Seattleites: Where should we buy a single family home?
Seattleites: Where should we buy a single family home?
Last edited by pnw_guy on Fri Dec 30, 2022 3:25 pm, edited 2 times in total.
Re: Seattleites: Where should we buy a single family home?
Does the commuter need to drive or can they take transit? Seattle isn't very car friendly. More and more newer places are eliminating parking. Parking is expensive unless you get it free at work. If you use transit, that opens up a lot more areas, but ideally you'd be able to walk to transit (watch for buses being on "snow routes" or just not coming on the rare occasions when it snows and freezes like this last week and know where those routes area at source and destination). Park and Ride lots are magnets for car break-ins and catalytic converter thefts.
Are you in the Seattle area now (renting??) so you are familiar with the different neighborhoods and what places you would frequently visit? Or is this a new job and a relocation? If its a relocation, I'd rent for a year to figure it out. Now isn't a great time to buy, but prices will probably only keep going up, it is just a matter if that line is flat, slightly sloped, or wickedly sloped.
It doesn't take much to hit a $1M house in Seattle. Seattle (city limits) also has crime issues which may get better with the new mayor, but the city council is still a problem. I also would not want to be in much of the Seattle School district if you have kids.
Are you in the Seattle area now (renting??) so you are familiar with the different neighborhoods and what places you would frequently visit? Or is this a new job and a relocation? If its a relocation, I'd rent for a year to figure it out. Now isn't a great time to buy, but prices will probably only keep going up, it is just a matter if that line is flat, slightly sloped, or wickedly sloped.
It doesn't take much to hit a $1M house in Seattle. Seattle (city limits) also has crime issues which may get better with the new mayor, but the city council is still a problem. I also would not want to be in much of the Seattle School district if you have kids.
Mark |
Somewhere in WA State
Re: Seattleites: Where should we buy a single family home?
I’d look at Phinney Ridge, Greenlake, and North around there. Maybe Ballard also but that’s kind of in a hole.
- CardinalRule
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Re: Seattleites: Where should we buy a single family home?
If 10 years is your horizon, you might benefit from iight rail to Bellevue.
https://www.soundtransit.org/system-exp ... -extension
And rail expansion will open up transit possibilities to places like Lynnwood.
Solo commuting by car from the ‘burbs is pretty horrible for various reasons, including the traffic and parking concerns.
https://www.soundtransit.org/system-exp ... -extension
And rail expansion will open up transit possibilities to places like Lynnwood.
Solo commuting by car from the ‘burbs is pretty horrible for various reasons, including the traffic and parking concerns.
Re: Seattleites: Where should we buy a single family home?
Tough spot to be in, but I don't see things slowing down in the Seattle area. Regardless of an economic turndown, the eastside will continue to grow as a number of large tech companies continue to build out space and new light rail stations begins operating in the next few years. Be warned that most new construction on the eastside has little to no outdoor space as builders are trying to cram as many homes in as possible. Bellevue and Kirkland will trade at higher premiums, but Redmond is a nice alternative will all requiring a big toll during work hours if driving. A bit further out on the eastside in Issaquah could be a good option to take I-90 into Seattle without a toll.
There are some nice neighborhoods in Seattle too, but as mentioned the homes could be older/quirky. Perhaps try looking at future growth on the new light rail being completed within the next 10 years to unlock some value. Townhomes will have HOAs, but not a bad option if looking at 3bd/2ba options.
There are some nice neighborhoods in Seattle too, but as mentioned the homes could be older/quirky. Perhaps try looking at future growth on the new light rail being completed within the next 10 years to unlock some value. Townhomes will have HOAs, but not a bad option if looking at 3bd/2ba options.
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Re: Seattleites: Where should we buy a single family home?
Focus on the location and commute, not the age of the house. Newer houses might be laid out more like they are on HGTV, but they have just as much work to do as older ones. Find a place in the right location, and turn the house into what you want.
Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
Seriously, skip the bridge commute. You will hate it every day of your existence. Also, live on the same side of downtown as where the office is. If you’re commuting to the Space Needle, don’t try to commute from Leschi or anything like that. The worst traffic back ups either happen downtown or on the bridges.
Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
Seriously, skip the bridge commute. You will hate it every day of your existence. Also, live on the same side of downtown as where the office is. If you’re commuting to the Space Needle, don’t try to commute from Leschi or anything like that. The worst traffic back ups either happen downtown or on the bridges.
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Re: Seattleites: Where should we buy a single family home?
I bought a home in Mercer Island.
Great schools, feels like a quiet safe suburb in between active downtowns of both Seattle and Bellevue.
Mercer Island light rail should be open in couple years so you can even take the rail to downtown Seattle, Bellevue or anywhere else.
It’s super expensive, but anywhere close to downtown with good schools will be expensive.
Great schools, feels like a quiet safe suburb in between active downtowns of both Seattle and Bellevue.
Mercer Island light rail should be open in couple years so you can even take the rail to downtown Seattle, Bellevue or anywhere else.
It’s super expensive, but anywhere close to downtown with good schools will be expensive.
Re: Seattleites: Where should we buy a single family home?
Depends on the budget. I live in downtown Bellevue and prices here are pretty crazy. With light rail coming soon, it might be a good option if you can afford it. If you want space figure 2-3M. Mercer as someone else said is a really good option so long as you want that type of lifestyle, light rail will be there soon as well.
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Re: Seattleites: Where should we buy a single family home?
Edmonds wasn't bad when we used to live up there. Will be even better on the commute, if/when they ever finish the light rail up to Lynnwood.
Re: Seattleites: Where should we buy a single family home?
I recommend Fremont, Wallingford, or Phinney Ridge. 5-10 minute commute to SLU/downtown, given proximity to Aurora. Easy access to I-5 if you want to get out of the city for a hike. The homes are older, but I personally prefer the charm of an old craftsman.
Re: Seattleites: Where should we buy a single family home?
I agree. It seems like OP is in the area already, but I can't offer useful suggestions to someone with those criteria who sees both Queen Anne and Sammammish/Issaquah as viable options. When I bought, the former was "in" and the latter clearly "out" for our needs.
This is good advice on whittling possible locations.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Seriously, skip the bridge commute. You will hate it every day of your existence. Also, live on the same side of downtown as where the office is. If you’re commuting to the Space Needle, don’t try to commute from Leschi or anything like that. The worst traffic back ups either happen downtown or on the bridges.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
Re: Seattleites: Where should we buy a single family home?
The bad news is everyone wants what you want and the supply is extremely limited. I suggest renting for awhile in the neighborhood where you want to live while you build up your house fund and retirement savings. You’ll figure out where you want to compromise…neighborhood, modern home, commute etc. Or maybe youll be in the position to spend 2-3million to buy exactly what you want.
Re: Seattleites: Where should we buy a single family home?
I would check out Northgate. Still some reasonable deals to be found up there, and with the new light rail station commuting to downtown might not be so bad.
Re: Seattleites: Where should we buy a single family home?
'3 bedrooms' makes me wonder whether kids are part of the plan? If so, what are the plans for school, as in public or private?
This is important because the quality of school districts, and for that matter schools within districts varies quite a bit around the Seattle area. My sense is those differences are a non-trivial part of the reason house prices are different.
This is important because the quality of school districts, and for that matter schools within districts varies quite a bit around the Seattle area. My sense is those differences are a non-trivial part of the reason house prices are different.
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Re: Seattleites: Where should we buy a single family home?
The problem with all the suggestions of places near the light rail is that OP’s partner works near the Space Needle, which is kinda sorta near downtown, but isn’t actually downtown. Light rail doesn’t go anywhere near the Space Needle, nor are there any real plans to make it go there anytime in the near future.
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Re: Seattleites: Where should we buy a single family home?
OP, for the job located near the Space Needle, how many days in the week does the person need to go into work? Or is there an option for hybrid work?
Re: Seattleites: Where should we buy a single family home?
Ballard, Magnolia, Interlake come to mind.
The commute should avoid Mercer at all costs.
If you have faith that the West Seattle Bridge will be repaired anytime soon there are bargains to be had in West Seattle now because the bridge is kaput.
And just to throw it out there: Bainbridge Island has a friendly community, and a ferry ride can be a nice commute (40 minutes direct to downtown).
The commute should avoid Mercer at all costs.
If you have faith that the West Seattle Bridge will be repaired anytime soon there are bargains to be had in West Seattle now because the bridge is kaput.
And just to throw it out there: Bainbridge Island has a friendly community, and a ferry ride can be a nice commute (40 minutes direct to downtown).
- CardinalRule
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Re: Seattleites: Where should we buy a single family home?
There is always the Monorail I'm guessing that it's just a few minutes ride from the Westlake light rail station to Seattle Center.quantAndHold wrote: ↑Sun Jan 02, 2022 1:27 pm The problem with all the suggestions of places near the light rail is that OP’s partner works near the Space Needle, which is kinda sorta near downtown, but isn’t actually downtown. Light rail doesn’t go anywhere near the Space Needle, nor are there any real plans to make it go there anytime in the near future.
Re: Seattleites: Where should we buy a single family home?
I would suggest looking at West Seattle. It has a nice small town feel and a reasonable commute to downtown once the bridge reopens next summer. It has great access to parks and the beach.
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Re: Seattleites: Where should we buy a single family home?
What is the issue with new townhome? A lot of townhouses don't have HOA. if you can find a townhome in a good area with good schools, close to public transportation and parks, I think it's not a bad option. I think Covid makes a lot of people want to have a big house with a yard, etc but those don't really exist in Seattle unless you have hefty cash and/or willing to do a lot of fixing.pnw_guy wrote: ↑Sat Jan 01, 2022 9:31 pm This will only probably appeal to Seattle residents but here it goes...
Our family is looking to buy a single family home (at least 3 bed and 2 bath). Our household income is about $400K per year and one partner works from home, while the other has to commute to downtown Seattle (right by the Space Needle to be exact). While we have high incomes, we have only been making such good money for a short while. We're in our early 30's and have a $700K net worth.
The problem I'm having is that nothing fits our criteria. Ideally, we could live in a newer home because neither of us is really handy. Lots of the single family homes in Seattle proper don't appeal to us because they're so old and have lots of ongoing maintenance, aren't insulated as well, etc. Also, we would love to have a bit of space. That's why a single family home with a useable yard is very important to us. Finally, having a place that's really commutable to downtown is important too. We don't want the one partner that commutes to downtown to be spending something crazy like an hour + to get to work.
Initially we looked at places in Queen Anne, but single family homes there are CRAZY expensive! Plus, most of them are the older and quirkier homes that don't really fit our style. The commute is good though. On the other end of the spectrum, we really really like the Eastside (Bellevue, Issaquah, Sammamish) but homes are still pretty expensive, but more importantly, it doesn't seem like a reasonable commute is possible for the partner that goes into downtown Seattle for work.
So what I'd love to get input on is what other options should we entertain. We really really really don't like the idea of getting something like a new townhome, but is that the only way we can get something with less maintenance that's close to work? Should we just buck up and pay out the nose for a single family home on the Eastside and commute? We plan on living in the home at least 10 years, so maybe it will still be an ok investment despite the fact that the homes are so expensive? Or is there some creative option that we're not thinking of like buying land and building to save costs?
Any help from Seattleites that can feel our pain would be appreciated!
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Re: Seattleites: Where should we buy a single family home?
I think your best bet might be in the Northgate/Ravenna area. Commute should be ok with the lightrail/Monorail to Seattle Center. House still might be older and there might not be much of a yard, but that's the norm for Seattle.
Re: Seattleites: Where should we buy a single family home?
The commuter isn't set on driving, and in fact, would prefer not to.suemarkp wrote: ↑Sat Jan 01, 2022 10:42 pm Are you in the Seattle area now (renting??) so you are familiar with the different neighborhoods and what places you would frequently visit? Or is this a new job and a relocation? If its a relocation, I'd rent for a year to figure it out. Now isn't a great time to buy, but prices will probably only keep going up, it is just a matter if that line is flat, slightly sloped, or wickedly sloped.
We live in Seattle currently and have lived in many of the neighborhoods over the years, including U-District, Sandpoint, Lake City, Ballard, and West Seattle. So we feel like we know that we're going to be in Seattle long term and feel ready to buy.
We have one child and schools are very important to us. The only way we've found to assess schools are rating sites like GreatSchools.net. It does seem like there are some good public schools in the city, though it can be hit or miss. We'd like to have our child in one of the strong schools.suemarkp wrote: ↑Sat Jan 01, 2022 10:42 pm It doesn't take much to hit a $1M house in Seattle. Seattle (city limits) also has crime issues which may get better with the new mayor, but the city council is still a problem. I also would not want to be in much of the Seattle School district if you have kids.
Re: Seattleites: Where should we buy a single family home?
We really like the Bellevue area. It's nice, clean, has good schools, etc.CardinalRule wrote: ↑Sat Jan 01, 2022 10:51 pm If 10 years is your horizon, you might benefit from iight rail to Bellevue.
https://www.soundtransit.org/system-exp ... -extension
Our biggest gripe is the cost. It seems like a single family home is in the 2 to 3 million dollar range. We have FIRE ambitions and are unsure whether FIRE would be possible with such an expensive house purchase.
Re: Seattleites: Where should we buy a single family home?
While we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
Re: Seattleites: Where should we buy a single family home?
As mentioned in a reply to another poster, we have FIRE ambitions. So we question whether we could reach FIRE after buying a 2-3 million dollar home, which is what feels like the going rate is for a single family home on Mercer Island.spacecadet610 wrote: ↑Sun Jan 02, 2022 12:48 am I bought a home in Mercer Island.
Great schools, feels like a quiet safe suburb in between active downtowns of both Seattle and Bellevue.
Mercer Island light rail should be open in couple years so you can even take the rail to downtown Seattle, Bellevue or anywhere else.
It’s super expensive, but anywhere close to downtown with good schools will be expensive.
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Re: Seattleites: Where should we buy a single family home?
Tbh if you want to FIRE, I don't know if you want to stay in the greater Seattle area for that, as it is HCOL if not VHCOL. Do you not consider MCOL / LCOL?pnw_guy wrote: ↑Sun Jan 02, 2022 6:10 pmAs mentioned in a reply to another poster, we have FIRE ambitions. So we question whether we could reach FIRE after buying a 2-3 million dollar home, which is what feels like the going rate is for a single family home on Mercer Island.spacecadet610 wrote: ↑Sun Jan 02, 2022 12:48 am I bought a home in Mercer Island.
Great schools, feels like a quiet safe suburb in between active downtowns of both Seattle and Bellevue.
Mercer Island light rail should be open in couple years so you can even take the rail to downtown Seattle, Bellevue or anywhere else.
It’s super expensive, but anywhere close to downtown with good schools will be expensive.
Re: Seattleites: Where should we buy a single family home?
whomever wrote: ↑Sun Jan 02, 2022 12:12 pm '3 bedrooms' makes me wonder whether kids are part of the plan? If so, what are the plans for school, as in public or private?
This is important because the quality of school districts, and for that matter schools within districts varies quite a bit around the Seattle area. My sense is those differences are a non-trivial part of the reason house prices are different.
Last edited by pnw_guy on Fri Dec 30, 2022 3:34 pm, edited 1 time in total.
Re: Seattleites: Where should we buy a single family home?
jaqenhghar wrote: ↑Sun Jan 02, 2022 1:33 pm OP, for the job located near the Space Needle, how many days in the week does the person need to go into work? Or is there an option for hybrid work?
Last edited by pnw_guy on Fri Dec 30, 2022 3:33 pm, edited 1 time in total.
Re: Seattleites: Where should we buy a single family home?
That would be a LONG commute.
Bainbridge Island is nice, but the downfall I see is you still need to factor in getting to the ferry (on the Bainbridge side) and getting from the ferry terminal to the Space Needle. That would add up, and Bainbridge is pretty expensive from what I'm seeing on Redfin.
Last edited by pnw_guy on Fri Dec 30, 2022 3:35 pm, edited 1 time in total.
Re: Seattleites: Where should we buy a single family home?
I think we're about 10 years from FIRE. We plan on working in Seattle until we FIRE. Afterwards, we'll move to a lower cost of living area. What we're trying to figure out is what to do about our housing while we're working.Marseille07 wrote: ↑Sun Jan 02, 2022 6:12 pmTbh if you want to FIRE, I don't know if you want to stay in the greater Seattle area for that, as it is HCOL if not VHCOL. Do you not consider MCOL / LCOL?pnw_guy wrote: ↑Sun Jan 02, 2022 6:10 pmAs mentioned in a reply to another poster, we have FIRE ambitions. So we question whether we could reach FIRE after buying a 2-3 million dollar home, which is what feels like the going rate is for a single family home on Mercer Island.spacecadet610 wrote: ↑Sun Jan 02, 2022 12:48 am I bought a home in Mercer Island.
Great schools, feels like a quiet safe suburb in between active downtowns of both Seattle and Bellevue.
Mercer Island light rail should be open in couple years so you can even take the rail to downtown Seattle, Bellevue or anywhere else.
It’s super expensive, but anywhere close to downtown with good schools will be expensive.
Re: Seattleites: Where should we buy a single family home?
After renting for many years, we don't want shared walls.van_sun_38 wrote: ↑Sun Jan 02, 2022 4:44 pm What is the issue with new townhome? A lot of townhouses don't have HOA. if you can find a townhome in a good area with good schools, close to public transportation and parks, I think it's not a bad option. I think Covid makes a lot of people want to have a big house with a yard, etc but those don't really exist in Seattle unless you have hefty cash and/or willing to do a lot of fixing.
Last edited by pnw_guy on Fri Dec 30, 2022 3:35 pm, edited 1 time in total.
- quantAndHold
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Re: Seattleites: Where should we buy a single family home?
One of the mistakes a lot of people make is to treat a home purchase like a consumable. This isn't like buying a fancy car. At some point, like when you FIRE, you sell the house and get that money back. In the meantime, you're living right next to work, in one of the best parts of Seattle.pnw_guy wrote: ↑Sun Jan 02, 2022 6:09 pmWhile we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
As to liking the Eastside better, I can't help you with that, because I just don't see the appeal. It's certainly not cheaper. If I really wanted, for some reason, to live on the Eastside, I'd get a job on the Eastside. There are plenty of jobs over there, and life is too short to have that commute.
Re: Seattleites: Where should we buy a single family home?
Isn't real estate generally a subpar investment compared to the stock market? That's been our assumption, so we've been thinking about the opportunity cost of spending money on an expensive house when we could instead use it to invest in the market and generate a larger nest egg.quantAndHold wrote: ↑Sun Jan 02, 2022 6:34 pmOne of the mistakes a lot of people make is to treat a home purchase like a consumable. This isn't like buying a fancy car. At some point, like when you FIRE, you sell the house and get that money back. In the meantime, you're living right next to work, in one of the best parts of Seattle.pnw_guy wrote: ↑Sun Jan 02, 2022 6:09 pmWhile we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
Re: Seattleites: Where should we buy a single family home?
I wonder if prices will bounce back after the bridge reopens (slated for maybe June or July?). If so, this might be a time sensitive recommendation.
Re: Seattleites: Where should we buy a single family home?
Do consider Magnolia. While the housing stock is older, it's typically well-maintained and updated. You'll be able to have a yard and a one-bus commute to Seattle Center without shelling out $2 million for a 3/2.
Come spring, anyway. There's no inventory right now.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Re: Seattleites: Where should we buy a single family home?
You buy in the right neighborhood, it’s a good investment.pnw_guy wrote: ↑Sun Jan 02, 2022 6:45 pmIsn't real estate generally a subpar investment compared to the stock market? That's been our assumption, so we've been thinking about the opportunity cost of spending money on an expensive house when we could instead use it to invest in the market and generate a larger nest egg.quantAndHold wrote: ↑Sun Jan 02, 2022 6:34 pmpnw_guy wrote: ↑Sun Jan 02, 2022 6:09 pmWhile we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
One of the mistakes a lot of people make is to treat a home purchase like a consumable. This isn't like buying a fancy car. At some point, like when you FIRE, you sell the house and get that money back. In the meantime, you're living right next to work, in one of the best parts of Seattle.
Seattle is a hot market, I don’t see that slowing down too much. My home in Mercer Island has appreciated almost 60% since I purchased it in 2018. That’s better than my market gains.
Who knows if that’s sustainable but I wouldn’t be surprised it if outpaces the stock market given the current high valuations.
Last edited by spacecadet610 on Sun Jan 02, 2022 7:28 pm, edited 1 time in total.
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Re: Seattleites: Where should we buy a single family home?
RE may not be at all like the stock market (although there have been some very good times, for those with some luck), but as quantAndHold stated, it's not like a "consumable" such as a car or bed linens, etc. Those get "consumed"... used up, more or less. Unless you've got a collectible of some sort, those things continue to lose value; they rarely even hold much of the value at all over time.pnw_guy wrote: ↑Sun Jan 02, 2022 6:45 pmIsn't real estate generally a subpar investment compared to the stock market? That's been our assumption, so we've been thinking about the opportunity cost of spending money on an expensive house when we could instead use it to invest in the market and generate a larger nest egg.quantAndHold wrote: ↑Sun Jan 02, 2022 6:34 pmOne of the mistakes a lot of people make is to treat a home purchase like a consumable. This isn't like buying a fancy car. At some point, like when you FIRE, you sell the house and get that money back. In the meantime, you're living right next to work, in one of the best parts of Seattle.pnw_guy wrote: ↑Sun Jan 02, 2022 6:09 pmWhile we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
Housing may not appreciate like crazy, but usually (NOT always) if one lives there for quite a few years, one should be able ot at least sell it for the purchase price. And hopefully some/much/all of the mortgage will be paid off, so one would indeed be getting a nice "sum back".
[Cars right not are not behaving as normal consumables, given the unusual supply shortages. How long that will last is unclear, and for the most part, benefitting from that phenomenon may not be such a good deal going forward.]
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Re: Seattleites: Where should we buy a single family home?
You could get something really nice in Renton and the commute would be a lot less than an hour. If you want to be closer in, Columbia City is on the light rail and plenty of newer construction to be had. Mt Baker/Seward Park are both getting almost as pricey, but there are homes that check all your boxes there. The south end is generally cheaper than up north.
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Re: Seattleites: Where should we buy a single family home?
Personally I'd recommend northwest, like Edmonds / Shoreline / Mountlake Terrace / Lake Forest Park etc etc.
They're right outside of Seattle proper and appear safer than the south of Seattle like Renton / Kent. The commute won't be that bad either. I don't know how good the school districts are though, so this is something you'd need to investigate.
They're right outside of Seattle proper and appear safer than the south of Seattle like Renton / Kent. The commute won't be that bad either. I don't know how good the school districts are though, so this is something you'd need to investigate.
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Re: Seattleites: Where should we buy a single family home?
We lived on the Eastside for 20 years and commuted to downtown the last 10 via mass transit. You might want to check out Issaquah Highlands. Newer community, close to a major transit center (near I-90), with express bus routes to downtown. Housing prices will still be high there, but Issaquah School District is very good.
Re: Seattleites: Where should we buy a single family home?
The question is what neighborhoods are the right location? Some, like Queen Anne and Mercer Island, for example, are already expensive. Does one assume that they'll continue to go up?spacecadet610 wrote: ↑Sun Jan 02, 2022 7:14 pmYou buy in the right neighborhood, it’s a good investment.pnw_guy wrote: ↑Sun Jan 02, 2022 6:45 pmIsn't real estate generally a subpar investment compared to the stock market? That's been our assumption, so we've been thinking about the opportunity cost of spending money on an expensive house when we could instead use it to invest in the market and generate a larger nest egg.quantAndHold wrote: ↑Sun Jan 02, 2022 6:34 pmpnw_guy wrote: ↑Sun Jan 02, 2022 6:09 pmWhile we like the Eastside better than Seattle proper for various reasons (it's cleaner, has amazing schools, etc.). If money wasn't an object and we were going to buy in in Seattle proper, I think we'd buy in Queen Anne. The problem is that single family homes are crazy expensive and we have FIRE ambitions. So the question is whether scrimping for a 2 or 3 million dollar house is wise. On the other hand, maybe over the next 10 years Seattle housing prices will continue to climb and we'll look like geniuses for buying while we have the chance.quantAndHold wrote: ↑Sat Jan 01, 2022 11:54 pm Queen Anne if you can afford it. It’s a lovely walkable neighborhood close to everything. If we had stayed in Seattle, we would have eventually bought a place there. Magnolia, Phinney/Greenwood, Wallingford if you can’t afford Queen Anne. Possibly Ballard or Greenlake, although that’s getting a bit far away.
One of the mistakes a lot of people make is to treat a home purchase like a consumable. This isn't like buying a fancy car. At some point, like when you FIRE, you sell the house and get that money back. In the meantime, you're living right next to work, in one of the best parts of Seattle.
Seattle is a hot market, I don’t see that slowing down too much. My home in Mercer Island has appreciated almost 60% since I purchased it in 2018. That’s better than my market gains.
Who knows if that’s sustainable but I wouldn’t be surprised it if outpaces the stock market given the current high valuations.
Another hypothesis is that lower priced areas have the most room for growth. In that case, south end neighborhoods like Columbia City etc might be a better investment area.
Hard to tell...
Re: Seattleites: Where should we buy a single family home?
This would be ideal. But you're right about the price point. Very expensive.FlamePoint wrote: ↑Sun Jan 02, 2022 8:11 pm We lived on the Eastside for 20 years and commuted to downtown the last 10 via mass transit. You might want to check out Issaquah Highlands. Newer community, close to a major transit center (near I-90), with express bus routes to downtown. Housing prices will still be high there, but Issaquah School District is very good.
We need to think about whether we'd consider postponing FIRE to live there.
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Re: Seattleites: Where should we buy a single family home?
If you want good public schools, that leans you towards the Eastside.
If you want a newer home that's relatively affordable for the Eastside, Kirkland and most of Bellevue are out.
I know you said you're not handy, but as a homeowner you'll learn over time, and you could live closer in by picking an older South Bellevue neighborhood around Eastgate, Phantom Lake, Crossroads, Lake Hills. There's a good chance you can find a home with a large yard there as well, although the home itself is probably 1960s/70s vintage.
You could also look north into the Northsore school district. I don't know those areas as well.
If you want a newer home that's relatively affordable for the Eastside, Kirkland and most of Bellevue are out.
I know you said you're not handy, but as a homeowner you'll learn over time, and you could live closer in by picking an older South Bellevue neighborhood around Eastgate, Phantom Lake, Crossroads, Lake Hills. There's a good chance you can find a home with a large yard there as well, although the home itself is probably 1960s/70s vintage.
You could also look north into the Northsore school district. I don't know those areas as well.
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Re: Seattleites: Where should we buy a single family home?
Just amazed at how much Seattle home prices have jumped since I last looked (maybe 10 years ago). Prices in a few areas that I randomly looked at (Queen Anne, Bellevue) seem comparable (maybe even higher) that South Bay (Area) cities !
This likely kills the Bay Area->Seattle migration ?
This likely kills the Bay Area->Seattle migration ?
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Re: Seattleites: Where should we buy a single family home?
Given its only 3 days a week, look further north like the shoreline area and deal with the traffic. The richmond beach area has a lot of nice options, many with good views.pnw_guy wrote: ↑Sun Jan 02, 2022 6:15 pmIt's hybrid. 3 days a week in office (Monday, Tuesday, & Thursday).jaqenhghar wrote: ↑Sun Jan 02, 2022 1:33 pm OP, for the job located near the Space Needle, how many days in the week does the person need to go into work? Or is there an option for hybrid work?
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Re: Seattleites: Where should we buy a single family home?
Given its only 3 days a week, look further north like the shoreline area and deal with the traffic. The richmond beach area has a lot of nice options, many with good views.pnw_guy wrote: ↑Sun Jan 02, 2022 6:15 pmIt's hybrid. 3 days a week in office (Monday, Tuesday, & Thursday).jaqenhghar wrote: ↑Sun Jan 02, 2022 1:33 pm OP, for the job located near the Space Needle, how many days in the week does the person need to go into work? Or is there an option for hybrid work?
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Re: Seattleites: Where should we buy a single family home?
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Last edited by BreadandButter on Thu Apr 21, 2022 10:04 pm, edited 1 time in total.
Re: Seattleites: Where should we buy a single family home?
Since you are only commuting 3 days I'd probably go for the east side (Bellevue/Kirkland/Redmond). The west side is dying (comparatively), while the east side is growing. Look to the future. All the big tech companies have a large presence on the east side and that's where the growth (and housing appreciation) will be. The schools are much better, and you can still get a somewhat decent 3br 2ba with a yard for 1.5m, if not in Kirkland then Bothell or Woodinville. I think it's a big risk to spend $3m for a Queen Anne home with the higher crime and other problems that the east side doesn't have. The momentum is east.
If you really want to live close to the needle I would say Magnolia or Interbay, maybe Fremont.
If you really want to live close to the needle I would say Magnolia or Interbay, maybe Fremont.
Re: Seattleites: Where should we buy a single family home?
WA vs CA tax situation will keep the migration flowing north. Bay Area has been expensive for decades and keeps gaining in value despite continued unaffordability. Would expect Puget Sound area to remain in strong position with further economic development and thereby housing value growth. High earners moving from CA to WA results in not paying top marginal CA state tax at 13%, which basically covers housing expense regardless of renting or buying these days. Some prefer the sunshine tax while others prefer the raining day savings fund.cheapskate wrote: ↑Sun Jan 02, 2022 11:23 pm Just amazed at how much Seattle home prices have jumped since I last looked (maybe 10 years ago). Prices in a few areas that I randomly looked at (Queen Anne, Bellevue) seem comparable (maybe even higher) that South Bay (Area) cities !
This likely kills the Bay Area->Seattle migration ?
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