After reading about all the exciting things happening in Federal Way, I am glad to be a resident.
As a Realtor, some of the things I watch for are growth, participation and economic conditions.
Federal Way has certainly taken some hits as far as economic conditions, but when people ask me about real estate, I say it’s actually a wonderful time. We are seeing many new buyers that can now afford to come into the market. I have been selling real estate for more than 20 years, and have never quite seen a market like this. Realtors are working twice as hard with a lot fewer buyers. However, on the flip side, my experience has taught me that what goes down will come back up.
Buyers today are looking for a “home” to live in — not flip, but live in. We are looking at a different mindset with buyers today.
Always a good indicator of our economy is “growth.” We have seen 24 Hour Fitness come in and build a beautiful fitness center, Wal-Mart Supercenter, The Crossings shopping center, Celebration Park, the future expansion of St. Francis Hospital, Lowe’s and now the potential development of a 45-story mixed-use building planned for the former Azteca restaurant site.
Ladies and gentlemen, pay attention. When foreign investment comes to communities, you can be sure that growth will follow. Could have, should have, but didn’t: Those will be words that you will say in the next few years. Prices were so low, mortgage rates were so low, and look how everything has changed “again.”
I am not saying that prices are going to inflate the way they did a couple of years ago, but look at what is going on. Condominiums that will sell for $500,000 in Federal Way? This is a huge undertaking for the developer, and a huge injection of funds and confidence coming to Federal Way.
We are talking 400 condominiums (homeowners needing supplies) 120 three-star hotels (tourism), a conference area (business professionals), spa, retail, restaurants and public plaza.
Federal Way is perfectly situated 20 minutes south of Seattle. It is affordable, and I would say “the sleeping beauty” of the Northwest. The domino affect of what will happen will be quite prosperous, to say the least.
I have only mentioned a few investments that are going on in Federal Way, but keep watching.
There are some that will say, “yes, but look at who has left.” My answer to that: When you lose anything in your life, we must change. It is a metamorphosis that we create as people and need to adjust in time.
