“The housing market is the most interest-rate sensitive part of any economy, so it’s a very good lead of where the rest of the economy could be in quarters to come,” said Schroders fund manager James Ringer. Bloomberg 5 Things to Start Your Day | 02/01/23
The King County Regional Homelessness Authority (KCRHA) presented its 5 year plan for public comment estimating it will cost ~$12,000,000,000 ($12 BILLION) to eradicate homelessness in King County. The plan was called an “overreach” by King County Councilmember Reagan Dunn. What’s the reality?
The public doesn’t want to pay the upfront cost to solve homelessness, so we continue to subsidize over $1 Billion annually to lost business and tourism, additional public response (police, fire, outreach, etc.) and frequent hospitalization for people who lack permanent shelter and access to basic services.
Billions, not millions, needed to address King County homelessness crisis
— Jeremy Harris | KOMO News | 01/26/23
Homeless services could face cuts in WA's 2023 legislative session
— Josh Cohen | Crosscut | 01/31/23
Learn about Homelessness in King County, WA
Homebuyers who are hoping for lower prices in 2023 are in for a ‘rude awakening’ …
— Robert Davis | Business Insider | 01/24/23
Bidding Wars Are Back… — Danny Schmidt | KOMO | 01/25/23
In some areas of the US, first-time home buyers and small investors have the upper hand on supposedly sophisticated players that badly misjudged the property market. While big investors that leaned on algorithms — so-called iBuyers — are nursing losses, local flippers sold homes for 20% above their purchase price. They tended to buy distressed properties, though they also generally put more into renovations. The typical Phoenix homeowner is sitting on an additional $100,000 in home equity since the pandemic began, according to real estate data firm Black Knight Inc. Bloomberg 5 Things to Start Your Day | 01/30/23
Sophisticated investors made a simple mistake: “They were paying far more than they needed to on the way up and getting far less than they should on the way down”
“They rode a wave, and it’s crashing on them…It’s a corporation. I don’t feel bad for them.”
In 1970 the average worker had to work 3.9 hours per square foot for the average home. By 2019 that had fallen to 2.75 hours.
How to Understand Rising U.S. Home Prices — WSJ | 01/27/23
"To be specific about real estate agents, we've got federal regulators and a couple of lawsuits coming down the pipeline that at worst case could be an armageddon for real estate agents," he said. "You might see regulators uncouple the commission structure where the seller is now essentially paying for the buyers' and agents' commission."
Housing market: Jason Oppenheim warns of an 'armageddon' in the real estate industry
— Dylan Croll | Yahoo! Finance | 01/29/23
2019 research from retired Yale professor Leon S. Robertson concluded that there is an inverse correlation between property value increases for single family homes with covenants (traditionally known as HOAs) vs. those without covenants.
You might also enjoy what Deborah Goonan at IAC has to say about it.
As the Colorado River Shrinks, Washington Prepares to Spread the Pain
— Christopher Flavell | NYT | 01/27/23
How Las Vegas declared war on thirsty grass and set an example for the desert Southwest
— Molly Hennessy-Fiske & Ian James | Yahoo! News | 01/29/23
New York investors snapping up Colorado River water rights…
— Ben Tracy, Andy Bast, Chris Spinder | CBS News | 01/31/23
America, The Bland — Anna Kodé | NYT | 01/20/23
Fake Grass, Wood Frames and One Journalist’s Search for Answers — Josh Ocampo | NYT
Towering downtown skyscraper set for new high-rise apartment conversion
— Steven Devadnam | Culturemap Houston | 01/30/23
Computer model predicts the Millenium Tower "fix" may recover about half the tilt it caused
— Jason Weisberger | boingboing | 01/20/23
Gas vs. Electric is Heating Up
Are Gas Stoves Dangerous to Your Health? Here’s What Science Says
— Sumathi Reddy | WSJ | 01/25/23
Should you replace your gas stove with an induction cooktop? Here’s what you need to know
— Adele Peters | Fast Company | 01/24/23
Seattle’s BEPS is intended to align with the WA Clean Buildings Energy Performance Standard developed by the WA Department of Commerce and applies to existing nonresidential & multifamily buildings greater than 20,000 square feet in size (excluding parking), roughly:
1,650 nonresidential, 1,885 multifamily residential, and ~720 hospital and college campus buildings.
Governor Inslee signed SB5722 into law (effective June 9, 2022) which expanded the original standard to include multifamily residential properties >20,000sqft.
Multifamily residential properties >20,000sqft will be required to submit energy reports and energy management plans beginning in 2027, and to meet energy targets (TBD) after 2030.