RECAP FutureCast Forum VIP After Party - What's in store for Seattle?
FutureCast Forum VIP After Party
Last night I had the opportunity to join thought leaders for a comfortable panel discussion on the current and projected market fundamentals influencing the Seattle/Bellevue metro area by 2020 and beyond. Hosted by Realogics Sotheby's International Realty, we were in a comfortable, private, "living room setting" at MG2 while each speaker gave their take on the current state.
Its members provided timely insights on the state of the economy, commercial and residential development, evolving demographics, wealth management considerations, government policy, lifestyle trends and international influences that are reshaping the regional landscape.
Featured speakers of last nights VIP reception included Brian O'Connor of O'Connor Consulting, Brian Evans of Madrona Financial, Dylan Simon of Collier's Seattle, Dean Jones of Realogics Sotheby's International Realty, Trevor Bennett of Caliber Home Loans, Maria Royer of Real Retail, and Jennifer McCullum of Gray Magazine.
Here are some pieces that stuck with me from each of the speakers:
"Home builders are tearing up to 90% of homes, there isn't enough land for them to keep up."
"Job growth may 'slow,' but population growth will continue."
"We are pacing to grow Seattle by 1,100 per week."
"Baby Boomers represent $30 trillion in a transfer of wealth"
"30% of all houses are rentals, likely owned by the Baby Boomers, that probably don't want to be a landlord their whole life, but feel stuck. Unlocking inventory through a DST (Delaware Statuary Trust) is a way for the baby boomer population to still own Real Estate assets, not get taxed, and acquire passive income."
"Tech workers are moving to Seattle. Why? The average salary in Seattle for this worker is $100,000, while the average rent is $2,000. The average salary in San Fransisco is $120,000 while the average rent is $4,000. Seattle has a ton of room to catch up."
"Our area is evolving into the Manhattan of Seattle."
"Business is continuing to grow downtown, with $6billion of new projects ALREADY funded to build."
"32% of residents in Seattle are Millenials."
"The mortgage industry in Seattle is becoming digitized. From approval to appraisal, innovation is taking over."
"Caliber Home Loans is now accounting for stocks that individuals have in companies to allow them to get approved, referencing that as stable and safe."
The three hours were extremely informative and inspiring. I left with confidence, that our city is evolving into something truly amazing.
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Austin Schneider | Realogics Sotheby's International Realty
206.910.2324 | firstname.lastname@example.org