Happy Friday!

Snohomish has a lot going on in The Bender Buzz today.

Thousands of jobs are coming to Bothell in the quantum computing sector, and Everett is looking at getting a new stadium!

We are also taking a look at the generational patterns in home ownership and how it’s affecting the real estate market.

— Lisa

👨‍💻 IonQ Signals Big Hiring Plans as Bothell Facility Opens

Driving the news: Quantum computing pioneer IonQ Inc. has unveiled its new 105,000-square-foot manufacturing hub in Bothell, Washington, signaling a substantial expansion in the Seattle region.

This move represents a notable increase from the company's original plan for a 65,000-square-foot space.

Details: Launched on February 15, the facility now spans three floors, up from the initially planned two, showcasing IonQ's rapid growth.

Chief Marketing Officer Margaret Arakawa disclosed that the Bothell site currently accommodates "hundreds of employees," with intentions to onboard "thousands" more in the coming years to drive its expansion.

Established in 2015, IonQ has emerged as a frontrunner in the quantum computing realm, forging partnerships with industry giants like Hyundai, Airbus, and GE.

Why it matters: IonQ's expansion into Bothell underscores its commitment to harnessing the abundant talent pool in the Seattle area, ushering in a new era of growth and innovation in quantum computing.

The big picture: IonQ's Bothell facility, situated at 3755 Monte Villa Parkway, serves not only as a manufacturing site but also as a focal point for research and development, epitomizing the company's $1 billion investment pledge in the Pacific Northwest over the next decade.

The company also secured a $25.5 million contract with the United States Air Force Research Lab, cementing its position in the field.

Between the lines: The decision to establish the Bothell facility was partly influenced by its former role as an AT&T data center, providing the requisite infrastructure for IonQ's advanced computing needs.

This strategic selection sets the stage for future expansion within the building.

What’s next: With the Bothell facility now operational, IonQ is poised to bolster its manufacturing capabilities and foster innovation in quantum computing.

The company's proactive hiring strategy aims to tap into local talent, driving progress in a field poised to tackle computational challenges beyond the capabilities of traditional supercomputers.

The bottom line: IonQ's significant investment and hiring initiatives in Bothell underscore its confidence in the potential of quantum computing and its commitment to establishing a robust presence in the Pacific Northwest.

This move not only underscores IonQ's growth aspirations but also highlights the region's emerging stature as a hub for technological advancement.

🏟️ New Everett AquaSox Stadium In The Planning Stages

Driving the news: The possibility of a new Everett AquaSox stadium could reshape downtown Everett, potentially displacing businesses in the process.

Details: Everett is evaluating two potential sites for the new stadium: downtown and the current Funko Field location, each presenting distinct challenges and opportunities for development.

If the city proceeds with a downtown location, approximately 20 businesses could be impacted.

By the numbers: The downtown site, encompassing approximately 12½ acres east of Angel of the Winds Arena, would require an investment of nearly $18 million for property acquisition and demolition.

A new stadium, with estimated costs ranging from $40 million to $80 million, could accommodate 3,500 to 5,000 seats and function as a multi-use venue for various events.

Why it matters: The city's discussions on the stadium's location and its potential impact on local businesses underscore the importance of transparent communication and community engagement in major development projects.

While a downtown stadium could bolster Everett's stature as an entertainment hub, concerns about project management and community disruption highlight the complexities of urban development initiatives.

What’s next: The city intends to finalize the stadium's location following the completion of environmental impact studies, considering factors such as parking access, utility infrastructure, and potential for future expansion.

The bottom line: While the possibility of a new stadium presents opportunities for economic growth and cultural vitality in Everett, stakeholders must address concerns related to business displacement, infrastructure development, and community involvement to ensure a balanced and inclusive approach to urban revitalization.

🏘️ Generational Tug-of-war is Hampering the Housing Market

Driving the news: Homebuyers are contending with a scarcity of available homes, exacerbated by the aging state of existing properties that often require significant updates.

This situation is primarily attributed to a decrease in new home construction since 2008, alongside older homes built to outdated standards.

Details: Marty Green of Polunsky Beitel Green highlights accelerated obsolescence in the housing market, with many older homes necessitating major renovations or even demolition.

A recent report indicates that 73% of baby boomers have lived in their homes for over 11 years, with a significant portion owning homes constructed before 1980 that remain unupdated.

The housing inventory remains critically low, currently standing at about 3.2 months, far below the balanced market ideal of a six-month supply.

This shortage keeps home prices elevated, posing challenges for first-time buyers entering the market.

Why it matters: The generational divide in the housing market poses challenges for both aging homeowners and younger buyers.

The lack of renovations and reluctance of older generations to move contribute to a housing inventory shortage, limiting options for millennials and impacting home prices.

Between the lines: Factors keeping boomers in their homes include no mortgage payments, low homeownership costs, and tax benefits, while millennials face rising home prices and the daunting task of saving for a down payment, often falling behind as prices rise.

What’s next: Anticipations suggest that mortgage rates may decrease in 2024, potentially stimulating the market. Homebuilders are also increasing new construction efforts to address the supply gap.

Flexible work arrangements could further encourage movement and increase housing inventory.

The bottom line: The housing market's generational dynamics create a complex landscape for buyers and sellers. With older generations holding onto their homes and younger buyers facing barriers to entry, innovative solutions and market adjustments are crucial to addressing these challenges.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is heating up as we are well into 2024.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.

📰 In Other News…

• Snohomish County releases annual Public Works report

• Snohomish County Buzzes with Cultural Events: Music, Theatre, and Art Highlights

• More than two dozen lakes across Eastern Washington open March 1 for trout fishing

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

➡️ a custom market or home value report

➡️ a home services list for a reliable contractor or services professional

➡️ feedback or a professional opinion on a home project

Just let me know! I’m here to help with all your home needs.

Talk soon,

Lisa Bender

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