http://www.crackshackormansion.com/

Even home owners who have owned for years and years but are on a fixed income will not be able to afford the taxes.

Had my first real laugh since the RepubliKKKlan passed their Robber Barons' Tax Plan from the photo's caption. Thank you, Charles

"How are we supposed to read this information?"

As a starting point, I would account for the fact that the PI is reporting that this figure "represents all listings on Redfin.com, which include single-family homes, condos, vacant lots and commercial spaces." As such, it's probably not a reliable metric for evaluating single family home prices.

That whole article. Constrained supply and lack of financing for those lacking sufficient income and credit. Oh, and maybe a bit a housing bubble.

I see the article as a plea to constrain or direct the role of finance in the local housing market. That could be a barrier to home ownership/investment, but with the assumption that it would also lower prices and provide for a cheaper rental market. (Or it could also restrain incentives to build and see costs remain high, damn you micro economics 101.)

Profiteering capitalist shit like this is why I'll never vote RepubliKKKan, or listen to GOP apologists who keep stupidly chiming, "Move to Kent!"----like that's The Big Solution.

@7: As you may recall, Seattle's housing prices were skyrocketing under Obama as well.

That’s not a lot in Bitcoin

“Percent of Active Listings with Price above $X” is a metric fraught with danger.

If I decided today as a homeowner that my home is now worth $10,000,000, even going so far as to put a price-tag in my front yard saying “FOR SALE just $10,000,000,” it still wouldn’t be accurate for Charles to then report “Seattle Home Now Worth $10,000,000 (plus Why I’m Always Swatting At Invisible Pixies!)”

You have it all wrong, dear sir. The problem is that some people lack sufficient income. This is clearly their problem, and not an indication of market failure. If these people who lack income would stop spending all of their money on lottery tickets, cocaine, booze, and whores, they would have plenty of funds to purchase property at market prices.

I’m sure they had lots of help from liberal city leadership that wanted all the economic growth over the years and none of the fiscal responsibility of taking care who can’t compete. Seattle and it’s sister cities down the coast have a lot to look forward to sooner than they can imagine. https://www.npr.org/2017/12/06/568605069…

Large investors looking for ways to maximize rents, foreigners looking to securely store wealth oversees, overpopulation and mechanization devaluing labor, long term underinvestment in transportation infrastructure, subsequent shift in desirability of urban vs rural lifestyles, single family (in part racist) zoning and long term, politically organized owners’ resistance to change, booming tech employers choosing to locate in a desirable location, constrained geography, marginally better survivability in looming environmental catastrophe, city revenue tied to high real estate values...Just try and fit it all in one article!

What @15 said. There are a ton of causes that contribute to this. It's not all about mean, mean, capitalists keeping the worthy proletariat down.

We're becoming a big city and a very desirable place to live. Part of that is figuring out how to accommodate a large number of people who want to live here.

Charles your house is a dump bruh, just sayin'

35 Percent of Homes in Seattle's Market Are Listed at $1 Million or More

That's not surprising to me. I live in Rainier View (aka Upper Rainier Beach) and there was a house around the corner for me that was listed at $575,000. A nice house -- one that had been fixed up (it was pretty trashy before) -- but nothing particularly special. And the property it's on isn't that special or spacious. I thought they might be asking too much for this neighborhood and the house did sit on the market longer than other houses that have sold nearby, but it did finally sell.

I was talking to my neighbor-across-the-street about it and he said it sold for $800,000, that there was a bidding war. If that's true, that a piece of property in Rainier Freakin' View (with, I should add, no view of Rainier) would sell for $800,000, it probably won't be long before 75% of homes in Seattle's Market are listed at $1 million or more.

This is a real estate rocket ship.

The minute someone offers 1 million for Chez Vel-DuRay I'll tell them that we'll be out in 45 minutes.

@2 They have options like reverse mortgages available to leverage all of of that excess value, so don't feel too bad for those poor fixed incomers lucky enough to own their million dollar houses. They could also sell and buy a new place someone where cheaper, and still be a millionaire.

The people who don't have options, and who you should actually feel sorry for, are those were unable to buy a house and who are trying to pay rent on a fixed income.

@19 lol You are an absolute treasure, my favorite part of SLOG.

Most of the people on fixed incomes are no longer in Seattle or living on the streets since they cannot afford to live decently in Seattle because now it is actually a playground for the rich and the rest of us are hanging in here by what is left of our teeth.

Homelessness was rare before 1980. Why is that? This is a global problem not just in Seattle. Seattle is not unique - its casino economy at work folks. “Its a big club and we are not in it”. George Carlin.

Being without shelter was rare here after the depression of the 1930s until 1980. Its casino capitalism at work again.