Happy Friday!

There’s plenty going on in Seattle and Snohomish County this week!

Our local small businesses are getting grants and Bellevue has an exciting new development in the works!

We’re also looking at some data on housing inventory levels and how those levels are impacting the market.

— Lisa

💼 $350K Awarded to Revitalize Snohomish County’s Small Businesses

Driving the news: Driving the news: Snohomish County has awarded $350,000 in grants to 50 local small businesses through its Small Business Innovation Assistance (SBIA) program, aiming to support those hit hardest by the COVID-19 pandemic.

Details: SBIA not only provides financial aid but also offers technical assistance, helping businesses build long-term resilience.

The program, funded by the county’s federal American Rescue Plan Act allocation, is administered by Ventures, a regional nonprofit.

• Recipients: 50 local small businesses
  

• Average Grant: $7,300 per business
  

• Industries: Child care (44%); Manufacturing and retail (33%); Food production and food services (23%).

Why it matters: The funding is vital for small businesses in Snohomish County, many of which are still recovering from the pandemic's impact.

This support is crucial for the local economy, especially for industries like child care and manufacturing that saw significant workforce reductions.

The big picture: Snohomish County’s manufacturing industry experienced a 19% job loss between 2020 and 2021.

Additionally, the county lost 25% of its childcare/early learning workforce, highlighting the severe impact on essential services.

What’s next: The county will continue supporting small businesses and startups, particularly those in highly impacted industries and Qualified Census Tracts, to help with recovery and economic growth.

The bottom line: These grants are a significant step toward rebuilding Snohomish County's economy, ensuring small businesses can recover and thrive post-pandemic.

🏗️ Bellevue Club Unveils Plans for New Residential Towers and Central Green

Driving the news: Bellevue Club has released detailed plans for a major expansion, including two 16-story residential towers atop a six-story podium.

The project, set to break ground in fall 2025, will be completed in three years.

Details:

• Residential Units: 266 condos ranging from 650 sq. ft. to 2,300 sq. ft. penthouse lofts.
  

• Central Green: A central event yard, serving as the connection point between the existing and new club areas.
  

• Tree Canopy: The plan includes extending the established tree canopy along Southeast Sixth Street into a promenade leading to the Central Green.
  

• Grand Stairway: Designed to encourage community gatherings and connect all levels from the central green.
  

• Additional Parking: The expansion will add 250 parking stalls to address the current parking shortage for the club's 5,000 members.

Why it matters: This project not only aims to provide more residential options in Bellevue but also to enhance the community feel of the Bellevue Club.

The addition of the Central Green and the extended tree canopy promenade will create a more connected and inviting space for both residents and club members.

The big picture: The Bellevue Club's expansion, designed by Dahlin Group with contributions from Jett Landscape Architecture + Design and Seattle's Kimley-Horn, Haley & Aldrich, and EA Engineering, is a significant development in Bellevue's urban landscape.

This project positions the Bellevue Club as both a residential and social hub, with a focus on community and environmental integration.

What's next: The development team is finalizing plans and will likely announce the general contractor in the coming months.

The bottom line: Bellevue Club's expansion is set to transform its property into a prominent landmark, blending residential living with enhanced community spaces, making it a pivotal gateway to Bellevue.

📉 U.S. Housing Shortfall: Freddie Mac Reveals 1.5 Million Unit Deficit

Driving the news: The U.S. housing market is currently 1.5 million units short of a balanced state, according to Freddie Mac’s May 2024 Economic, Housing, and Mortgage Outlook report.

This shortage spans both for-sale and for-rent housing units, highlighting a critical gap in the nation's housing supply.

Details:

• Housing Supply: In Q1 2024, the total U.S. housing supply stood at 146.4 million units, marking an increase of 1.6 million units from the previous year.
  

• Occupied Units: Of these, 1.4 million are occupied, and 0.2 million are vacant.
  

• Renter vs. Owner: The majority of the increase in occupied units came from renter-occupied units, which rose by 1 million, while owner-occupied units increased by 0.6 million.

Why it matters: The current shortage of 1.5 million housing units means that both rental and homeownership markets are under significant strain.

This deficit exacerbates the challenges for prospective buyers, driving up costs and limiting availability.

The big picture: Freddie Mac's report indicates a stark contrast to other estimates, suggesting the actual housing shortage is less severe than previously thought.

However, the persistent high mortgage rates and tight inventory continue to suppress home sales and disincentivize homeowners with low mortgage rates from selling.

Between the lines: Freddie Mac's estimate does not fully account for latent demand or the fact that not all vacant units are available for sale or rent.

Therefore, the true extent of the housing shortage may be even greater than reported.

What’s next: With the housing market still under pressure, officials will need to explore ways to boost housing supply and address affordability issues.

Policy interventions and incentives for new construction could play crucial roles in alleviating the housing crisis.

The bottom line: Freddie Mac's latest report underscores the ongoing challenges in the U.S. housing market, highlighting a significant shortage that affects both renters and buyers.

📊 Our Current Local Market Data

The real estate market is hot in Snohomish County!

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 leaders pitch new 0.2% sales tax for public safety

• Snohomish County launches free 10-week aerospace manufacturing training program
  

• Berry season: 9 Seattle-area U-pick berry farms to check out

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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