Seattle Gets Back to Building (Multifamily Properties)
Puget Sound Business Journal reports: In agreement with a recent Real Capital Analytics (RCA) US Capital Trends Special Report, Puget Sound Business Journal's Jeanne Lang Jones described how the Seattle metro market has seen sales of development sites follow the nationwide market on a cautious, but visible, climb upwards over the past year.
According to the RCA Special Report, land sales rose to $3.2 billion in the first half of 2011 for the entire US, up by 64 percent from the same period last year. The report compared the 2009 through 2011 year-to-date period with the 2006-2009 period, and discovered that the average price per buildable unit fell in Seattle’s CBD between the two periods, from $60,941 to $39,913. Nonetheless, this drop compares favorably with many other less-visible markets across the US, as the city has many attractive “fully committed parcels in prime locations” that are commanding higher prices.
View the full article on Puget Sound Business Journal: Seattle Gets Back to Building (Multifamily Properties)
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Posted by: Nina Turner