it's bad, they generally don't bother people and simply need a system that actually helps them. More police won't solve anything here - I'm confident in this statement as they sit outside my window daily and do absolutely nothing as it is.
        xapata 6y ago
        You must live on a high floor. The homeless outside my window are annoyingly noisy. Too often they wake me up at night or scare my dog when I'm out walking. I'm tired of spotting needles in the bushes and I'm worried someday I or my dog will step on one without a cap. The other day, I watched one guy threaten another with a knife. Call me callous, but I'd like to build drugs-allowed shelters so that they leave the streets.
        Klonoar 6y ago
        I live pretty close to street level, actually - sometimes people on the corner by the Kress are playing music too loud, but this is a city: you're going to hear some noise. I walk two dogs here a few times daily and while the litter has been worse post-COVID, it wasn't always this bad due to the city cleaners. In general I agree with your shelters idea, Seattle does not do nearly enough to help these people. Without knowing what part of Seattle you're specifically referring to I can't really explain more. If you're referring to Pioneer Square... well, I won't fight you on that one - that area needs help.
- Klonoar 6y ago
  For what it's worth, I recently moved apartments in downtown Seattle and the there's little in the way of downward price movement... yet. I shopped around at most of the buildings down here (2BR prices) and didn't find too much in the way of desperation, but this is all anecdotal I suppose. We stayed downtown for my wife who supposedly would be "back in the office" later this year (she doesn't drive), but I really wish I had gone with my gut and pushed for us to move further out. There is absolutely no benefit to being in Seattle proper right now, and it would not surprise me to see more people leave (I've considered just becoming rent-responsible on the lease and eating the cost, it's annoying me to death). (If you're talking about anywhere near Cap Hill, nobody wants to sign a lease there after they tear gassed the entire neighborhood a few weeks ago)
- caogecym 6y ago
  Low interest rate is driving house deals these days.
hammock 6y ago
It's not hard to sell. There are so many buyers out there right now. In Chicago houses are on the market 3 days tops. Hearing similar from other cities.
- dionidium 6y ago
  Same in Providence. We are house shopping right now and the market is very hot -- so hot that I'm considering stopping our search altogether on the theory that it might be better to wait and see what happens over the coming months.
  - perl4ever 6y ago
    I remember reading an article that said, while people who want to buy really want to buy, many of the sellers have gotten cold feet. When people imagined that the market would dry up and property values would go down because of the epidemic, they weren't thinking about the asymmetry.
    - dionidium 6y ago
      I think this is right. It's called supply and demand. Both parts matter.

manuelabeledo 6y ago

Where I live, it is _noticeably_ cheaper to buy a house in a suburb 20 minutes away from the city center, than renting an apartment half the size, that would cut such car trip by 10 minutes. Given the current situation, it's a no brainer.

nostromo 6y ago

That seems to be the case in Seattle. Apartments in the city center are desperate to sign leases. But houses are actually a little more expensive this year, and they sell within a few days of hitting the market. And it make sense. New urbanism is dead at the moment: parks, cafes, and theaters are closed. There are no events. Nobody wants to take transit. But in single family neighborhoods, life is basically normal. Not to mention there is no traffic and gas is dirt cheap.

tomcam 6y ago
Also because, you know, a goodly chunk of Seattle was ransacked, covered with graffiti, riddled with gunfire, responsible for at least 5 shootings in a month, looted, boarded up, and deprived of any protection at all.
- Klonoar 6y ago
  This is needlessly dismissive of why those events occurred to begin with. SPD themselves (as evidenced by numerous videos) caused more than enough of the anguish and problems, and Durkan's actions speak for themselves. There are many reasons to not want to be in Seattle right now, but casting it as a warzone without "protection" (from the very aggressors themselves) is a bit much.
  - lr4444lr 6y ago
    What about the rampant homeless and drug use problems that predated all of this?
    - Klonoar 6y ago
      I see people bring this up all the time for Seattle. However... I've literally lived in the radius of the oft-demonized stretch of 3rd and Pike/Pine for the past 2-3 years. I can assure you that while it's bad, they generally don't bother people and simply need a system that actually helps them. More police won't solve anything here - I'm confident in this statement as they sit outside my window daily and do absolutely nothing as it is.
      - xapata 6y ago
        You must live on a high floor. The homeless outside my window are annoyingly noisy. Too often they wake me up at night or scare my dog when I'm out walking. I'm tired of spotting needles in the bushes and I'm worried someday I or my dog will step on one without a cap. The other day, I watched one guy threaten another with a knife. Call me callous, but I'd like to build drugs-allowed shelters so that they leave the streets.
        Klonoar 6y ago
        I live pretty close to street level, actually - sometimes people on the corner by the Kress are playing music too loud, but this is a city: you're going to hear some noise. I walk two dogs here a few times daily and while the litter has been worse post-COVID, it wasn't always this bad due to the city cleaners. In general I agree with your shelters idea, Seattle does not do nearly enough to help these people. Without knowing what part of Seattle you're specifically referring to I can't really explain more. If you're referring to Pioneer Square... well, I won't fight you on that one - that area needs help.
Klonoar 6y ago
For what it's worth, I recently moved apartments in downtown Seattle and the there's little in the way of downward price movement... yet. I shopped around at most of the buildings down here (2BR prices) and didn't find too much in the way of desperation, but this is all anecdotal I suppose. We stayed downtown for my wife who supposedly would be "back in the office" later this year (she doesn't drive), but I really wish I had gone with my gut and pushed for us to move further out. There is absolutely no benefit to being in Seattle proper right now, and it would not surprise me to see more people leave (I've considered just becoming rent-responsible on the lease and eating the cost, it's annoying me to death). (If you're talking about anywhere near Cap Hill, nobody wants to sign a lease there after they tear gassed the entire neighborhood a few weeks ago)
caogecym 6y ago
Low interest rate is driving house deals these days.

hammock 6y ago

It's not hard to sell. There are so many buyers out there right now. In Chicago houses are on the market 3 days tops. Hearing similar from other cities.

dionidium 6y ago
Same in Providence. We are house shopping right now and the market is very hot -- so hot that I'm considering stopping our search altogether on the theory that it might be better to wait and see what happens over the coming months.
- perl4ever 6y ago
  I remember reading an article that said, while people who want to buy really want to buy, many of the sellers have gotten cold feet. When people imagined that the market would dry up and property values would go down because of the epidemic, they weren't thinking about the asymmetry.
  - dionidium 6y ago
    I think this is right. It's called supply and demand. Both parts matter.