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🤖 Seattle suburb plans private tech school & winter home deals to look for

🤖 Seattle suburb plans private tech school & winter home deals to look for

Check out what's happening in the Snohomish and Seattle area economy this week.

Lisa Bender
November 10, 2023

Happy Friday!

This week on The Bender Buzz we have a lot of chatter about tech and how Seattle and Snohomish are growing and strengthening their status as hubs for AI and innovation.

We’re also talking about how you may be able to negotiate a better deal on your home purchase if you’re willing to move this winter.

Enjoy.

— Lisa

🧱 Details emerge on $30M project to create a tech-focused private school in Bothell

Driving the News: Basis Independent Bellevue, which is a private school, has just started renting a huge building in Bothell to turn it into a new school for kids from kindergarten to 12th grade.

This is the biggest office space deal in the area for the third quarter and it's a big deal for Bothell's future as a place for tech.

Details: This new school is going to have a lot more space for students, who are expected to become way more numerous in the next few years.

Basis is part of a group of non-religious schools across the country that helps students think more critically. They do this by getting students to work on big projects with local companies, colleges, and community groups.

Why it Matters: Basis choosing Bothell shows that the city is becoming a hotspot for tech.

The school's new campus means students will get to use great facilities and resources. Plus, they'll be close to big tech companies like Google and Microsoft, which might lead to cool team-ups and new ideas.

When the first part of the new Basis campus is done, it'll fit 905 students, and then 970 after the second part is finished. The whole project is thought to be worth about $30 million.

The Big Picture: More and more private schools are popping up in the Seattle area because families want quality education and there are more wealthy households.

This pattern will probably continue as the local economy grows and more people move to the area.

Between the Lines: Having Basis set up in Bothell could make more tech businesses want to move there.

The school's emphasis on science, tech, engineering, and math (STEM) and its closeness to big tech companies could mean more skilled workers for local tech jobs.

What's Next: The Basis campus is set to open in the fall of 2025. When it's all done, it will offer top-notch education and get students ready for a tech world that's very competitive.

The Bottom Line: The new Basis Independent Bellevue campus in Bothell is great news for both the school and the city. The school gets to grow, and Bothell gets to strengthen its position as a center for technology.

🎥 10 Reasons Why This Seattle Suburb Is The Best Place to Live: Mill Creek Washington

Is Mill Creek WA worth all of the hype? Let’s find out.

🤖 The Seattle area is among the most innovative US metros for AI

Driving the News: Seattle has become one of the nation's most innovative metros, securing a prominent position in artificial intelligence (AI) and machine learning (ML) patent activity.

Details: A recent report by CommercialCafe put Seattle in fourth place when it comes to cities with the most AI and ML patents.

Between 2010 and 2022, people in Seattle created and registered 3,773 patents.

Why it Matters: Being recognized like this shows that Seattle is becoming a major player in tech innovation.

AI and ML are changing many industries like health, finance, transportation, and manufacturing. Seattle is right in the mix, which means it could lead the way in new technology.

The Big Picture: Silicon Valley is still number one for AI and ML patents, with San Jose, California topping the list with a staggering 9,798 patents. This is because they've always focused on tech research and innovation.

By the Numbers: The report shows that there's been a big jump in AI and ML patents lately, especially from 2019 to 2021. In 2021 alone, almost 10,000 patents were given out across the country.

Between the Lines: Big companies like IBM, Microsoft, and Google are getting a lot of patents. IBM has the most, with over 4,580 since 2010. Intel is also doing well, with 1,490 AI patents by 2022.

What's Next: As AI and ML keep getting better, Seattle's role as a center of innovation is expected to grow. The city's mix of big tech companies, research places, and talented individuals should keep the momentum going.

The Bottom Line: Seattle's rise in AI and ML patents shows its dedication to being at the forefront of tech and innovation. Its strong tech community and expertise mean it could play a big part in creating new technology for the future.

🏠 We are entering the best season to get a deal on a home purchase

Driving the News: For homebuyers who are looking for a more relaxed and potentially more affordable experience, the off-season, particularly the fall and winter months, can be a great time to consider purchasing a home.

Details: While the peak season of spring and summer usually attracts the majority of buyers, the off-season offers distinct advantages:

Less competition: The off-season typically sees a decline in the number of buyers actively searching for homes. This reduced competition translates to lower levels of bidding wars and a better chance of having your offer accepted.
Motivated sellers: Sellers listing their homes during the off-season are often more inclined to negotiate due to various external factors, such as job relocation, financial constraints, or other life changes that require a quick sale. This can lead to more flexible pricing and concessions from sellers.
Potential for better deals: A recent study by Redfin found that homes sold in the fall and winter months typically had a median price that was 0.6% lower than homes sold in the spring and summer. The combination of less competition and motivated sellers can create opportunities for securing a slightly lower purchase price.
Efficient transactions: With fewer real estate transactions taking place, the off-season offers can give buyers a more efficient home-buying process. Lenders, inspectors, and appraisers tend to have less backlog, which can lead to faster closings.

Why it matters: With interest rates at 20-year highs, buyers are looking for any advantage they can find in the market.

The off-season allows buyers to avoid some of the more frustrating aspects of buying a home.

What’s next: Homebuyers should consult with a real estate expert to assess the current conditions and potential opportunities during the off-season.

By understanding the market dynamics and being prepared to act decisively, it's possible to make a great real estate investment during the off-season.

The bottom line: While higher interest rates may impact affordability, the off-season can present opportunities to navigate a less competitive market, negotiate with motivated sellers, and potentially secure a home at a slightly lower price.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is currently cooling off with the fall weather. However, interest rates and lack of inventory have us locked into a seller’s market for the foreseeable future.

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.