Happy Friday!

There are lots of updates on the list for The Bender Buzz today.

Bothell’s upcoming for-profit private school is shaping our area’s educational system, and a new wildlife rehabilitation facility is coming to Snohomish.

We are also taking a look at how home sale profits are trending in the real estate market.

— Lisa

👩‍🏫 For-Profit Education's Rise in Snohomish

Driving the news: Amidst a global pandemic, private K-12 school enrollments have surged, spotlighting a growing trend in the for-profit education sector.

The Seattle area, known for its tech-driven economy and affluent communities, is witnessing the expansion of Basis Independent Schools, a for-profit private education network.

Details: Basis Independent Schools, with a 2-year-old campus in Bellevue and plans for a new location in Bothell, reflects a growing preference among parents for rigorous academic environments.

This underscores a broader shift towards viewing education as a high-stakes investment.

Why it matters: The model represents a significant departure from traditional nonprofit private and public schooling, emphasizing efficiency and academic excellence.

With tuitions comparable to college fees, these institutions promise a return on educational investment but stir concerns about the broader implications for the educational ecosystem.

The big picture: Basis Independent Schools are part of a larger, U.S.-based network owned by a Hong Kong private equity firm, highlighting the global financial interests shaping local educational landscapes.

Their expansion, funded by robust financial models and real estate investments, signals a confident stride into lucrative markets.

By the numbers: Since the pandemic's start, private school enrollment has jumped 26%, with Basis's Bellevue campus opening with 232 students. This growth is contrasted by a decline in public school enrollments, despite an increasing youth population.

Between the lines: Critics, like Mark Crotty of the Northwest Association of Independent Schools, argue that the for-profit model risks reducing education to "bare bones operations," lacking the broader developmental offerings of traditional schools.

This perspective is pivotal in understanding the nuanced debate surrounding educational quality versus financial efficiency.

What’s next: Basis plans to expand its footprint, leveraging its financial backing to scale its model across new regions.

The upcoming Bothell campus, a $30 million project, is indicative of the aggressive growth strategy pursued by for-profit educational enterprises.

The bottom line: As for-profit schools like Basis flourish, the debate intensifies over the implications for public education and the broader values underpinning educational systems.

The trend towards commodifying education raises critical questions about equity, access, and the ultimate purpose of schooling in society.

Either way, students in the Snohomish area have access to world-class educational opportunities.

🐶 Lynnwood-based PAWS opening state’s largest wildlife center in Snohomish

Driving the news: In a significant expansion, PAWS Wildlife Center is set to open the doors of Washington State's largest wildlife rehabilitation facility in Snohomish this March.

Located conveniently off State Route 9, the new center sprawls over 25 acres, boasting 21,512 square feet of dedicated space for wildlife care—a stark contrast to the current 3-acre Lynnwood facility.

Details: The need for a larger, more secluded environment has become increasingly apparent over the last quarter-century, as urban sprawl and environmental challenges have surged.

The upcoming Snohomish center promises a tranquil retreat from urban disturbances, fostering optimal rehabilitation conditions for injured wildlife.

By the numbers: The new center is designed to accommodate up to 30 bears, 20 bobcats, and 200 seabirds—doubling the capacity for some species compared to the current Lynnwood site.

This expansion includes specialized habitats tailored to various animal needs, from large raptors to aquatic birds and marine mammals.

Why it matters: This expansion marks a monumental step in addressing the growing demand for wildlife rehabilitation services in the region.

With over 140,000 animals already cared for since its inception in 1981, PAWS' new facility is poised to significantly enhance their capacity and effectiveness in wildlife conservation efforts.

The big picture: Heidi Willis, PAWS CEO, emphasizes the strategic selection of Snohomish for its balance between accessibility and remoteness, providing an ideal setting for wildlife recovery while remaining within reach for community members seeking help for distressed animals.

Between the lines: Beyond space and capacity, the Snohomish facility introduces cutting-edge features like a state-of-the-art Wildlife Hospital and customizable enclosures, minimizing human-animal interactions and promoting natural behaviors essential for successful re-wilding.

What’s next: With the ribbon-cutting ceremony slated for March, PAWS is gearing up to welcome a substantial increase in volunteer and staff support to manage the expanded operations.

The organization continues to seek volunteers passionate about wildlife conservation.

The bottom line: PAWS' new Wildlife Center in Snohomish represents a groundbreaking advancement in wildlife rehabilitation and conservation in Washington State.

It underscores a community-wide commitment to fostering a harmonious coexistence with nature, ensuring a brighter future for both wildlife and the people dedicated to their care.

🏠 Home Selling Profits Top $120,000 in 2023

 Driving the news: ATTOM's Year-End 2023 Home Sales Report reveals a significant trend in the real estate market: a decline in home selling profits for the first time in over a decade.

Despite this, profits remained high, with sellers netting over $100,000 in many parts of the U.S.

Details: The report highlights a $121,000 average profit for home sellers, equating to a 56.5% return on investment. However, this represents a slight dip from 2022's figures, where the gross profit stood at $122,600 and the ROI at 59.8%.

This decline is attributed to the smallest annual increase in median national home prices in more than ten years.

By the numbers: The U.S. median home price grew by a modest 2.1% to $335,000 in 2023, marking the slowest pace since 2011.

Yet, in over 75% of the analyzed metros, prices still rose from 2022 to 2023, with some areas like Hilton Head and Naples seeing double-digit increases.

Why it matters: These shifts indicate a cooling in the once red-hot housing market, influenced by fluctuating home prices, the economic climate, and changing buyer dynamics.

Despite the decline, 2023 still marked the second-highest ROI for home sellers on record, underscoring the continued profitability of real estate investment.

The big picture: The southern and western U.S. regions saw the highest seller returns but also experienced the most significant profit margin declines.

Metros like San Jose, Knoxville, and Seattle led with the highest ROIs.

Between the lines: The drop in profit margins was most pronounced in two-thirds of U.S. metros, particularly in the West and South.

This was due to the median sale price increase lagging behind the purchase price growth, highlighting the market's shifting dynamics.

What’s next: With the market adjusting to new economic conditions, experts like ATTOM CEO Rob Barber anticipate modest changes in home prices and seller gains moving forward.

The balance between lower interest rates, tight home supplies, and ongoing affordability challenges will shape the 2024 housing market.

The bottom line: While the housing market may be cooling, it remains a profitable venture for many sellers.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is starting to pick up for 2024. Homes are still sitting on the market a little longer, but we remain in a seller’s market.

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…

• GroundFrog forecast is 6 more weeks of winter

• Washington is sixth in the list of the states most interested in gig work, according to a new study

• Washington state to develop guidelines for agencies using generative artificial intelligence

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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