Manhattan

[finance]

I just got back from an amazing 5 day trip in Manhattan (stayed in Time Square at a friends apt thats working on the new FOX Business Channel starting 10.15.07). The Real Estate development in Manhattan is truly incredible and opened my eyes to how density there is an understatement.

What Seattle needs to do to be a "World Class City" is to develop the land to its fullest extent. The market will dictate what is built. If luxury condos provide the most utility for that piece of land, ta da! However once the market is saturated (or oversaturated) the developers will start to build mid and lower class condos/houses. As for Commercial buildings, the same concept applies. There are currently 15 construction cranes in Bellevue and about the same in downtown Seattle...

Over the past few years we have seen Rents rise at a dramatic rate for a variety of reasons, thus if we build more housing the monthly cost will decline (or moderate) over time. Commercial Rental rates have almost doubled in the past 4 years (a friends companys space did). The most efficient way for housing prices to decline is through overbuilding and causing prices to decline to the point where the market absorbs the new supply (may take several years).

Are Real Estate prices overvalued in Seattle at this time, probably, but doesnt mean they will actually realize a large decline. As long as the market has more DEMAND than SUPPLY for condos/housing downtown Seattle/Bellevue we will see prices at their current levels. As construction on our roads and infrastructure are revamped the commute times will skyrocket and people will be willing to sell a kidney to live close to work, which is why I bought a condo in downtown Seattle (98101). My new commute starting later this month will be a 5 min walk to work (or 6 blocks), woo hoo!

[finance]

Going to Manhattan was incredible and touring the NYSE, NASDAQ, and the FEDERAL RESERVE is amazing (recommend it to anyone)! I even got a picture with the famous Jim Cramer near the NYSE!!! [He wasnt in the picture type of mode, but made it quick, boo ya]

[rose-colored-coolaid]

Great idea to increase density. Oh but wait, you forgot about some other things they have in NYC. Like mass transit.

Here's my rant. The majority of our problems are caused by cars. I'm not even talking about global warming here. We buy big houses we don't need in suburbs that are all identical so we can drive a car we can't afford to a job we don't like! It's insane!

If the cost of driving were high enough, it word force more dense and smaller cities. This would make mass transportation truly economical. But here in Seattle, everybody is in love with their SUV, which they must have in case they decide to drive up to a mountain next year some time.

That's not the whole rant, but I'll leave it at that for now. The point is Finance, for once I agree with you. Density is what's appropriate. This region is just too lazy and spoiled to even try.

[Matthew]

I wonder why Jim Cramer wasn't in a picture taking mood... Could it be because of the world wide credit crunch that is taking place and the fact that the "four horsemen" are about to be dismounted???

BOO-YAH!

I agree with Rose-colored... Seattle will never be in the same league as NYC without quality public transportation. You can go anywhere in NYC, to all 5 burroughs, in a matter of minutes.

You can't even go from Pioneer square to Belltown in under 30 min at 2 am without getting lucky and finding a cab.

[Lake Hills Renter]

[rose-colored-coolaid]

[B]

[Nell Plotts]

[finance]

[Lake Hills Renter]

[rose-colored-coolaid]

[RottedOak]

[rose-colored-coolaid]

[Nude]

[mike2]