The hottest topic in the Pacific Northwest continues to be the price of housing. Seattle has seen a massive jump in prices, with the median single-family house hitting $700,000, double what it was just five years ago. In fact, Seattle has been the hottest real-estate market in the entire United States in every single month of 2017. In Vancouver, a short cooldown in the second half of last year didn’t last long as prices have begun to rise once again, with sales activity increasing in every month of 2017. Even nearby Victoria has seen prices increases 17% since last year, and with their vacancy rate nearing 0% those prices are going to keep rising.
We know that that the Pacific Northwest is a hotbed for family housing right now, but what about luxury housing? When you think luxury real-estate, there’s a few places that probably come to mind: Martha’s Vineyard, Palm Beach and Malibu to name a few. But there’s a luxury real-estate market that’s growing faster than any other market in the US, and it’s right in our backyards.
San Juan County has seen prices for luxury homes rise faster than any other county. This surge has caused the median house price to increase by over 17% in the last three years. Already well-known to high-spenders like Bill Gates, musician Steve Miller and former Amazon executive Rick Ayre (all who own property in the islands), it looks like the rest of the country has started to take notice of what the Pacific Northwest has to offer.
One of the biggest factors holding back a lot of the development in the San Juan Islands, according to this article, is simply getting there; the San Juan ferry didn’t even take reservations until just two years ago, and only four of the islands are even accessible by the ferry. As well, the cost of construction can be up to 30% higher than building on the mainland and getting workers to and from islands (or finding seasonal housing for them) can be a struggle.
An organic and authentic experience, away from the mainland crowds. A retreat in the Pacific Northwest, surrounded by forest and water. You might think San Juan or Orcas, but there’s another “island” that stands out to us: Point Roberts. All the same great sights, sounds and experiences as any of the islands but without having to wait for the ferry.
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