Builders Bulletin: Increased Home Prices

In November 2023, real estate trends in the Pacific Northwest revealed shifts in median home prices. According to the latest data, King County experienced a substantial 7% surge in the median price of single-family homes, rising from $827,000 in the previous year to a current value of $885,500. Meanwhile, Snohomish County witnessed a 4% increase in single-family home prices, elevating the median from $700,000 to $725,000. The overall median price, with both single-family homes and condos, stood at $799,925 in King County and $703,635 in Snohomish County. This upward price trajectory can be attributed to the dwindling housing inventory, underscoring the increased demand for homes in the area.

MBAKS Promotes Jerry Hall to Serve as Executive Director

BELLEVUE, Wash., Feb. 9, 2023—The Master Builders Association of King and Snohomish Counties (MBAKS) is excited to announce the promotion of Jerry Hall to Executive Director.

MBAKS is a trade association representing thousands of local homebuilders, tradespeople, architects, and remodelers in the two-county region. As an expert on issues affecting the housing industry and a leading pro-housing voice for the region MBAKS provides critical, ground-level insight into the regional housing affordability crisis. In his role as Executive Director, Hall will continue the association’s commitment to ensure that all people can attain housing and that everyone has access to a healthy and productive place to call home.

Jerry Hall

“For me, the importance of the association’s purpose is heartfelt and personal,” said Jerry Hall, Executive Director of MBAKS. “We are fortunate to live in a region that has enjoyed extraordinary economic success over the last few decades, yet, because the supply of housing did not keep pace with our growth, the cost of housing has reached unattainable levels for too many.”

Hall holds a Bachelor of Arts in Economics from Whitman College and a Master’s in Business Administration from Harvard Business School. With decades of business leadership experience, he joined MBAKS in August of 2018, serving as its Chief Operating Officer. Shortly thereafter, he began serving as its Chief Financial Officer, and most recently as the organization’s Interim Executive Director.

“We are at a tipping point in our region and access to housing is becoming increasingly difficult” stated Hall. “I’m honored to be given the opportunity to lead the vital work MBAKS does in making home ownership possible for generations to come.”

About MBAKS

Founded in 1909 and headquartered in Bellevue, Washington, the Master Builders Association of King and Snohomish Counties (MBAKS) is the nation’s oldest and largest local homebuilders’ association. Like our founders, our members continue to take a leading role in all facets of homebuilding and support the planning for a growing region. From new technology to advances in sustainability, from collaborative public policy efforts to investing in our communities, our commitment to a thriving, inclusive and well-planned region never wavers. We are the professional homebuilders, architects, remodelers, tradespeople (carpenters, framers, roofers, plumbers, electricians), planners and engineers, suppliers, manufacturers, and sales and marketing professionals in your community who believe everyone deserves access to a healthy and productive place to call home.

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Builders

10/10/2017

Lower Queen Anne Upzone Approval Doubles Heights in Some Areas

The Seattle City Council on Monday, October 2, approved an upzone to allow taller buildings in the Uptown neighborhood of Seattle, known to most as lower Queen Anne. It’s the latest area in a series of upzoning approvals, following the University District, downtown and South Lake Union, Chinatown International District, and certain spots in the Central District.

For those not in the know, upzoning is the ability for builders to create taller buildings to facilitate more homes or businesses. The lower Queen Anne upzone approval, which passed with a vote of 7-0, at its maximum will see an increase of building heights from 85 to 160 feet near South Lake Union, and from 40 to 85 feet for most of lower Queen Anne—which is twice as tall as existing buildings near Seattle Center. Much of the approved surrounding land, however, will see more modest changes.

Residents have already weighed in on the approval, some worried about an eventual "lack of daylight" or new views dominated by steel and glass. Others, however, see a sunnier side, noting that the greater Seattle area needs new, affordable housing where it can get it.

Speaking on affordability, another factor in the approval is the inclusion of Seattle’s Housing Affordability and Livability Agenda (HALA) program, a "multi-pronged strategy," according to seattle.gov, that will in this case require developers to include rent-restricted apartments in their project plans or face fees. Fees paid will go toward nonprofit efforts to build rent-restricted apartments in the lower Queen Anne area or elsewhere. The rent-restricted homes are aimed at those who make no more than 60 percent of the area’s median income—currently just over $40,000 in the City of Seattle for a single occupant, or $57,000 for a family of four.

Developers are required to dedicate 5 to 10 percent of each commercial development and 7 to 10 percent of residential projects to affordable housing or shell over $8 to $29.75 per square foot, depending on the project.

The HALA program goal, led by Councilmember Rob Johnson, is to create 50,000 new housing units in the next 10 years, including 20,000 units dedicated to lower income households. The goal for 2018 is to focus on a citywide rezone package, which will include a proposal to increase building heights and affordable housing requirements to areas that will likely include Rainier Beach, Othello, upper Queen Anne, Crown Hill, and Wallingford.

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Builders

08/10/2016

Baby Boomers Dominate New Housing Trends

The largest American generation is either retired or quickly nearing retirement age. Baby boomers, the generation born between 1946 and 1964 and who count more than 76 million, may be getting older, but they are definitely not ready to head to the retirement home!

The boomer generation is more active than generations past, has a more sophisticated style, and wants options and choices in their homes. Whether they are selling the homes where they raised their children and heading to sunnier pastures or staying put and redesigning to accommodate their retired lifestyle, boomers are making an impact on new housing trends. Some features that home builders and remodelers are seeing as they begin to cater to the boomers include:

Some boomers are choosing to work past the age of 65. As they transition from a traditional 9-to-5 job, however, they want home offices for flexibility. A second career or part-time employment often eliminates the hassle of commuting while keeping them active and bringing in supplementary income.

The tech-savvy boomer generation wants top-of-the-line amenities for their homes such as a media room with surround sound and central control systems, which manage all media sources in one location. The house may include a wireless home network (Wi-Fi), remote control lighting, and security features.

As a person ages, there is a likelihood that use of a wheelchair might become a necessity. Designing a home that is livable now but can transition and be functional as the occupant ages is important in ensuring that the home will be a good long-term investment. Wider doors and hallways are useful for moving larger furniture today, and will also be wheelchair accessible tomorrow.

The need for more lighting usually increases as we grow older. To accommodate this, builders are adding more windows and making them larger to let in more natural light. They are also adding more light fixtures in areas including under cabinets and in stairwells. Multiple switches to reduce the number of trips and dimmer controls to eliminate glare are other options.

More than 40 percent of new homes have master suites downstairs, a 15 percent increase over a decade ago. Boomers not wishing to go up and down stairs with bad knees and aching backs have helped fuel this trend. The bedrooms are also bigger, with larger walk-in closets and bathrooms that have a separate tub and shower and dual sinks.

Yard work, painting, and other landscaping chores may no longer be enjoyable to aging home owners. People who move to a new home when they retire may opt for a maintenance-free community. Those that choose to stay in their homes might make improvements to exterior surfaces such as installing stucco, brick, or low-maintenance siding. Lawns are being replaced with living patios, decorative landscaping, or flower beds which can be a hobby for gardening enthusiasts.

"Flex space" has become more prevalent in both new homes and remodeling. Flex spaces are rooms that take on the purpose of the present home owner's needs but can adjust with changes as they occur. What may have once started out as a guest bedroom can be redecorated to serve as a hobby room or library. This allows home owners to stay in their homes longer as it continues to serve their needs throughout life's stages.

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