Is AMAZON HQ2 going to impact Seattle Real Estate?
Will HQ2 make it more affordable to live in Seattle?
Soooo…HQ2 was JUST announced in New York’s Long Island City and Arlington County’s Crystal City neighborhoods.
But is this going to make it more affordable to live in Seattle?
If you’re hoping for a “YES, FINALLY,” you’re going to be disappointed.
Amazon is planning to add around 4 million square feet to both of these locations. In total.
In Seattle? Well, looks like we must be getting another HQ2. Amazon is also committed and is planning to add another 4 million square feet in Seattle ALONE in the next several years. Plus, more in Bellevue.
How about employees in Seattle? Well, we have around 8,200 full-time job openings in Seattle, and we’re still growing.
Partner this with the attractiveness of being a “west coast hub,” affordability relative to the bay area, we’re going to be just fine.
Yes, there was a ton of hype around “investing in real estate where HQ2 lands,” a lot due to the fact that most of the locations that were contenders had housing prices that were half the price of Seattle.
Let’s look at the home prices at HQ2 locations.
Amazon chose New York and the Washington DC area. Two of the most expensive places in the country with NO cost savings compared to Seattle.
According to Zillow, the median price of homes currently listed in Astoria is $716,750 and the median home value in Arlington is $664,400. Seattle? $740,000.
All in all, the cost of living will be about the same at any office, so for employees wanting to jump to the East Coast, they can expect the same.
Seattle is continuing to boom on TOP of Amazons continued BOOM, so, i don’t see this affecting our housing market too drastically.