Master Builder

Fall 2018

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The Price of Popularity BY KAT SIMS EXECUTIVE DIRECTOR MBAKS MESSAGE FROM THE EXECUTIVE DIRECTOR Change comes with challenge. It's up to us to ensure it's the right kind. Who hasn't been taken aback by news that Seattle has led the nation in rising home prices for 21 months straight? The median down payment for condominium and single-family homes in King County just topped $100,000 for the first time In June, the median Eastside home price hit an all-time high of $977,759; Seattle clocked in at $812,500 The rest of King County averaged $715,000 and Snohomish County increased to $511,500 Perhaps good for those of us who own homes; not so much for those of us looking to buy a house or that coveted holy grail: raw land The cause? Puget Sound-area job opportunities paired with significant housing inventory and buildable land shortages Add in regulatory uncertainty, building moratoriums, skyrocketing fees, extended permitting periods, a skilled labor shortage, high turnover in permitting offices, and the fear of a cycle correction, and many projects simply don't pencil out And so the cycle goes, with demand outstripping supply While many MBAKS members benefit from this regional growth, these challenges are troublesome Our association is looking for solutions to help mitigate struggles we collectively face As we continue to search for solutions, I pose a familiar question: What new approaches and partnerships should we consider so all our friends, children, and co-workers can own a piece of the beautiful Pacific Northwest? Inside this issue, you'll read insightful features of members who creatively offer solutions to these housing issues We must also continue to work with our elected officials and community partners Join us at Bellevue's Meydenbauer Center on October 24 for our Housing Solutions Breakfast, with presenting sponsor Seattle King County Realtors Matthew Gardner, chief economist of Windermere Real Estate, will enlighten us with the latest on our region's housing challenges Other guest speakers will lead a discussion on solutions to help us resolve this emergency situation Nelson Mandela once said, "It always seems impossible until it's done " Achieving better balance concerning supply and demand may feel impossible, but only because it's not yet done I look forward to the conversation and the work ahead *As of July 2018 "It always seems impossible until its done." —Nelson Mandela 5 in every issue FALL 2018 master builder

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