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Friday, January 26, 2007

Housing Slowdown

There have been numerous reports that housing sales have slowed in the region. But, there is no indication that sales will greatly suffer heading into 2007. Sales will not be at levels seen in the past few years, but they will remain positive and steady. A sort of sustained, steady, slow growth. I think this is good for a few reasons. There may be more deals for those looking to invest. Many unwise, speculative investors may have already bailed from the market. Inflating prices will not drive sales to any type of bubble. Tacoma as a whole can step back and reevaluate where we are going and what is really needed (besides assuming that the need is for more vanilla flavored condos or flipped houses). Investors and developers can use this time to become more creative and offer the public something other than the typical fare offered in the past few years. With Tacoma having architecturally interesting buildings along with beautiful views/landscapes, developers can and should do more to add interest to the area. I don’t think it will be enough to simply build. There are too many projects currently available that do that to a tee. It also won’t be about granite countertops and fancy bathrooms; not all of the time anyways. I think people want something that creatively reflects what is in or a part of their local environment. For instance, housing and commercial spaces that can uniquely showcase Tacoma’s character (both past and present). That creativity will stand out and be rewarded both in positive public opinion and with voting dollars.

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