At Juniper Capital, we aim to keep you informed about recent real estate developments and relevant news impacting Seattle and the Pacific Northwest. As Northwest private money lenders, we specialize in commercial real estate loans, land development loans, and more. Contact us today for more information about market trends, a current market valuation of your specific development, or any questions you may have about the real estate loan process.
The Seattle area housing squeeze is far from over; if the pace of increasing rents is any indicator, the squeeze has simply moved its way south into areas such as Kent, Renton, Auburn and Burien. Recently a nine-city consortium called South King Housing and Homelessness Partners formed to maintain the area’s role as a source of affordable housing. In a Seattle Times real estate report from Erasmus Baxter, he explains the market changes.
“South King Housing and Homelessness Partners will start small, providing policy advice and advocating for members, with the eventual goals of building and potentially running affordable-housing developments, as a long-standing consortium of Eastside cities already does.
Long a bastion of affordable housing, South King County is seeing prices rise as developers and landlords cater to people fleeing Seattle’s housing market and the area grapples with a region wide housing shortage.
While Zillow-estimated median rent in Seattle rose less than 1% from January 2018 to June 2019, rents in south county cities within the partnership jumped about 4.5%.”
Erasmus reported that the carryover effect of Seattle’s city populations moving south has highlighted the need for new housing. The new consortium, represented by the cities of Auburn, Burien, Covington, Des Moines, Federal Way, Kent, Normandy Park, Renton, Tukwila as well as King County, is backed by investment in which each city pays proportionately to their populations. Additional funding comes from the county, its housing authority, and charitable partners.
This report fueled discussion among our Juniper team; through this proactive partnership, developers and investors may have clearer visibility to affordable housing indicators and opportunities in South King County that help meet market demands. In the quickly evolving South Sound, it can’t come fast enough. Juniper Capital is in the business of helping real estate investors achieve their dreams through private financing. We fund projects that banks may otherwise turn away from, and structure loans in five-to-ten business days rather than five-to-ten weeks.
Thank you to The Seattle Times and reporter Erasmus Baxter for his report with the info above. Our goal at Juniper is to help you achieve quality real estate investments–including affordable housing development–in Seattle, Montana, Colorado, Utah, and other markets. If you would like more information on this topic, call us today.