April 29, 2011 - Sine Die Edition | |
Regular Session Ends, Special Session Begins The 2011 Legislative Session ended (Sine Die, Latin for “without day”) last Friday with the state budget and approximately 50 fiscal bills that are necessary to implement it still to be considered. Gov. Gregoire called for a Special Session, that began this week and that could last up to 30-days. The Governor directed lawmakers to remain focused specifically on balancing the state’s budget to fill a more than $5 million gap. Legislative Watch: What’s Signed, What’s Awaiting the Governor’s Signature All of REALTORS® top legislative priorities have either been signed by the Governor into law or are awaiting her signature as those bills are considered “necessary to implement the budget.” Following is a summary of where we stand today. Signed by Governor: No Private Transfer Fees Bill Now Law Other Victories: Wood Stoves: No Point of Sale Provision; REALTORS® Work on Solutions Awaiting Governor’s Signature: No Double B&O: SB 5083 has been REALTORS®’ top priority because of its direct impact on REALTORS®’ bottom line. The legislation clarifies a new Department of Revenue interpretation of B&O tax statute to prevent a double tax on referral commissions and other types of real estate transactions involving multiple real estate offices. RPAC Major Investors Committed to Protecting Industry REALTORS® who make a large investment ($5000, $2500, $1000) in REALTOR® PAC understand what the power of our PAC means to our businesses and our clients. Please join us in thanking these REALTORS® for their commitment to protect our industry during these challenging times. Many Thanks to RPAC Major Investors Help Us Succeed in Protecting our Clients and our Business All of the success we have seen so far this session can be attributed in large part to the friends we helped elect. When the right people are in office they listen to our concerns and understand what our industry needs. Please do your part to help. Invest in RPAC Today Research
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Friday, April 29, 2011
Effects of New Washington State Legislation and Real Estate
Friday, April 22, 2011
Once in Generation Opportunity to Buy Real Estate
Today's Real Estate Market a 'Once-in-a-
Generation Opportunity'
By: Heather Hill Cernoch
Greg Rand, a 20-year real estate veteran and CEO of
Real Estate magazine, and author of the book “Crash-Boom” from Career Press.
4/22/2011 DSNews - Default Servicing In Print and …
dsnews.com/…/todays-real-estate-mark… 1/“This economic crisis, while similar to the Great Depression, is also unique in the way that the housing market played a central role,” Rand said. “It is true that this is a once-in-a-generation crisis. It is also true that this is a once-in-a-generation opportunity. It’s time to focus on the other side of the coin.”
According to Rand, a little optimism can go a long way toward spurring real estate back to life. “There is a very real economic force called irrational pessimism that is the cause of much economic hardship, not the effect,” he said.
“More people are unemployed because successful businesses are afraid to expand. More people are losing homes they can afford because they are underwater and believe their home will never appreciate again.
People with job security are convinced they don’t have it and live in fear,” Rand explained. He insists, “Irrational pessimism is one reason why today’s situation runs so parallel to the Great Depression.”
Rand contends there is no housing meltdown. Rather, there was a media and Wall Street meltdown centered on a predictable housing correction. The real estate market changes hourly, he says, and investing in real estate is a matter of watching the trends.
“It comes down to the idea that no matter how the markets change, no matter which way the winds shift, people will always need a place to live,” Rand said. “That’s been true of America since the first log cabin.
“If you plug into that concept and leave fear in a box on the shelf, you can be ahead of the curve and ride the wave of the trends that matter,” according to Rand.OwnAmerica is a Web-based resource for real estate investors and investment advisors headquartered in New York.
Rand is also on WABC Radio, a regular commentator on the Fox Business network, a columnist for
OwnAmerica, says now is the time to invest in real estate. Rand compares the current market to the years following the Great Depression when market conditions sparked a boom that sustained 65 years of appreciation in real estate.
Friday, April 15, 2011
Eastside Waterfront Home Sales 3 Times Better than March of 2010- Up 57% Over February 2011!
Seattle Waterfront Homes
Real Estate on Seattle's waterfront is as multifaceted as the people of the Puget Sound. Lake Union houseboats, Lake Washington luxury homes, and Alki Beach-front condos all have their own unique attributes. Learn more about the Seattle waterfront's history, current market trends, and unconventional quirks in the Seattle waterfront homes blog.
Sales of Eastside waterfront homes in March showed a marked improvement in terms of sales volume. There were 11 significant waterfront sales on the Eastside, including 8 sales over $1 million. This is nearly three times the sales volume last year in March, and a 57% increase over the 7 waterfront real estate sales last month.
The waterfront real estate market continues to improve in the Greater Seattle market, and it seems to be a bit strong on the Eastside and Mercer Island. We’re seeing a higher number of cash purchases and homes selling in less than one month on the market.
March 2011 Waterfront Real Estate Sales, NWMLS
Address City Price Beds Baths SqFt
The waterfront real estate market continues to improve in the Greater Seattle market, and it seems to be a bit strong on the Eastside and Mercer Island. We’re seeing a higher number of cash purchases and homes selling in less than one month on the market.
March 2011 Waterfront Real Estate Sales, NWMLS
Address City Price Beds Baths SqFt
| 18184 SE 41st Place | Issaquah | $840,000 | 5 | 2.5 | 3,000 |
| 2955 224th Place SE | Sammamish | $895,000 | 5 | 3.3 | 3,313 |
| 8855 NE Juanita Lane | Kirkland | $950,000 | 4 | 3.5 | 2,870 |
| 856 W Lake Sammamish Pkwy NE | Bellevue | $1,072,000 | 3 | 1.8 | 2,440 |
| 16301 Inglewood Rd NE | Kenmore | $1,075,000 | 4 | 2.3 | 3,250 |
| 480 W Lake Sammamish Pkwy NE | Bellevue | $1,195,000 | 3 | 1.8 | 1,620 |
| 667 East Lake Sammamish Pkwy NE | Sammamish | $1,200,000 | 3 | 2.3 | 2,750 |
| 1625 10th St W | Kirkland | $1,390,000 | 4 | 2 | 2,110 |
| 5188 NW Lake Sammamish Rd | Issaquah | $2,198,000 | 5 | 4.5 | 6,376 |
| 701 Shoreland Dr SE | Bellevue | $2,550,000 | 3 | 1.5 | 2,030 |
| 1913 E Lake Sammamish Place SE | Sammamish | $2,800,000 | 4 | 3.8 | 7,327 |
Friday, April 8, 2011
Much more to manufacturing than
Boeing
Puget Sound Business Journal - by Steve Wilhelm
Date: Thursday, April 7, 2011, 2:13pm PDT
• Steve Wilhelm
• Staff Writer
• Email:
Manufacturing in Washington state is much stronger than many people realize, partly because the state has become a key equipment builder for resource development around
the Pacific Rim.
That’s the take of
Council of Seattle. Some of his analysis is reflected in a piece called
Numbers,”
Gering’s piece looks at the period from 1994 to 2008, a long snapshot intended to yield a
broader view of the trends here, apart from the recent recession.
For instance, while many people think that nearly all manufacturing in the region is Boeing
-related, Gering points to numbers from the state Department of Revenue that indicate
Boeing and suppliers have made up less than a quarter of manufacturing here.
In 2008, Boeing and aerospace accounted for about $29 million of the $132 billion in
revenue here.
“A lot of the rest of the manufacturing world in our city and region is driven by resources
and commodities, and those tend to be really high value, and they tend to consume tons
of industrial equipment and supplies,” he said. “Think agriculture, seafood, construction,
mining, timber, oil and natural gas development; We sit in the absolute epicenter of that
activity, geographically.”
Friday, April 1, 2011
Seattle is the Seventh Best City to Live in the World
World’s 7 Best Cities to Live
Wild Junket
From Asia to the U.S. and Europe, there are hundreds of cities that constantly attract new residents, thanks to low crime rates, quality of life and many other factors. Spending the past few years moving from one city to another, I’ve had my fair share of scouting for new nesting ground. Having picked up a trick or two on where’s best and where’s not, here’s my own list of 10 best cities to live based on my own likings and experiences.
1. Melbourne, Australia
This vibrant city at the Southern end of Australia is a treasure trove of beaches, seaside esplanades and quirky antique shops. Edgy urbanites co-exist with aboriginal culture in a city that grooves with urban culture. Melbourne is just an hour away from the Great Ocean Road, a stretch of coastal cliffs bursting with wildlife and hiking trails. The Grampians mountain range are also just several hours’ drive away. It’s definitely my favorite city in Australia, just be careful, you might never want to leave.
2. Barcelona, Spain
Barcelona: progressive, new-age, explosive and colorful. The hip crowd can hang around the beach at Barceloneta, while the artistic ones can mingle around works of Gaudi. Barcelona, best experienced on a hop on hop off Barcelona bus tour, is a sprawling city with the conveniences that every cosmopolitan city has, yet it has completely come to its own.
Spain might not be ranking tops in the European ranking of infrastructure or GDP, but everyone who’s been there knows about the immeasurable quality of life. The three most important things in life for the Spaniards – cerveza (beer), siesta and fiesta.
3. Singapore
Coming in at number 1 in Mercer’s 2009 Worldwide Infrastructure Ranking, Singapore is definitely one of the best places to live in Asia. There’s not just low crime rate, but also excellent connection with the world, good career opportunities, high standard of living and a cosmopolitan lifestyle. Urbanites who like living in a metropolis will definitely appreciate the vibrant nightlife and entertainment establishments available. Being a bilingual nation also helps a foreigner get by easily.
4. Prague, Czech Republic
One of my favorite cities in Europe- Prague is cheaper than most west European countries, but has equally stunning architecture, historical monuments and rich culture. In terms of security and stability, it is also on par with its neighbors. The weak currency makes cost of living here much lower as well- an important point to consider when relocating. The proximity to neighboring Germany and Austria also make it a good base to explore the area.
5. Dubai, UAE
Ranking as the top Middle Eastern city in the quality of life index, Dubai has been an expatriate-hub in the recent years. Plenty of friends looking to work abroad are seeking out opportunities in Dubai and it looks like they’re doing better than before. Quoted as ‘the fastest growing city in the world’, Dubai is now home to the tallest building, largest man-made marina and the most luxurious hotel in the world. Adventure seekers can also head out to nearby sand dunes to surf in the sand.6. Buenos Aires, Argentina
Buenos Aires is the most influential city in the whole of South America, despite its economic debacle in 2002. Stretching from old neighborhood like San Telmo to the swanky riverside zone of Puerto Madero. the city holds on to its history and culture like no other. Littered with gorgeous architecture, melancholic tango bars and antique shops, Buenos Aires is reminiscent of Europe, yet completely its own. A unique place to live and smell culture, this is the perfect place to live for art lovers who seek a bohemian lifestyle.
7. Seattle, U.S.
Surrounded by magnificent mountain range, Seattle is said to be one of the best residential cities in the U.S. Being the 13th largest metropolitan area in the States, it’s neither too big nor too small. Temperatures are also milder here, which means comfortable winters and summers. There’s a vibrant music scene and plenty of outdoors options from boating to hiking. For housing costs, check out Seattle property management.
U.S. Employment Up in March - Unemployment now at 8.8%
Employment jumps in March, jobless rate falls
U.S. employment jumps in March
A job seeker walks the floor at a large career fare at Rutgers University in New Brunswick, New Jersey, in this January 6, 2011 file photo.
Credit: Reuters/Mike SegarWASHINGTON |
WASHINGTON (Reuters) - Employment grew solidly for a second month in March and the jobless rate hit a two-year low of 8.8 percent, underscoring a decisive shift in the labor market that should help to underpin the recovery.
Nonfarm payrolls rose 216,000 last month, the largest increase since May, the Labor Department said on Friday. The gain built on the 194,000 new positions added in February.
The quickening pace of job growth has pulled down the unemployment rate a full percentage point since November.
A separate report from the Institute for Supply Management showed factory activity grew strongly last month, although it backed off a nearly seven-year high hit in February. It was still the 20th straight month of expansion.
The employment report confirmed the jobs market was strengthening despite signs economic activity had been held back early in the year by bad weather and rising energy prices. Still, the data was likely not strong enough to push the Federal Reserve off its ultra-easy monetary policy course.
"It provides more evidence that the economy is gaining a self-sustaining momentum, but it also says we still have a long way to go," said Julia Coronado, a senior economist at BNP Paribas in New York.
The economy has recovered only a fraction of the more than 8 million jobs lost in the recession. Economists say job growth of between 250,000 and 300,000 a month is needed to have a sizable impact on the pool of 13.5 million jobless Americans.
Investors on Wall Street cheered the sturdy employment report and lifted the blue-chip Dow Jones industrial average to its highest level since June 2008. U.S. government bond prices were little changed, while the dollar climbed to a more than six-month high against the yen.
The improvement in the labor market comes as Fed officials are sharply divided on whether the economy still needs monetary support. Some policymakers argue the recovery is still not strong enough, while others worry about inflation if interest rates are kept too low for too long.
NO WAGE PRESSURES
The report showed no price pressure from earnings, which were flat in March and have barely grown so far in 2011.
New York Fed President William Dudley said the growth in jobs was encouraging but cautioned against too much optimism.
"We are still very far away from achieving our dual mandate of maximum sustainable employment and price stability," Dudley said in Puerto Rico.
Investors reacted to the jobs report by increasing their bets on the Fed tightening credit by the end of 2011 but they rowed back a bit after Dudley's cautious comments on the state of the economy.
The private sector accounted for all the new jobs in March, adding 230,000 positions after February's 240,000 increase. Government employment fell 14,000, declining for a fifth straight month as local governments let go 15,000 workers.
A job seeker walks the floor at a large career fare at Rutgers University in New Brunswick, New Jersey, in this January 6, 2011 file photo.
Credit: Reuters/Mike Segar
Friday, March 25, 2011
New and Upcoming Retail in Area is a Sign of Confidence for our Future
If you take a drive through the downtown areas of Redmond or Woodinville, it it easy to see that some good changes are dotting the local landscaping.
Woodinvlle has recently been favored with the opening of the new Ross Dress for Less Store, which has taken the space left vacant by the end of the Linens and Things era. Far across the parking lot it can be readily noticed and a great asset to the downtown Woodinville area. It is wonderful to see the bright lights and colored contour repacing what has been a dark, lonely empty space.
If you are in a mood for warm and soft bakery item you will enjoy walking in to the new Mrs. Fields, located next to the new TCBY, which can help quench those summer cravings.
Moving into the old Blockbuster Video space we will soon enjoy the ambiance and convenience of the upcoming Panera Bread and just across the parking lot, where the Ruby's Diner
used to be, will once again be vibrant and busy as the Big Fish Grill moves into town.
A few miles to the south in the city of Redmond, change has also been blossoming. A few months ago, Designer Shoe Warehouse opened in Bear Creek Village and if you like shoes, you should give this store a try. Bear Creek Village is bursting at the seams right now with new construction and great enhancing change. Soon to open will be a Ross Dress for Less, in most of the space provided by the old Linens and Things vacancy there. The remaining space will be taken by a national cosmetic store. Where Las Margaritas has been a long time fixture, will soon be the new Agave Cocina & Cantina, a more diverse and healthier menu choice, for those loving the culinary arts of Mexican cuisine.
Redmond Town Center has just received two new additions for the creative home decorator, Z Gallerie and Chairs & Trellis, located on the south side of the shopping center. When you have some free time take a stroll through these new stores and enjoy the flavor they have to offer.
Besides having several new opportunities for shopping and dining within just minutes, all these changes are making a positive statement about what these companies think of the areas and our future. Great attention to detail is given by each company as extensive research is done prior to lease negotiations. This is a reinforcement of a future for our area that shines brightly. Each of these establishments offers employment opportunities and adds to the diversity and livability of both communities.
Let's face it, sometimes change is not only good - it's great!
Woodinvlle has recently been favored with the opening of the new Ross Dress for Less Store, which has taken the space left vacant by the end of the Linens and Things era. Far across the parking lot it can be readily noticed and a great asset to the downtown Woodinville area. It is wonderful to see the bright lights and colored contour repacing what has been a dark, lonely empty space.
If you are in a mood for warm and soft bakery item you will enjoy walking in to the new Mrs. Fields, located next to the new TCBY, which can help quench those summer cravings.
Moving into the old Blockbuster Video space we will soon enjoy the ambiance and convenience of the upcoming Panera Bread and just across the parking lot, where the Ruby's Diner
used to be, will once again be vibrant and busy as the Big Fish Grill moves into town.
A few miles to the south in the city of Redmond, change has also been blossoming. A few months ago, Designer Shoe Warehouse opened in Bear Creek Village and if you like shoes, you should give this store a try. Bear Creek Village is bursting at the seams right now with new construction and great enhancing change. Soon to open will be a Ross Dress for Less, in most of the space provided by the old Linens and Things vacancy there. The remaining space will be taken by a national cosmetic store. Where Las Margaritas has been a long time fixture, will soon be the new Agave Cocina & Cantina, a more diverse and healthier menu choice, for those loving the culinary arts of Mexican cuisine.
Redmond Town Center has just received two new additions for the creative home decorator, Z Gallerie and Chairs & Trellis, located on the south side of the shopping center. When you have some free time take a stroll through these new stores and enjoy the flavor they have to offer.
Besides having several new opportunities for shopping and dining within just minutes, all these changes are making a positive statement about what these companies think of the areas and our future. Great attention to detail is given by each company as extensive research is done prior to lease negotiations. This is a reinforcement of a future for our area that shines brightly. Each of these establishments offers employment opportunities and adds to the diversity and livability of both communities.
Let's face it, sometimes change is not only good - it's great!
Friday, March 18, 2011
Seattle makes "Top 10 Cities for the Next Decade"
10 Best Cities for the Next Decade
They're prosperous, innovative, and they'll generate plenty of jobs, too.
From Kiplinger's Personal Finance magazine, July 2010
We live in challenging times. Unemployment remains high, and the U.S. lead in technology and science is slipping as many foreign countries gain ground. But some U.S. cities, though slowed by the Great Recession, still thrive by lifting good old American innovation to new levels. And that will help put more Americans back to work and keep our international edge.
In Kiplinger's latest search for top cities, we focused on places that specialize in out-of-the-box thinking. "New ideas generate new businesses," says Kevin Stolarick, our numbers guru, who this year evaluated U.S. cities for growth and growth potential. Stolarick is research director at the Martin Prosperity Institute, a think tank that studies economic prosperity. "In the places where innovation works, it really works," he says.
And it's no coincidence that economic vitality and livability go hand in hand. Creativity in music, arts and culture, plus neighborhoods and recreational facilities that rank high for "coolness," attract like-minded professionals who go on to cultivate a region's business scene. All of which make our 2010 Best Cities not just great places to live but also great places to start a business or find a job.
1. Austin, Tex.
Austin is arguably the the country's best crucible for small business, offering a dozen community programs that form a neural network of business brainpower to help entrepreneurs. Now overlay that net with a dozen venture-capital funds and 20 or so business associations, plus incubators, educational opportunities and networking events. Mix all these elements in what many call a classless society, where hippie communalism coexists with no-nonsense capitalism, and you’ve got a breeding ground for start-ups.
Don’t discount the fun factor: In the self-proclaimed live-music capital of the world, music and business creativity riff off one another. The city’s famous South by Southwest festival, where concerts, independent film screenings and emerging technology overlap, is a prime example.
2. Seattle, Wash.
Rain City? We'd say Brain City. Home to a well-educated workforce, a world-class research university, über innovators Microsoft, Amazon and Boeing, and a host of risk-taking, garage-tinkering entrepreneurs, Seattle crackles with creative energy. "We only have two products here: smart people and great ideas," says Mark Emmert, president of the University of Washington.
3. Washington, D.C.
Every tourist knows postcard D.C., the city that is home to the White House, the Capitol and all those free Smithsonian museums. But those who live in D.C. know better. The region is chock-full of job prospects, entertainment venues and great neighborhoods, and it is booming. Eleven of the 25 richest counties in the U.S. are located in the region, which also boasts a low unemployment rate.
4. Boulder, Colo.
Boulder is a wealthy, intellectual hot spot where environmental and scientific ideas blossom into businesses. Three economic drivers power Boulder: the University of Colorado, federal research laboratories and more than 6,600 small businesses and corporations, all woven into an entrepreneurial fabric. The city is also a mecca for those seeking healthy, active lifestyles.
5. Salt Lake City, Utah
You can’t beat the cost of living and doing business in Salt Lake City. Utah has relatively low wages, taxes and operating costs. Plus, it doesn’t hurt that “our offices are 15 minutes away from four ski resorts,” says one local employer.
6. Rochester, Minn.
Rochester is built on the world-renowned Mayo Clinic’s rock-solid foundation, and, in return, the community serves as great hosts and hostesses to 2.7 million visitors each year (many of them Mayo patients). Synergy among the city’s resources has been well cultivated and is paying dividends. Rochester opened the Minnesota BioBusiness Center in spring 2009 -- providing room to grow in the form of 150,000 feet of office space. The center, located a block from both the Mayo Clinic and the university, represents the city’s aspiration to build an even stronger bioscience and medical-research community. “If there’s a theme to what we’re doing here, it’s collaboration. . ."
7. Des Moines, Iowa
There’s more to Des Moines than agricultural jobs. A likely worker shortage sparked by retiring baby-boomers has lit a fire under Des Moines’s civic leaders. The city is working to lure back young Iowans and attracting global talent by developing its downtown and promoting the jobs available in the many industries that flourish there. Other big draws: low-cost housing, plus the city’s long-touted reputation for family-friendliness and a “19-minute commute.”
8. Burlington, Vt.
Burlington's local-food movement perhaps best tells the story of how environmentalism drives much of the city's economic growth. Many shops and restaurants along Burlington’s Church Street Marketplace, the famous pedestrian mall, serve up local goodies. A couple blocks over, the City Market/Onion River Co-Op, a community-owned grocery store, offers more than 1,000 Vermont products. (And atop the supermarket, generating 3% of the Co-Op’s energy needs -- enough electricity to power six Burlington homes -- are 136 solar panels from groSolar, another Vermont-based company.) And the crown jewel for locavores: The Intervale Center is a nonprofit organization that has managed 350 acres of family-owned farmland in Burlington since 1988 and provides 10% of the town’s food. "We’re 30 years ahead of the country with the local-food movement. . ."
9. West Hartford, Conn.
Community is key in West Hartford, a place where you actually know your neighbors. But this once-sleepy suburb of Connecticut’s capital is not content to be merely an idyllic place to live and raise a family (it is, by the way). West Hartford made our list because it is transforming itself from a suburb into a destination -- in this case, a regional destination for shopping and dining. Small business is the new game in town, and everyone is playing.
10. Topeka, Kan.
In its reserved, midwestern way, Topeka has engineered a prosperity that most cities of similar size would envy. As the capital city of Kansas, nearly 25% of Topeka’s workforce is employed by the government, providing a stable job market where unemployment has stayed around 7%. The city boasts quality schools, friendly people, good hospitals, a university and -- one of its biggest selling points -- low housing costs.
In its reserved, midwestern way, Topeka has engineered a prosperity that most cities of similar size would envy. As the capital city of Kansas, nearly 25% of Topeka’s workforce is employed by the government, providing a stable job market where unemployment has stayed around 7%. The city boasts quality schools, friendly people, good hospitals, a university and -- one of its biggest selling points -- low housing costs.
Read more: http://www.kiplinger.com/magazine/archives/10-best-cities-2010-for-the-next-decade.html#ixzz1H1JK0Crd
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Friday, March 11, 2011
Another Positive for the Seattle Job Market!
Amazon.com on a hiring spree
It's tough times all around, just not at Amazon's new headquarters in the South Lake Union area of Seattle.
Young workers dressed in jeans and T-shirts type away on laptops in small conference rooms named after products sold on Amazon's website. Vending machines serve up pricey gluten-free cookies and dry-roasted edamame. And for their pooches, doggy biscuits are handed out at the main reception desk.
Amid a sluggish job market and shaky economic recovery, the world's biggest Internet retailer is hiring like crazy at its headquarters complex. Consider Amazon's online jobs board: It lists about 1,900 openings in Seattle, at least twice as many as a year ago. More than 900 call for techies.
"We're looking for very talented software developers," said Susan Harker, director of global talent acquisition at Amazon. Other openings call for recruiters, product managers, salespeople, graphic designers and supply-chain analysts.
While some openings came about because of employee departures, most are new additions to help Amazon get bigger, Harker said. "We hired a lot last year, and we're going to hire a lot this year," she said.
Amazon's expansion in and around South Lake Union is a surefire sign that the Internet giant has hit a major growth spurt.
Amazon began moving into its headquarters complex last spring and now occupies seven buildings covering 845,000 square feet. But it's not yet done
.
Amazon, which went public in 1997 and made its first annual profit in 2003, has long-term leases with Paul Allen's Vulcan Real Estate for a total of 1.7 million square feet, including four buildings still to come.
What's more, Amazon occupies a big chunk of Vulcan's 2201 Westlake nearby and soon will take most of Schnitzer West's 1918 Eighth Avenue in the Denny Triangle neighborhood.
In a widely anticipated move, Amazon said last week it signed a long-term lease for about 460,000 square feet of office space at the new Schnitzer building.
Despite a global economic downturn, Amazon nearly doubled its annual profit in the past three years to $1.15 billion. Last year it had sales of more than $34 billion, up from $19 billion in 2008. Its stock is up a third from a year ago to $172 a share.
What gives? Analysts cite a range of factors, from the company's late-2009 purchase of shoe and apparel website Zappos.com, to the rise of its Kindle e-reader, to Amazon Web Services, which rents out computing power to other organizations.
Worldwide, Amazon had 33,700 employees at the end of 2010, about 9,400 more than at the end of the previous year.
It won't say exactly how many people it employs in Seattle, only that there are thousands. Some still work elsewhere in Seattle, including the Pac-Med building on Beacon Hill, but all are expected to move to Amazon's new offices by late December.
The arrival of thousands of Amazonians to South Lake Union has been great for some neighbor businesses like Blue Moon Burgers.
"We were dead in the water for a year and a half before Amazon started moving in last April. And by June or July, we thought we were maxed out on what we could do," said general manager Nils Petersen. "But I figured out new ways to get people in and out the door faster, and my staff has pretty much doubled."
Petersen, who believes the company has nearly 6,000 employees in South Lake Union, is preparing for even more Amazonians. "I'm looking at increasing my staff because I've heard Amazon has about 4,000 employees set to move in between April and June," he said.
Petersen's estimates are in line with the number of employees that Amazon's new offices could easily accommodate. As a rule of thumb, real-estate brokers figure there's one employee for every 200 square feet of office space.
Amazon's growth spurt also is good for local techies.
Technology blogger Matt Rosoff, of BusinessInsider.com, notes that tech job listings in Seattle are up 47 percent since last March. That puts Seattle's tech job market ahead of Austin, Texas, which is up 44 percent, and Silicon Valley, up 41 percent, said Rosoff, citing statistics from job-hunting site Dice.
Besides Amazon, Microsoft is adding to its payrolls again after eliminating about 5,000 jobs during the recession. Google is hiring at its Fremont and Kirkland offices. Facebook has set up a Seattle outpost. And Salesforce.com is actively looking to staff a new Seattle office near Amazon's headquarters.
"Amazon is in a pitched battle with these companies for tech talent," said Glenn Kelman, chief executive of online real-estate brokerage Redfin, a 200-person firm based in Seattle. Still, Amazon remains "very disciplined" when it comes to pay and benefits, he said.
"They offer lucrative packages with equity at a company that's growing," he said. "But I don't think Amazon has been drawn into the break-all-the-rules, stop-at-nothing knife fight that I'd say Google and Facebook are engaged in for top tech talent."
While Amazon would not give details about its pay packages, many new Amazon hires receive two years of bonuses and stock that vests over four years, said Jeff Hibbert, managing partner at Seattle executive-search firm Laurel Group. Historically, he said, Amazon is known to pay a "slightly lower base salary" than such companies as Google and Microsoft.
"But it more than makes up for that with bonuses and restricted stock units," he added.
Then, there's Amazon's internal motto: "Work hard. Have Fun. Make History."
"They've changed the way people buy and read books," Hibbert said. "Many technologists are attracted to Amazon because it's a disruptive company."
Amy Martinez: 206-464-2923 or amartinez@seattletimes.com
Young workers dressed in jeans and T-shirts type away on laptops in small conference rooms named after products sold on Amazon's website. Vending machines serve up pricey gluten-free cookies and dry-roasted edamame. And for their pooches, doggy biscuits are handed out at the main reception desk.
Amid a sluggish job market and shaky economic recovery, the world's biggest Internet retailer is hiring like crazy at its headquarters complex. Consider Amazon's online jobs board: It lists about 1,900 openings in Seattle, at least twice as many as a year ago. More than 900 call for techies.
"We're looking for very talented software developers," said Susan Harker, director of global talent acquisition at Amazon. Other openings call for recruiters, product managers, salespeople, graphic designers and supply-chain analysts.
While some openings came about because of employee departures, most are new additions to help Amazon get bigger, Harker said. "We hired a lot last year, and we're going to hire a lot this year," she said.
Amazon's expansion in and around South Lake Union is a surefire sign that the Internet giant has hit a major growth spurt.
Amazon began moving into its headquarters complex last spring and now occupies seven buildings covering 845,000 square feet. But it's not yet done
.
Amazon, which went public in 1997 and made its first annual profit in 2003, has long-term leases with Paul Allen's Vulcan Real Estate for a total of 1.7 million square feet, including four buildings still to come.
What's more, Amazon occupies a big chunk of Vulcan's 2201 Westlake nearby and soon will take most of Schnitzer West's 1918 Eighth Avenue in the Denny Triangle neighborhood.
In a widely anticipated move, Amazon said last week it signed a long-term lease for about 460,000 square feet of office space at the new Schnitzer building.
Despite a global economic downturn, Amazon nearly doubled its annual profit in the past three years to $1.15 billion. Last year it had sales of more than $34 billion, up from $19 billion in 2008. Its stock is up a third from a year ago to $172 a share.
What gives? Analysts cite a range of factors, from the company's late-2009 purchase of shoe and apparel website Zappos.com, to the rise of its Kindle e-reader, to Amazon Web Services, which rents out computing power to other organizations.
Worldwide, Amazon had 33,700 employees at the end of 2010, about 9,400 more than at the end of the previous year.
It won't say exactly how many people it employs in Seattle, only that there are thousands. Some still work elsewhere in Seattle, including the Pac-Med building on Beacon Hill, but all are expected to move to Amazon's new offices by late December.
The arrival of thousands of Amazonians to South Lake Union has been great for some neighbor businesses like Blue Moon Burgers.
"We were dead in the water for a year and a half before Amazon started moving in last April. And by June or July, we thought we were maxed out on what we could do," said general manager Nils Petersen. "But I figured out new ways to get people in and out the door faster, and my staff has pretty much doubled."
Petersen, who believes the company has nearly 6,000 employees in South Lake Union, is preparing for even more Amazonians. "I'm looking at increasing my staff because I've heard Amazon has about 4,000 employees set to move in between April and June," he said.
Petersen's estimates are in line with the number of employees that Amazon's new offices could easily accommodate. As a rule of thumb, real-estate brokers figure there's one employee for every 200 square feet of office space.
Amazon's growth spurt also is good for local techies.
Technology blogger Matt Rosoff, of BusinessInsider.com, notes that tech job listings in Seattle are up 47 percent since last March. That puts Seattle's tech job market ahead of Austin, Texas, which is up 44 percent, and Silicon Valley, up 41 percent, said Rosoff, citing statistics from job-hunting site Dice.
Besides Amazon, Microsoft is adding to its payrolls again after eliminating about 5,000 jobs during the recession. Google is hiring at its Fremont and Kirkland offices. Facebook has set up a Seattle outpost. And Salesforce.com is actively looking to staff a new Seattle office near Amazon's headquarters.
"Amazon is in a pitched battle with these companies for tech talent," said Glenn Kelman, chief executive of online real-estate brokerage Redfin, a 200-person firm based in Seattle. Still, Amazon remains "very disciplined" when it comes to pay and benefits, he said.
"They offer lucrative packages with equity at a company that's growing," he said. "But I don't think Amazon has been drawn into the break-all-the-rules, stop-at-nothing knife fight that I'd say Google and Facebook are engaged in for top tech talent."
While Amazon would not give details about its pay packages, many new Amazon hires receive two years of bonuses and stock that vests over four years, said Jeff Hibbert, managing partner at Seattle executive-search firm Laurel Group. Historically, he said, Amazon is known to pay a "slightly lower base salary" than such companies as Google and Microsoft.
"But it more than makes up for that with bonuses and restricted stock units," he added.
Then, there's Amazon's internal motto: "Work hard. Have Fun. Make History."
"They've changed the way people buy and read books," Hibbert said. "Many technologists are attracted to Amazon because it's a disruptive company."
Amy Martinez: 206-464-2923 or amartinez@seattletimes.com
Friday, March 4, 2011
Nation's Unemployment Rate Drops Below 9%
The national unemployment rate fell to 8.9 percent in February, as employers added 192,000 jobs to their payrolls, according to figures released Friday by the U.S. Department of Labor. The rate is down from 9.0 percent in January and 9.4 percent as recently as December.The Labor Department described the latest numbers as “little changed,” noting that the number of unemployed persons – 13.7 million – was reported as virtually the same as in the previous month. Of these, 43.9 percent had been jobless for 27 weeks or more, essentially the same as in the month prior.
In February, the labor force participation rate was unchanged at 64.2 percent, although January’s figures were revised upward to reflect a net gain of 63,000 jobs instead of the 36,000 initially reported. December’s job growth was also adjusted upward, from 121,000 net jobs to 152,000.
“Most measures from the survey of households showed little movement in February,” said Keith Hall, commissioner of the Bureau of Labor Statistics. However, the 192,000 jobs that were added in February represented the largest monthly net gain since mid-2010 when the numbers included temporary Census hiring, signaling that the economy is showing signs of strengthening.
Hall says from its recent low point in February of last year, payroll employment has increased by 1.3 million. But as Catherine Rampell with the New York Times points out, since the downturn began in December 2007, the economy has shed, on net, 7.5 million jobs.
If the United States adds 200,000 jobs a month from here on out, Rampell explained, it will take more than three years for the economy to return to pre-recession employment levels.February’s job growth came close to analysts’ expectations. The consensus among economists polled by Bloomberg was that the report would show 196,000 new jobs last month.
“The 192,000 increase in US non-farm payrolls in February is healthy enough, particularly when we take into account the upward revisions to the preceding two months,” said Paul Ashworth, chief U.S. economist for the international research firm Capital Economics.
“Over the next few months, we expect monthly payroll gains to accelerate a little from the current underlying pace of about 135,000 a month, moving into the 150,000 to 200,000 range. However, we expect the unemployment rate to decline only gradually from here,” Ashworth said.
Without question, unemployment levels are now closely tied to the mortgage industry’s level of delinquencies. To address this indisputable link, Congress established the Emergency Mortgage Relief Fund when it enacted the Dodd-Frank Reform Act last summer. The program provides homeowners who’ve lost their jobs with a declining balance, deferred payment “bridge loan” of up to $50,000 to cover past due mortgage expenses, plus up to 24 months of monthly mortgage payments while the borrower searches for new employment.
The House Financial Services Committee voted Thursday to terminate the emergency program, citing it as one of four federal foreclosure mitigation programs that “aren’t working.” The bill to end the program now moves to the full House for consideration. If passed by House lawmakers, it would also need to clear the Senate.
If the United States adds 200,000 jobs a month from here on out, Rampell explained, it will take more than three years for the economy to return to pre-recession employment levels.February’s job growth came close to analysts’ expectations. The consensus among economists polled by Bloomberg was that the report would show 196,000 new jobs last month.
“The 192,000 increase in US non-farm payrolls in February is healthy enough, particularly when we take into account the upward revisions to the preceding two months,” said Paul Ashworth, chief U.S. economist for the international research firm Capital Economics.
“Over the next few months, we expect monthly payroll gains to accelerate a little from the current underlying pace of about 135,000 a month, moving into the 150,000 to 200,000 range. However, we expect the unemployment rate to decline only gradually from here,” Ashworth said.
Without question, unemployment levels are now closely tied to the mortgage industry’s level of delinquencies. To address this indisputable link, Congress established the Emergency Mortgage Relief Fund when it enacted the Dodd-Frank Reform Act last summer. The program provides homeowners who’ve lost their jobs with a declining balance, deferred payment “bridge loan” of up to $50,000 to cover past due mortgage expenses, plus up to 24 months of monthly mortgage payments while the borrower searches for new employment.
The House Financial Services Committee voted Thursday to terminate the emergency program, citing it as one of four federal foreclosure mitigation programs that “aren’t working.” The bill to end the program now moves to the full House for consideration. If passed by House lawmakers, it would also need to clear the Senate.
By: Carrie Bay DSNEWS.com posted 03/04/2011
On hiring spree, Google expands in Seattle and Kirkland
Posted by
"I do expect, given what we're seeing in terms of resumes and the amount of resources we're putting into the hiring process, that we will grow substantially in 2011," Bershad said.
Google is expecting 2011 to be the biggest hiring year in its history, and the "Sea-Kirk" facilities should get their share.
"In this area we've always grown faster than the rest of Google, always, every year," said Silver. "It's mostly a testament to the talent that are here."
Google is working on a number of projects in the local offices, including search, messaging, maps, ad systems and the Chrome browser and operating system. Bershad said a particular emphasis in recruting this year will be for user-experience experts, to improve the design of Google products.
Unlike most of Google's regional offices, the Seattle and Kirkland facilities are almost entirely filled with engineers, with more than 90 percent of the staff involved in research and development, as opposed to sales and administration.
Google's engineering presence in Seattle began in 2004 with three employees in Kirkland. The company leased the three-building Kirkland campus while it was under construction in 2007 and moved into two of the buildings in 2009. Silver said Google will eventually fill the third building, which has about 75,000 square feet of space.
Among the occupants may be former employees of Widevine, a Seattle digital-rights management software company that Google acquired in December. At the time, plans were to move the 60 Widevine employees to the Kirkland campus.
To accommodate new employees that it expects to hire this year, Google is expanding its offices in Seattle and Kirkland. The company's been talking up its growth plan over the past month, saying it expects to add more than 6,000 employees this year globally.
After that news came out, Google received a record 75,000 resumes in a single week. Locally, applications to the Seattle and Kirkland offices jumped 62 percent above the weekly average.
Google's hiring talk comes as tech companies large and small ramp up their hiring after running lean through the downturn. The situation is exacerbated in Seattle by Silicon Valley companies such as Facebook, Zynga and Salesforce.com setting up new engineering offices here.
Competition for top talent is leading to dot-commish hiring gimmicks, including referral bounties of $10,000 to $12,000 being offered by Seattle startups SEOmoz and EnergySavvy.
Seattle and Kirkland Google managers wouldn't talk about competing for talent with any particular company, but in a meeting today they emphasized the thoroughness and responsiveness of Google's hiring practices.
Google is expanding its Fremont campus by leasing 30,000 square feet formerly occupied by Getty Images, adjacent to Google's building just north of the Fremont Bridge.
In Kirkland, Google began moving employees into the third building on the campus it opened in 2009. Combined employment at the two sites grew 50 percent last year, to about 800 people, according to site managers Brian Bershad and Scott Silver.
Google's likely to hire more than 100 this year,but the managers wouldn't provide specific forecasts. However, they offered plenty of clues and hints to inform speculation about what to expect.
Brier Dudley
Boeing to add 1,200 jobs in Renton
By Dominic Gates
Seattle Times aerospace reporter
Boeing said Tuesday that employment at its Renton 737 plant will swell by roughly 1,200 over the next couple of years as it boosts production of the single-aisle jets.
That figure will include employees transfering from other Boeing sites as well as new hires.
Spokeswoman Liz Verdier said the company will also expand an existing building on the Renton site, adding 75,000 square feet that will be used to store equipment such as seats and inflight entertainment systems supplied by vendors and installed near the end of the assembly process.
Boeing currently rolls out 31.5 jets a month from Renton. In January 2012, that will jump to 35 a month and in the spring of 2013 it will rise again to 38 a month. The jobs boost will come in two phases of about 600 people, months in advance of each of the production rate increases.
According to the latest data the company provided to the state, at the end of 2009 Boeing employed 10,400 people in Renton.
Business & Technology | Boeing to add 1,200 jobs in Renton | Seattle Times Newspaper Page 1 of 1
Friday, February 25, 2011
Seattle has another great reason to celebrate!
Boeing wins huge Air Force tanker contract
The Air Force awarded its $35 billion air-refueling tanker contract Thursday to Boeing.
By
Dominic GatesSeattle Times aerospace reporter
The Air Force awarded its $35 billion air-refueling tanker contract Thursday to Boeing, Congressional sources said shortly before the announcement was to be made this afternoon.
Boeing will build its 767 tanker on a newly opened assembly line at the back of its Everett widebody jet plant.
Winning the tanker contract secures what Boeing says are 11,000 direct and indirect jobs in Washington State. That figure includes not only projected jobs at Boeing and at its in-state suppliers, but also at any kind of business — from bars to bakeries — serving the aerospace workforce.
Boeing was originally awarded a tanker contract in 2001, but that deal, which was never open to competitors, was swamped in controversy. It was canceled after a procurement scandal that sent Boeing's then-chief financial officer to jail.
In 2008, after an open competition, the contract was awarded to a joint bid from Northrop Grumman and Airbus parent company EADS. The award was canceled after Boeing challenged the procedures leading to the decision.
This time around, Northrop withdrew and it was a straight head-to-head contest between Boeing and EADS.
Though the Air Force award will draw the ire of politicians in southern states that would have benefited from an EADS win, the decision may finally bring the decade-long saga to a close.
EADS now has three days to ask for a debriefing as to why exactly it lost. That debriefing must take place within five days, after which EADS has another five days to decide if it wants to formally protest the decision.
Ralph Crosby, head of EADS North America, recently told the Press-Register newspaper in Mobile, Ala., that absent "some egregious process error," his company was unlikely to contest a Boeing win.
The outcome is a bitter disappointment for EADS.
It had also wanted a manufacturing facility in the U.S. that would have brought revenue in dollars — valuable as the euro rises against the dollar.
With expectations that Airbus could price its plane lower than Boeing, and leaks suggesting that the EADS A330 had outscored the Boeing 767 on a key mission evaluation that was part of the Air Force assessment, analysts had recently been predicting an EADS win.
With the outcome reversed, the happiest man at Boeing may be commercial airplanes chief Jim Albaugh, who was on a flight back from Texas to Seattle as the announcement was made.
Albaugh took over the defense side of the company in 2002 and closely shepherded Boeing's tanker bid afterward.
Having switched roles to head Boeing's commercial jet division in the fall of 2009, Albaugh will now get to oversee the building of the tanker.
Friday, February 18, 2011
NEW YORK (CNNMoney) -- Mortgage delinquency rates among U.S. homeowners have fallen to their lowest levels in a few years, according to a report Thursday from the nation's mortgage bankers.
The quarterly National Delinquency Survey from the Mortgage Bankers Association (MBA) reported that the rate of mortgage borrowers at least one payment past due or whose homes have been repossessed by their banks declined 0.22 point to 13.56% at the end of December, their lowest level since late 2008.
"I think we've turned the corner as concerned with loans 30 days late," he said. "It indicates that the economy has improved."
The quarterly National Delinquency Survey from the Mortgage Bankers Association (MBA) reported that the rate of mortgage borrowers at least one payment past due or whose homes have been repossessed by their banks declined 0.22 point to 13.56% at the end of December, their lowest level since late 2008.
That, according to Michael Fratantoni, vice president of research and economics for the MBA, was very welcome news.
"I think we've turned the corner as concerned with loans 30 days late," he said. "It indicates that the economy has improved."
Friday, February 11, 2011
Report: Seattle tech job growth outpaces other large markets
According to the Dice technology employment site, tech job postings are up 54 percent this year in the Seattle region, compared with the same month a year ago. Although that rate puts Seattle No. 5 overall behind the likes of Detroit, Cincinnati, Cleveland and Columbus, the site called Seattle "the fastest growing large market on the list."
"That demand is translating into slightly more pay as Seattle-based technology professionals earn on average $86,168 per year, an increase of two percent from last year.
(American City Business Journals Inc. - article by Todd Bishop Wednesday February 9, 2011)
"That demand is translating into slightly more pay as Seattle-based technology professionals earn on average $86,168 per year, an increase of two percent from last year.
(American City Business Journals Inc. - article by Todd Bishop Wednesday February 9, 2011)
Saturday, February 5, 2011
There is hope for the future of Real Estate
January is off to a great start in the Seattle area for Real Estate Activity. My office is busy, many of us are working very long hours, with listings, showings, offers, inspections and clients moving in their new homes. This is the beginning of what I think will be a year of stabilization and the beginning of recovery for our market. Multiple offers have re-surfaced and homes that were on the market for months were suddenly snatched up. The hope of spring is in the air in Seattle, the bulbs peeking their heads through the soil and the hummingbirds looking for nectar in our feeders is a great and welcome sign. It will be enchanced this year by consumer confidence and many people getting back to work and business and that includes getting the country back to home ownership.
There is never a shortage of negative press, but be careful in believing something just because it is in print. We are not out of the woods, but I think we may be able to catch a glimpse of seeing the trees through the forest. Have a great week!
There is never a shortage of negative press, but be careful in believing something just because it is in print. We are not out of the woods, but I think we may be able to catch a glimpse of seeing the trees through the forest. Have a great week!
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