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Windermere Launches New Ultra-Luxury Brand: W Collection
Anyone who has spent time in the Seattle area in recent years has likely seen for themselves how much the city has changed. Thanks in large part to the booming economy, growing tech sector, and increasing international appeal, Seattle is no longer a sleepy little city tucked away in the far corner of the United States. With this changing landscape has come an infusion of wealth that has seen the area’s high-net-worth population explode. And with it, so too has the ultra-high-end real estate market.
In order to meet the specialized needs of this burgeoning market, Windermere has launched W Collection, a new ultra-luxury brand specifically designed for homes priced at $3 million and above in Western Washington. OB Jacobi, President of Windermere Real Estate, says that Seattle’s population of “global affluent” is on the rise and they greatly value real estate. The proof is in the numbers.
Over the past five years there has been a significant increase in the number of home sales in the $3 million+ market. In 2011 there were only 45 such sales in King County, while in 2015 there were 131. “Windermere agents represent anywhere from 40-60 percent of the $3 million+ sales in the Seattle area, so we felt we were in the ideal position to build a brand that could provide enhanced marketing support to the growing number of ultra-luxury homes,” said Jacobi.
W Collection is its own standalone brand with a separate website, WByWindermere.com, signage, presentation materials, and specialized advertising opportunities. When developing W Collection, Jacobi said that the goal was to create a sophisticated, yet humble, brand that evokes the understated expression of wealth that is unique to the Pacific Northwest. “Our clients are not largely drawn to the shows of excessive wealth that you see at other companies and in other parts of the country. This is reflected in the W Collection brand,” said Jacobi.
The development of W Collection began a little over a year ago, and according to Jacobi, was a highly collaborative process with Windermere agents playing an integral role in every step, “Over the past 44 years some of Windermere’s best ideas have come from our agents who are totally in tune with the needs of their clients and the shifting demands of the market; W Collection was born from this same agent ingenuity.”
Western Washington Real Estate Market Update
Posted in Market News and Western Washington Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate
ECONOMIC OVERVIEW
Annual employment growth in Washington State slowed somewhat in the third quarter of this year, but still remains well above the long-term average. Additionally, the jobs that are being created are primarily quality, high-paying positions, which is important for the health of our economy.
Unemployment in the state remains at levels that are somewhat higher than I would like to see, but this continues to be impacted by a growing labor force and modestly slowing job growth. I still expect to see the rate drop a little further as we move through the final quarter of the year.
HOME SALES ACTIVITY
- There were 24,277 home sales during the third quarter of 2016—up by an impressive 7.9% from the same period in 2015, and 6.8% above the total number of sales seen in the second quarter of this year.
- Skagit County saw sales grow at the fastest rate over the past 12 months, with transactions up by 25.6%. There were also impressive increases in home sales in Thurston, San Juan, Pierce, and Grays Harbor Counties. Sales fell slightly in Jefferson and Kittitas Counties.
- Overall listing activity remains low with the total number of homes for sale at the end of the quarter 11.2% below that seen a year ago. That said, I’m happy to report that listings have been slowly trending higher in 2016.
- I’ve been thinking about how sales can continue to rise while inventory remains so low. I believe this is due to an uptick in first-time buyers. These buyers have no home to sell, so they don’t add to the number of listings; however, they do cause sales to increase when they buy. This is a good trend to see!
HOME PRICES
As demand continues to exceed supply, we are continuing to see upward pressure on home prices. In the third quarter, average prices rose by a substantial 10.2% and are 3.2% higher than seen in the second quarter of this year.- The current rate at which homes are appreciating cannot continue, and I anticipate that we will see a “cooling” start to take place in 2017.
- When compared to the third quarter of 2015, price growth was most pronounced in Lewis County. In total, there were nine counties where annual price growth exceeded 10% and prices were higher across the entire region when compared to a year ago.
- Although supply levels are slowly starting to creep higher, we are still solidly in a seller’s market. Rising inventory levels should start to do a better job of meeting demand next year, which when combined with modestly higher mortgage interest rates, will see the region move closer toward becoming a balanced market.
As demand continues to exceed supply, we are continuing to see upward pressure on home prices. In the third quarter, average prices rose by a substantial 10.2% and are 3.2% higher than seen in the second quarter of this year.
DAYS ON MARKET
- The average number of days it took to sell a home dropped by twenty-two days when compared to the third quarter of 2015.
- All the counties that comprise this report saw the length of time it took to sell a home drop.
- In the third quarter of 2016, it took an average of 52 days to sell a home. This is down from the 74 days it took in the third quarter of 2015, and down from the 67 days it took in the second quarter of this year.
- King and Snohomish Counties remain the only two markets where it took less than a month to sell a home. Even though King County saw days on market rise slightly from 18 to 20, it remains the hottest market in the region.
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, sales velocities, interest rates, and larger economics factors. For the third quarter of 2016, I am moving the needle very slightly toward the buyers. This is entirely due to the recent increase in inventory levels that I believe will continue through the rest of the year. That said, the region remains steadfastly a seller’s market.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.
King & Snohomish County Market Stats – September 2016
What’s Happening In The Market?
While prices seem to have leveled out over the past 2 months the Days on Market have been still reducing at about a 5% clip per month. Inventory has had slight increases across the marketplace, however, the Pending Sales have been trending upwards which has been eating up any inventory gains. This is not the first time we have seen this type of activity over the past 12-24 months and don’t expect it to change anytime soon.
We’ve got you covered – Windermere Winter Drive
We’re excited to announce that our office is participating in Windermere’s”We’ve Got You Covered” winter drive benefiting YouthCare.
We’re excited to announce that our office is participating in Windermere’s”We’ve Got You Covered” winter drive benefiting YouthCare.BUT WE CAN DO MORE!
Each night in Seattle, nearly 1,000 young people are homeless. And with the winter months quickly approaching, YouthCare is in dire need of survival supplies to keep homeless youth warm and dry during the long, wet winter.
- Warm socks
- Hats
- Scarves
- Gloves/mittens
*New items only!
Please bring your donations to our office by November 14, 2016.
Easy Halloween Decorations
Halloween in one of our favorite Holidays. Right at the beginning of Fall we start seeing Halloween decorations in every store. For some it’s easier to buy their decorations and get done with it; for others it’s more fun to decorate their homes on their own.
Here are some great Spooktacular DIY projects to make your perfect haunted home!
1- Trash Bag Spider Webs (Click to see the full description)
Source: fastforwardfun.com
2- Halloween Door Matt (Click to see the full description)
Source: celebrations.com
3- Skeleton Dish (Click to see the full description)
Source: fourfrontdoors.blogspot.com
4- Spirit Jugs (Click to see the full description)
Source: eighteen25.com
Happy Halloween!
King & Snohomish County Market Stats – August 2016
What’s happening in the Market?
“The sold prices are exceeding 10% year over year in most areas.”
While the Market continues to move at a strong pace, we are roughly 5% behind last year’s Closed Sales pace. This is primarily due to lack of inventory as demand is still high as determined by the continued reduction of days on market. This heightened demand is also indicated in the sold prices exceeding 10% year over year in most areas.
Top Real Estate Books to Read…
On International Literacy Day, we thought we'd share our Top Real Estate Books worth Reading.
Add your favorite RE book in the comments.
1. "The Millionaire Real Estate Agent" by Gary Keller
2. "The Go-Giver: A Little Story About a Powerful Business Idea" by Bob Burg & John David Mann
3. "Endless Referrals" by Bob Burg
4. "The One Minute Sales Person" by Spencer Johnson
5. "The Compound Effect" by Darren Hardy
Who is the REAL “Rosie”?
The World War II-era woman who rolled up her sleeves, flexed her arm muscles and said, "We Can Do It!" isn't the original Rosie.
In 1942, as the song "Rosie the Riveter" filled radio waves across the home front, manufacturing giant Westinghouse commissioned artist J. Howard Miller to make a series of posters to promote the war effort. One such poster featured the image of a woman with her hair wrapped up in a red polka-dot scarf, rolling up her sleeve and flexing her bicep and the words 'We Can Do It!' printed at the top.
The original "Rosie" image popular during the war was created by illustrator Norman Rockwell for the cover of the Saturday Evening Post on May 29, 1943. The image depicts a muscular woman wearing overalls, goggles and pins of honor on her lapel. She sports a leather wrist band and rolled-up sleeves. She sits with a riveting tool in her lap, eating a sandwich, and "Rosie" is inscribed on her lunch pail. And, she's stepping on a copy of Adolph Hitler's book "Mein Kampf."
"Manufacturing giant Westinghouse
commissioned artist J. Howard Miller
to make a series of posters to promote the war effort."
Rosie the Riveter 
Norman Rockwell 1943
Source: rockwell-center.org
After the war, numerous requests were made for the Saturday Evening Post image of Rosie the Riveter, but Curtis Publishing, the owner of the Post, refused all requests. The publishing company was possibly concerned that the composers of the song "Rosie the Riveter" would hold them liable for copyright infringement.
Since then, the J. Howard Miller "We Can Do It!" image has replaced Norman Rockwell's illustration as "Rosie the Riveter" in the minds of many people. Miller's Rosie has been imprinted on coffee mugs, mouse pads, and countless other items, making her and not the original "Rosie" the most famous of all labor icons.
Just a little "Did You Know?" to honor our American Workforce as we celebrate Labor Day.
This article was first published in: Dol.gov
