Saturday, October 23, 2010
My City's Economy is Better Than Your City's Economy
Few things in life really erk me. It takes a lot to make me made. For example, Alex Rodriguez's pure existence, Anne Geddes baby pictures, and math will all drive me into a blind, Hulk-like rage.
Being a real estate Broker, I constantly hear things like, "what a bad time to be in that!", or "Ugh, with this economy?", and of course, "Every time I turn on the TV they are talking about how bad the housing market is!" OK, OK, OK let's break something down, SEATTLE IS NOT LIKE THE REST OF THE NATION!!!!! Why else would we live in Seattle if it wasn't an amazing city that put all other cities to shame? National broadcast news are constantly discussing how the nation is doing as a whole, economically speaking. How in the world can you honestly compare Seattle to Phoenix, all of Florida, and Nevada? Those three locations alone bring down the entire national average more than Ryan Leaf brought down HIMSELF. If we simply removed those markets, the statistics would be MUCH, MUCH different.
Here are just a couple of articles that have come out just this week:
Boeing books 80 737 orders in last 2 weeks - Boeing said it will raise their production rates to 38 per month by mid-2013. Airlines and leasing companies have ordered 432 of the planes so for this year. That's out of a total 472 orders for all comercial planes. The 737 has a list rice between $51 million and $87 million.
AlaskaAir profit up 40% to new record - Net income rose to $122.4 million, or $3.32 a share for the quarter that ended Sept. 30, from $87.6 million, or $2.46 a share during the same period last year. Excluding special items, the profit would have been $118.1 million, or $3.21 a share.
Amazon reports gains in third-quarter profit of 16% to $231 million - Amazon posted a third-quarter profit of $231 million, or 51 cents a share, for a year-over-year increase of 16 percent. The company's sales rose 39 percent to $7.56 billion from $5.45 billion in the third quarter of 2009.
Boeing tops 3Q projections - Boeing posted an $873 million third-quarter profit on Wednesday and raised its profit guidance for the full year as it sold more commercial airplanes.
Of course we have all heard, "this is a buyers markets", "buy now!", etc. It is true that with the Seattle areas growing economic strength, we will not see these prices in the next two years. Homes that are now affordable will be far out of your price range shortly. Simply because the rest of the nation maybe suffering economically, that does not mean Seattle will. Baz Lerman may say, "the only piece of advice I can give you is to wear sunscreen. Sunscreen has been proven by scientists while the rest of my advice comes from my own meandering experience", but I'm serious when I say this, you don't have to be a scientist to know that this is the best we will ever see home prices for a very, very long time.