Added: Christofer Mccain - Date: 01.12.2021 13:02 - Views: 40796 - Clicks: 5450
Lance Kenmore of the Kenmore Team in Kennewick said his office is getting about 15 percent to 20 percent more calls from outside of the state than usual—for commercial, residential and property management services. Shinabarger said the buyers are selling property in their markets and buying here in cash. And in the meantime, they can collect reliable rents in the market, thanks to its 1 percent vacancy rate, he said. Commercial real estate agent Charles Laird of Tippett Company in Pasco said outside investors buying buildings here is not new. In the s, the majority of building owners were local.
Now it seems most are regional, he said. More office buildings and shopping centers from regional and national developers comes with population growth, said property manager Jerry Abrams of Jerry D. Abrams Company Inc. It makes good business sense.
Vista Pointe Developments has taken notice of the area. Vista Pointe owns memory-care homes in Colorado and Oregon. This is their first project in Washington state. He believes there are fewer options for those investments in Seattle, Portland and California right now.
When out-of-state developers compete with west side firms for commercial property, or out-of-market investors compete with locals and transplants for homes, the supply-and-demand result is median prices creep up, he explained. That means there are only to homes for sale most months and turnaround is fast. This time next year the market is predicted to cool a little, and some evidence of that is already showing this summer, he said.
But year-to-year appreciation could still exceed 7 percent in the near future.
Erickson said the present market puts his mind back to the decade and the recession. The solution is city and county incentives for creating the right kind of affordable housing, he said. Too many people seeking public office think affordable housing means tall apartment buildings and smaller lot sizes, Shinabarger said.
Incentivizing owners to renovate less-desirable properties in older neighborhoods is a good option, as is tearing down old homes and building anew on the lots. Considering the need for inter-generational housing in Tri-Cities, allowing more auxiliary dwellings to be adjacent to or behind existing homes is another solution, he said, adding that making smart decisions while respecting market trends is how more people can get in on the current appreciation.
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