So the very first week of the year of course a little slow as the New Year typically is what with the holidays and all, but this past week was back tot he 2020 style of activity with multiple units coming on line and several went pending right away.
I have been harping on mortgage rates for the last year because they are driving the market right now. The pandemic should have really disabled the market but super low rates have kept things humming along.
Downtown Vancouver continues to be a draw from neighboring Portland and even people coming down from Seattle which has become very unaffordable. Vancouver has both a big city vibe and a small town vibe in the same community and that is really hard to pull off, yet this city is doing just that.
The pandemic has people working from home and many business analysts are suggesting that many will continue to work from home after the pandemic. estimates I have seen range from a 10%-20% permanent increase in work from home. That is not great for the commercial office market but it is great for Vancouver urban living because working from home in Washington could have significant tax advantages over Oregon.
I am anxiously awaiting the completion of Kirkland Tower to get a peek at these brand new luxury condos right on the shore of the mighty Columbia. That building seems to be moving a slow motion as the final construction phase is underway. That could be as much me as the actual project. That building is supposed to be ready first half 2021.
Kirkland proposed another project on the east side of the Interstate Bridge as well. I’d imagine that project will pop back on to the radar after Kirkland sells through the 40 units.
2021 is off to a pretty good start.